Schemes like Vanquish which claim to bypass the Loan Charge

[jsd]

anyone else received an email from PTS-TAX today?

Anyone else get this email from PTS tax today?



Thank you for expressing your interest in the Settlement Opportunity. Before you make the decision to register your interest for settling with HMRC, there are a number of options that you need to consider:-





Settlement Option



As you will be aware the Settlement Opportunity is based on calculating the tax liability for each year on the loans received in that year. This will generally give the benefit of lower tax rates and the personal allowance. Registering for the Settlement Opportunity does not commit you to actually settling, but does inform HMRC that you potentially have loans that are caught by the Loan Charge. This option also finalises your tax liability for the years covered by the settlement and no Loan Charge is due.



Loan Charge Option



This is generally the more expensive option. Income tax will be charged in one year on the total loan account balance and will generally result in higher tax rates applying and personal allowances generally being restricted. In addition the Loan Charge does not settle the tax liabilities for the years in which you received loans.



Vanquish Options



Vanquish can provide you with further options to move forward. I have asked them to contact you to arrange a call with one of their consultants. If you would like to contact them please contact them on 0203 740 3876 or by email at [email protected]





In order to register you with HMRC for the Contractor Loan Settlement Opportunity, please provide me with the following information before 28/05/2018:



• Your full name as it appears on your passport / birth certificate

• Your date of birth

• Home address

• Home telephone number

• Mobile number

• National Insurance Number

• UTR (unique tax reference issued by HMRC)



The above details are for our database and to pass information on to HMRC, we do not release any details to any other companies and no fee is charged to register.



I have attached a letter of authorisation which will allow us to contact any planning provider you may have used and obtain your loan information. This will allow you to make an informed decision.



If I can assist with anything else please do not hesitate to contact me.

[Doc]

So what do we have so far
1. Aml sell a scheme which they claim is bullet proof with tax counsel advice . The scheme works for many but the charges are very high. One of the reasons given for the high fees was the 'tax counsels ' advice and they needed to have the ability to defend any legal threats to the scheme

2. Government changes rules retrospectively.

3. Aml Don't write to tell their clients that this is wrong and we are now going to , as promised , vigorously defend the scheme through the judicial system.

4. No instead Aml set up another company to offer their clients 'another scheme ' with 'tax counsel advice ' to mitigate the first scheme and oh yes we want more money from you !

Guys you couldn't make this up !

If Aml don't get their act together and take the government / HMRC to court over this retrospective legislation then it would be only right that their clients form a group to take a class action against AML for fraud.

They have not only shown a lack of remorse but actually add insult to injury by trying to extract more money from their victims !

[WTFH]

Doc, I’m not here to defend AML, but they did actually fight for their scheme a couple of years ago. They also contacted and advised their clients when many other scheme users were left in the dark.

[Doc]

Doc, I’m not here to defend AML, but they did actually fight for their scheme a couple of years ago. They also contacted and advised their clients when many other scheme users were left in the dark.

So can I ask why AML have gone silent on the legal aspects?

Can I ask why they took our fees to protect the scheme and now the scheme is compromised rather than providing the solution gratis they create a new company and try to extract more money from us ?

Are other forum members minded to bring legal action against our advisors and AML for recovery of fees ?

[WTFH]

So can I ask why AML have gone silent on the legal aspects?

Because they fought and lost.

Can I ask why they took our fees to protect the scheme and now the scheme is compromised rather than providing the solution gratis they create a new company and try to extract more money from us ?

Because they are a seller of a scheme which is designed to make them money.

I realise you're new to the forum and maybe haven't read the threads in this section which go back years, but the story is in here.

Here's a good starting point - from 6 years ago. https://forums.contractoruk.com/hmrc...on-letter.html

[Loan Ranger]

4. No instead Aml set up another company to offer their clients 'another scheme ' with 'tax counsel advice ' to mitigate the first scheme and oh yes we want more money from you !

It's a good old ruse isn't it.

My guess is it won't be long before they need a third scheme.

[JackH1]

Doc, I’m not here to defend AML, but they did actually fight for their scheme a couple of years ago. They also contacted and advised their clients when many other scheme users were left in the dark.

AML poorly advised us when HMRC sent us contractors enquiries about our loans with a generic email that "counsel's opinion is not to share the loans with HMRC as it's not income" . Upon Apns issued this year, they have done nothing. What does that tell you about a defending company? In hindsight they knew about it for years but carried on until they were told to stop.

[LandRover]

AML poorly advised us when HMRC sent us contractors enquiries about our loans with a generic email that "counsel's opinion is not to share the loans with HMRC as it's not income" . Upon Apns issued this year, they have done nothing. What does that tell you about a defending company? In hindsight they knew about it for years but carried on until they were told to stop.

Spot on.

I have utter contempt for AML. They are deceitful and should be investigated.

[pateen]

Have Vanquish even completed the legislation to cover their new scheme?

I dont believe they have

[spuddytat35]

Hi Phil

could i also have your number and request some advice please. Im not sure i can pm anyone yet

Yes of course, I’ll pm you my number and feel free to call tmorrow