Vanquish Options - Opinions? (AML/Knox related)

[Vincenth1]

Settlement Help

Can anyone recommend an independent tax advisor for someone with not much money i.e. will charge a flat fee to register for CLSO and negotiate a settlement with HMRC, unlike PTS who appear to want £500 and 15% of any savings achieved?

[LOL17]

Can anyone recommend an independent tax advisor for someone with not much money i.e. will charge a flat fee to register for CLSO and negotiate a settlement with HMRC, unlike PTS who appear to want £500 and 15% of any savings achieved?

When shopping for something important it's wise not to limit yourself to Poundland. Good advice costs money and £500 plus 15% of any savings (what savings?) is pretty cheap, not that I'd advise anyone to use PTS.

I can't imagine there's much in the way of savings to be made. You owe what you owe. HMRC are not a commercial entity who will accept that 80% of something is better than nothing. HMRC will keep going to recover all monies owed no matter what the cost.

[LOL17]

The tax is just one of the issues you face, you will also need to find someone who can deal with the loans.

[me206et]

Can anyone recommend an independent tax advisor for someone with not much money i.e. will charge a flat fee to register for CLSO and negotiate a settlement with HMRC, unlike PTS who appear to want £500 and 15% of any savings achieved?

If wanting to settle talk to phil.
Not sure of charges but he will advise.

[Loan Ranger]

HMRC are not a commercial entity who will accept that 80% of something is better than nothing.

Commercial they definitely aren't.

Non-pragmatic, inflexible jobsworths they definitely are.

[Genesis]

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

I can understand their position. Why release full details on how you plan on taking advantage of a loophole only for HMRC to put in place counter measures in their pre-budget announcement?

The 5% fee as I understand is to pay back the interest on the employee (Trustee) loan and convert this into a personal loan. Just how the personal loan would work is something that I'm sure many will need to understand however.

[Iliketax]

The way Vanquish explained it to me was not replacing one loan for another - purely that the loan was repaid and was no longer valid.

The 5% fee as I understand is to pay back the interest on the employee (Trustee) loan and convert this into a personal loan. Just how the personal loan would work is something that I'm sure many will need to understand however.

So have they come up with a new explanation? This second looks just as bad as the first one. You've not repaid the loan and so there is an April 2019 loan charge. And depending what is actually happening, 60% GAAR penalties.

[regron]

I can understand their position. Why release full details on how you plan on taking advantage of a loophole only for HMRC to put in place counter measures in their pre-budget announcement?

The 5% fee as I understand is to pay back the interest on the employee (Trustee) loan and convert this into a personal loan. Just how the personal loan would work is something that I'm sure many will need to understand however.

Don't think there is much to understand to be honest. In the long run, it won't work ! With regards to HMRC counter measures pre-budget, the new Loan Charge and how it came into legislation should prove they can do what they want, when they want and how they want. Retrospectively if they so wish !

[Loan Ranger]

The only method of repayment, which avoids the loan charge, is repayment in money.

HMRC will want to see evidence that money has left your bank account and gone to the lender (Trustees).

[Iliketax]

The only method of repayment, which avoids the loan charge, is repayment in money.

HMRC will want to see evidence that money has left your bank account and gone to the lender (Trustees).

And that the trustee has not earmarked it for you.