AML 2019 Loan Charge

[MLeggsy]

Hi MLeggsy

Could you please explain your self employed scheme? I read on one of the forums that self employed schemes (with own limited company involved) are subject to 100% penalty under GAAR. Was it something on below lines?

"My company does work for company X through agency Y, my company invoices agency Y, agency Y pays my company, I send AML/SPM my timesheet, AML/SPM send my company bill, my company pays AML/SPM bill, AML/SPM pay me retainer (as self-employed) and loan, job done."

Hello GUD,

I was on the AML PBT, self employed with NO Limited Company. I am no expert, but I understand from reading the forums that the introduction of a Limited Company into the mix causes a world of pain!

MLeggsy

[kentishlad]

Hello GUD,

I was on the AML PBT, self employed with NO Limited Company. I am no expert, but I understand from reading the forums that the introduction of a Limited Company into the mix causes a world of pain!

MLeggsy

What???

[MLeggsy]

Speak to an expert

What???

Hey Kentishlad,

I didn't mean to alarm, as I said this is only my interpretation on reading the forum...

Please speak to an expert, PM one of the advisors that frequent these boards - Webberg or phil@dswtres are both experts!

MLeggsy

[webberg]

Mr MLeggsy is unfortunately correct.

Our view of the situation is that by having a company you control in the chain of payments is not helpful.

I'm working on a note which will explain a bit more without giving away IP that belongs to my clients.

[Jonmh]

Hi. I’m new on here and some of the cases on here and those facing ex colleagues are truly devastating. My situation is I foolishly joined the AML loan scheme in 2015 but thankfully only for a matter of weeks. I have agreed settlement with HMRC and I’m paying the tax owed (approx £3400) on a monthly basis over a year. Perhaps rather naively I hadn’t given thought to the loan being called in by Knox trust at some future date. Does anyone on here have any advice on how to go about getting the loan written off? My dealings with HMRC have been direct and not through an adviser.
Many thanks for any help.

[BankingContract0r]

I've been reading this thread for hours!! Thank you all for the useful information and taking the time to contribute.

I started a scheme with IQ in the second quarter of 2012 and finished in the first quarter of 2015.

The discovery I have received sites 2013/14 year. Am I right in understanding that under a settlement I would need to pay tax from 2012-2015? i.e. Every year I used the scheme despite an element of it being over 4 years old?

The tax planning company that advised me to use IQ are still going today and claim that I am one of the only people they know of using that scheme who have received a discovery notice. I find that hard to believe but would been keen to hear from anyone else who used the scheme in the past.

[Jonmh]

I foolishly joined the scheme in 2015 but thankfully only for a matter of weeks. I was contacted by HMRC last August and their calculations were that I owed them £3,400 which I’m am now paying on a monthly basis over a year. Could someone advise on how to go about getting the loan written off as the last thing any of us need is requests from Knox trust for repayment after settling with HMRC?

[kentishlad]

Mr MLeggsy is unfortunately correct.

Our view of the situation is that by having a company you control in the chain of payments is not helpful.

I'm working on a note which will explain a bit more without giving away IP that belongs to my clients.

Well Ive lost my parter through this, and my home already. What else can those c**** at HMRC do to me now? Push me in front of a bus?

[webberg]

I've been reading this thread for hours!! Thank you all for the useful information and taking the time to contribute.

I started a scheme with IQ in the second quarter of 2012 and finished in the first quarter of 2015.

The discovery I have received sites 2013/14 year. Am I right in understanding that under a settlement I would need to pay tax from 2012-2015? i.e. Every year I used the scheme despite an element of it being over 4 years old?

The tax planning company that advised me to use IQ are still going today and claim that I am one of the only people they know of using that scheme who have received a discovery notice. I find that hard to believe but would been keen to hear from anyone else who used the scheme in the past.

Big Group has a number of IQ users.

[basilspinone]

Big Group has a number of IQ users.

how many do you have for APS/MW/Buckingham ?