AML 2019 Loan Charge

[CockneyRed]

I have worked out (98% accuracy) that I will be slightly better off in Loan Charge 2019.

Should I still register for settlement and disclose all of my loan to HMRC?

I was just thinking that there is still a chance (slim though) that the Loan Charge does not get applied retrospectively as many MPs have signed the EDM too...

https://www.parliament.uk/edm/2017-19/1239

Don't bank on it - If you take a look at other EDM's - This might not hold enough water to get to a parliamentary debate... One such EDM is congratulating Hemel Hempstead football club for making play off finals for the national south league!! they didn't even win! BAN ON THE SALE AND USE OF SHOCK COLLARS FOR DOGS... Has over 50 signatures, I haven't seen or heard of this breaking front pages....
Another on Motherwell Football Club .... successfully reaching a second domestic cup final!!! FFS Who bl00dy cares about that?
Do these MP's having nothing to do all day?

[Newbee0418]

Hello INeedHelp,

For the 31/05/2018 deadline.

Send an email to [email protected]

with the text: I wish to register an interest to settle.

and your National Insurance Number (Nino)

and your Unique Tax Payer Reference (UTR)


You should get a generic response from HMRC within 1 working day to acknowledge receipt.

Details of the Years/Schemes used/loans themselves can be supplied at any time before 30/09/2018 - 4 months time.

Hope this helps.

MLeggsy.

Hi,

Did this work ok for you as I need to register ASAP.

Thanks

[kentishlad]

Hi,

Did this work ok for you as I need to register ASAP.

Thanks

Worked for me.. I got an email back pretty much straight away.
My 12 year relationship has ended due to this fiasco and am no longer in any permanent residence... god knows where they will send my details!!

[MLeggsy]

Hi,

Did this work ok for you as I need to register ASAP.

Thanks

Hi Newbee0418,

Yes. I had an email reply within 24 hours and my settlement figures in the post after around 8 weeks!

MLeggsy

[mr_786]

Hi Newbee0418,

Yes. I had an email reply within 24 hours and my settlement figures in the post after around 8 weeks!

MLeggsy

Can you please (if possible) share below with us since you have actually received the settlement figures?

1- Did the settlement figure include employer's NI ?
2- Was interest charged on years where you didn't have any enquiry with HMRC?
3- Was the loan amount on which they charged tax, gross Or net (i.e the amount you received in your account)?

[MLeggsy]

Can you please (if possible) share below with us since you have actually received the settlement figures?

1- Did the settlement figure include employer's NI ?
2- Was interest charged on years where you didn't have any enquiry with HMRC?
3- Was the loan amount on which they charged tax, gross Or net (i.e the amount you received in your account)?

Sure mr_786,

1 - Employer's No! Employees Yes! I was in a self employed scheme.
2 - Interest is only charged on OPEN years, But the settlement figures does NOT include this value - It will be ADDED once you agree to settle.
3 - The loan amounts were what I received into my bank account (Therefore not including the promoters fees etc).

Hope this helps.

MLeggsy

[mr_786]

MLeggsy

Thanks for the reply

[Newbee0418]

Worked for me.. I got an email back pretty much straight away.
My 12 year relationship has ended due to this fiasco and am no longer in any permanent residence... god knows where they will send my details!!

Great thank you!

I am really sorry to hear about your relationship. It is a major stress and is in our minds 24/7. Trying to keep focused as much as I can at work. Initially I didn't speak to my wife about it as I knew it would stress her out but I came clean and she has been really supportive, checking up on everything and helping me. This site is a godsend and we must stick together on this. I have contacted my MP and have encouraged others to do this also.

Thanks again, keep strong and focussed!

[mr_786]

Sure mr_786,

2 - Interest is only charged on OPEN years, But the settlement figures does NOT include this value - It will be ADDED once you agree to settle.
MLeggsy

How much time do HMRC give you to agree once you receive the figures?

[ChimpMaster]

Hi Newbee0418,

Yes. I had an email reply within 24 hours and my settlement figures in the post after around 8 weeks!

MLeggsy

How did they work out what your settlement figures were?