Vanquish Options - Opinions? (AML/Knox related)

[SouthernPMO]

I'm interested in following this.
I am attempting to work out the exposure of this for my family.
I have attempted to call a number of times to PTS and Vanquish. Thanks for those that have shared some of the details they have found.

I am pretty sure this is just another scam to push this down the road.

If vanquish can settle the loan, then I can do the same. We all know that they will be paying pennies in the pound to settle the loan, so i see no reason why i can not make that offer also. I will let you know where this ends up for me.

I am finding that all the companies that are linked to AML just push you through to pts to deal with.

This is stressful, and i am sure is not painting a pretty picture for many. Please make sure you use the support of many on here and other support areas. It will be worth noting that your finest PM's and well paid government officials will have been using these set ups, so if you do get stung, so will they... but they might just help us and this back dated charge may well reduce...

[ProjectMan]

Vanquish options

I am in the same situation, talk to these guys https://w ww.enterprisetax.co.uk/2019-loan-charge/ they are tax specialists. I spoke to Vanquish and they are offering to pay back the loan for a 5% fee but don't want to share the details until you pay a fee in October. They say they don't want HMRC to know about it. This is a dodgy scheme to get out of a dodgy scheme. I'm going to take advantage of the settlement opportunity https://w ww.rossmartin.co.uk/invest...nt-opportunity

[Loan Ranger]

This is a dodgy scheme to get out of a dodgy scheme.

It's even worse than that.

It's a dodgy scheme which flouts legislation, specifically enacted by Parliament, to counteract loan schemes.

HMRC will come down even harder on this than the original loan scheme.

[webberg]

If vanquish can settle the loan, then I can do the same. We all know that they will be paying pennies in the pound to settle the loan, so i see no reason why i can not make that offer also. I will let you know where this ends up for me.

..

I am not going to opine here on the details of the Vanquish suggestion. Partly because I have insufficient information.

I will say however that the loan charge is reduced by the amount of loan you have repaid in money.

If the loan is £100 and you repay £100, no charge.

If the loan is £100 and is worth say £10 and you pay £10, your loan charge is based on £90.

[macca121]

end the nightmare

Hi,

I have also just received the dreaded email, i was with SP management for just over a year before realising what i had been sold and returning to LTD company. I had consigned this to history (it was from 2014-2015) but looks like it has come back now.

it has all hit home as a bit of a shock and just trying to figure out what to do? IF i settle with HMRC does it put all this to bed once and for all? Is the 'loan' still outstanding and does this need repaying or can it be written off?

A company recommended by these Yahoos certainly doesn't appeal but how do you get accurate information about your loan size to give to HMRC and should we do this?

Does the Loan charge apply if you settle with HMRC and what is Big Group?

[jsd]

how do i find out if im on HMRC hitlist?

I too received the two dreaded emails from PCL/Knox on Monday. I registered 'interest' in Vanquish and PTS to explore all options, had a missed call from Vanquish (0203 7403876) yesterday but called back this morning and no-one answered.........PTS are yet to get in touch.........Before i go down the settlement route myself ([email protected] - settlement pack) because i don't trust these Isle of Man cowboys anymore............how do i find out if i'm on HMRC's hitlist? If i'm not on their radar why be a turkey voting for xmas?

[webberg]

Hi,

IF i settle with HMRC does it put all this to bed once and for all? Is the 'loan' still outstanding and does this need repaying or can it be written off?

A company recommended by these Yahoos certainly doesn't appeal but how do you get accurate information about your loan size to give to HMRC and should we do this?

Does the Loan charge apply if you settle with HMRC and what is Big Group?

1. Yes HMRC settlement is "final", but as meant by HMRC. We have some concerns over just how final it may actually be, but for most it will be final enough.

2. Yes, settling with HMRC does not impact the obligation to repay the loan. That obligation still needs to be dealt with. A repayment in money is possible but is it advisable? A write off can be requested but I have no indication if it will be granted.

3. Information on loan values is perhaps best sourced from your bank account credits. "Should" you tell HMRC? You are legally obliged to do that.

4. The loan charge will not apply if you settle.

5. Big Group has its own thread above. In short it's a group of contractors who are in possession of an alternative analysis to that favoured by HMRC and who are advancing that with a view to finding an agreement. Opinions here will vary as to the likelihood of success. All I will say is that those in the group have been exposed to the strategy in considerable detail and have chosen to stay.

If you need more on Big Group, we can be found by any decent search engine.

[Runster]

I too received the two dreaded emails from PCL/Knox on Monday. I registered 'interest' in Vanquish and PTS to explore all options, had a missed call from Vanquish (0203 7403876) yesterday but called back this morning and no-one answered.........PTS are yet to get in touch.........Before i go down the settlement route myself ([email protected] - settlement pack) because i don't trust these Isle of Man cowboys anymore............how do i find out if i'm on HMRC's hitlist? If i'm not on their radar why be a turkey voting for xmas?

My understanding is that HMRC could request names from AML at some point in the future, and AML would be obliged to comply.

[webberg]

I too received the two dreaded emails from PCL/Knox on Monday. I registered 'interest' in Vanquish and PTS to explore all options, had a missed call from Vanquish (0203 7403876) yesterday but called back this morning and no-one answered.........PTS are yet to get in touch.........Before i go down the settlement route myself ([email protected] - settlement pack) because i don't trust these Isle of Man cowboys anymore............how do i find out if i'm on HMRC's hitlist? If i'm not on their radar why be a turkey voting for xmas?

Be very clear.

You do not need to be on any "hit list".

If you are within the terms of the law then you are obliged to report details.

Failing to do that based on ignorance of the law is not a defence.

Failing to do that, knowing you are obliged, is likely to lead to penalties.

You may consider that keeping your head down and saying nothing to HMRC is a strategy? It is, but not a good one. I very much suspect that the messages from scheme lenders will become more and more along the lines of "we're telling HMRC about you anyway, so you may as well use this scheme or that scheme", and they would be correct in saying that they have an obligation to report.

[jethro247]

Can confirm

Hi all,

Today's AML/Knox emails have put the wind up me and probably many others today. Within the emails there was an option proposed under Vanquish Options.

I called them earlier to understand their proposal (details are light) and it just seems somewhat too good to be true.

On the phone they described the mechanism as effectively Vanquish paying off the loan amount and taking ownership of the loan under a different vehicle which was seemingly not within the scope of the legislation (yet?!).

Effectively I was told a 5% payment of the total loan amount is what would jump the immediate hurdle of LC19.

I note that the website was registered via WHOIS on 2X/03/18 and that their IoM based, just like Pts-tax.

Has anybody more information on this and can anybody shed any light on the possibility of something like this working? To me is seems slim indeed.

Hi, (New here today),

I too spoke with Vanquish (on KHT recommendation) this morning, and got the same impression - she was pretty vague about the details and said they could not send anything i writing explaining how the new 'mechanism' worked, which I found worrying.

SO yes it seems their solution is to give you another loan with which to pay back the original loan (plus 5% fees of course).

This seems to me to be just putting off the HMRC for a while until they get new legislation passed...

My question for the forum is - is anyone here having any success getting impartial advice form an accountant/tax specialist? Specifically regarding registering for CLSO in order to avoid the LC?

thank you all

jethro