AML 2019 Loan Charge

[cojak]

Thanks for this.

It's quite a good article with some interesting points.

I find it strange they mentioned the "origins" of the issue are from IR35 and (some) clients pressurising contractors into these schemes.

Did clients do this?

No, but agents did with promises of nice fat commissions from the Scheme providers.

[me206et]

Thanks for this.

It's quite a good article with some interesting points.

I find it strange they mentioned the "origins" of the issue are from IR35 and (some) clients pressurising contractors into these schemes.

Did clients do this?

I agree the origin was IR35.
Certainly in my case.
Prior to that I was very happy running my own co.
The agencies said you would be caught but offered another solution.
So either sump up a lot of tax and NI, plus have to pay for training, etc,etc from taxed income, which no company has to do.
Or join a secure, legal scheme.
Even in those days it had a knock on effects as my accountant went out of business due to the drop in contractors accounts to do.

[MayMadness]

Many many thanks. Ive reposted this on Facebook and have joined the LCAG. I registered an interest a few days before the original cut off time and so far havent heard anything (probably because I dont have a fixed address at the moment and my mail is most likely going to my ex partners home). Im sort of wishing I hadnt registered after reading further posts on here.
I have to say I dont have half the amount of bother some people are having especially with these six figure sums being banded about... needless to say the figure isnt what its all about as to be fair I never really benefited in the ways some may have done prior to being landed with this charge. I just keep feeling like we are all being made out to be the scum of the earth as if weve all profited to the tune of fancy houses, fancy cars etc. I worked to live. As have many others. I honestly feel for a lot of people it will be living to work... and can understand why people are looking at the terrible option of suicide as a means to escape this situation

Two things to take note...just because it is not as much as others on here doesn't mean its any less devastating for you or anyone else. We have all lost in some way, and not just money and its not just contractors impacted. Both contractors and families have lost security and stability in knowing how they can live their lives to one degree or another. For some there is a sense of total despair on a mental , physical and emotional level.

The second thing is they want people to feel shamed and embarrassed about a practice, that is tax avoidance, that is presented and for all intense in purposes remains, in one way or another, a legitimate way of handling financial affairs. They do this to get compliance. No one should feel shame (granted easier said then done). Cameron didn't feel ashamed for his father being involved in off shore tax havens because 'it is legal.' Look up the definition of 'tax avoidance' in a dictionary or online. So why, after all these years, is one form of 'tax avoidance' legal and not another?

If you registered with the CLSO it is to mark your interest. Nothing is set in stone yet. When your on the Loan Charge Acting Group Forum you can get further support regarding those matters there. Have you asked for tax advise?

[WTFH]

I've deleted a few posts here - the topic they relate to is something that needs to be kept out of the public eye for a while.

I hope you don't see this as heavy-handed moderation, perhaps in a few weeks we can discuss it openly. if you wish to take it up with me, please PM me.

Please be aware that not everyone who reads posts on here is sympathetic to contractors.

[ChimpMaster]

I've deleted a few posts here - the topic they relate to is something that needs to be kept out of the public eye for a while.

I hope you don't see this as heavy-handed moderation, perhaps in a few weeks we can discuss it openly. if you wish to take it up with me, please PM me.

Please be aware that not everyone who reads posts on here is sympathetic to contractors.

Good move. It was incredibly foolish of the poster to highlight what he did when he had specifically been asked not to do so.

[RickG]

Without prying too much into all the secrecy, can I ask if there's any merit in delaying settlement, if there is any chance of this witch hunt being overturned?

My understanding is that once you have settled there is no comeback whatsoever, no matter what then happens.

[me206et]

Without prying too much into all the secrecy, can I ask if there's any merit in delaying settlement, if there is any chance of this witch hunt being overturned?

My understanding is that once you have settled there is no comeback whatsoever, no matter what then happens.

Once you have signed up to settle then yes that is the end of it. You pay come what may.
This is the downside and the gamble.
Depend on how much you may save.

[starstruck]

Without prying too much into all the secrecy, can I ask if there's any merit in delaying settlement, if there is any chance of this witch hunt being overturned?

My understanding is that once you have settled there is no comeback whatsoever, no matter what then happens.

No it doesn’t affect this, carry on and make your decisions as normal. It is not related to anything being overturned.

[Dmac]

Once you have signed up to settle then yes that is the end of it. You pay come what may.
This is the downside and the gamble.
Depend on how much you may save.

The last line of the above is the key part - how much is it worth to you personally to exit this nightmare. Not settling and waiting, or agitating for the retrospective nature of this law to be overturned may take years. The pain of affording to settle is, for me less than the potential years of worry and concern which may be ahead.
Just a personal view, each will have their own.

[Hydra]

Aml 2019 loan charge shock!

Thanks for everyones thoughts on this. I have been following this and read and reread them all to date.
I'm not on social media and have never used a forum before, I wish I had looked sooner.
I am also caught up in this mess. It is so good to read everones coments.

THANKS TO EVERYONE