AML 2019 Loan Charge

[Dharmin]

I've requested details to be emailed to me, that was on Friday and nothing yet. PTS also rang me and asked if I had made contact with Vanquish, I said I had and requested details of their proposal, PTS said they would chase for me. Wouldn't be at all surprised if PTS, Vanquish and AML all share the same office space.

I did email AML to send me all my loan details and was told they don't have, its weird as it was on my AML online portal when I used to be with them and now they don't have it, then was told to contact PTS, as they can provide my loan details. So this shows that AML has sold all the details to PTS/Vanquish.

AML , PTS m Vanquish are all the same they'll tell you all is fine not to worry and end will leave you in deep with no help , see what AML did at the end , many loyal customers were with AML 10yrs plus and now they worried about their future..

[Scotslaw]

Where is the legislation that says it will become evasion if you do not declare it 31/01/2020?

What Loan Ranger said...

HMRC will consider it evasion where someone who earns an income in the UK doesn't declare taxable income or pay a tax charge imposed by HMRC.
The 2019 Loan Charge legislation will turn outstanding or written off loans into taxable income for 2018/19. Not declaring them won't change the taxable nature of the loans.
If the person isn't on HMRC's radar yet, they might not issue APNs or initiate legal action. But eventually they are likely to catch on to the scheme and then the users of the scheme. At that point, the users could face criminal/legal proceedings.
Doing nothing isn't advisable as this will probably catch up with you sooner or later. Do take professional advice and exercise one of the options you have to deal with it.

[luxCon]

Loan amounts must come from the trustees

I did email AML to send me all my loan details and was told they don't have,.......... , then was told to contact PTS, as they can provide my loan details.

..

I keep reading the same thing posted over and over again, having a moan and a whinge at AML.

Your loans are with the Trustees not AML.

Get in touch with the trustees, Boston in IOM . Bostonmfo.Com

[CockneyRed]

There is enough info in this entire thread to know what to do and how / who to contact for loans. I didn't have to go to Boston, call AMLTAXIOM or email them, they provided all of my details over the phone. You will have received an email from them at one time or another

[Gusman1859]

expenses and action against AML

ok so i am thinking of facing the music. Thanks for the responses so far.

Can I ask the following:

People received 2 amts

1st from AML and the second from the trust.

Question 1: Are HMRC looking for tax on the trust amount? Has the AML tax been already paid?

Question 2: Has any one looked at if expenses can be claimed? I had a lot of flights during this time and if expenses were claimable then this would help a little.

Question 3: Is anyone looking to sue AML for the 18% they kept?

Thanks

[Dharmin]

What Loan Ranger said...

HMRC will consider it evasion where someone who earns an income in the UK doesn't declare taxable income or pay a tax charge imposed by HMRC.
The 2019 Loan Charge legislation will turn outstanding or written off loans into taxable income for 2018/19. Not declaring them won't change the taxable nature of the loans.
If the person isn't on HMRC's radar yet, they might not issue APNs or initiate legal action. But eventually they are likely to catch on to the scheme and then the users of the scheme. At that point, the users could face criminal/legal proceedings.
Doing nothing isn't advisable as this will probably catch up with you sooner or later. Do take professional advice and exercise one of the options you have to deal with it.

There is lots of shouting/banging going on twitter under #HMRCHumanCost , do you think this will create miracle in changing the law.

[regron]

There is lots of shouting/banging going on twitter under #HMRCHumanCost , do you think this will create miracle in changing the law.

There is more chance of something happening if more people caught up in this mess join in the fight, rather than watching from the sidelines and leaving it to others.

[Scotslaw]

There is lots of shouting/banging going on twitter under #HMRCHumanCost , do you think this will create miracle in changing the law.

Let's hope for a miracle, but as regron said, let's all do our best to help that to happen.
Meanwhile, prepare for the worst and have your plan A, plan B and so on drawn out.

[Scotslaw]

ok so i am thinking of facing the music. Thanks for the responses so far.

Can I ask the following:

People received 2 amts

1st from AML and the second from the trust.

Question 1: Are HMRC looking for tax on the trust amount? Has the AML tax been already paid?

Question 2: Has any one looked at if expenses can be claimed? I had a lot of flights during this time and if expenses were claimable then this would help a little.

Question 3: Is anyone looking to sue AML for the 18% they kept?

Thanks

I believe that the AML amount would have been disclosed as the 'salary' and disclosed on your tax return as taxable income. You should validate the returns of the years affected to ascertain that.
If you have disclosed them previously as taxable income, you don't need to include it in your settlement declaration. You would just need to declare the amount loaned through the trust.
If you hadn’t declared the ‘salary’ amount previously, you should declare it now along with the loan amount.

A lot of people have joined the WTT big group, which may be exploring legal options (albeit vs HMRC). I’m not a part, so not sure exactly as to the nature of the actions planned.

[Dharmin]

There is more chance of something happening if more people caught up in this mess join in the fight, rather than watching from the sidelines and leaving it to others.

Agree... so what you suggest , we should have a mass rally outside HMRC/parliament office , if so then count me in or pay WTT and let them fight on our behalf.