1. Contracting
    1. General
      1. Brexit
    2. Business / Contracts
      1. Coronavirus Assistance
    3. Accounting / Legal
      1. Umbrella Companies
      2. HMRC Scheme Enquiries
      3. The Future of Contracting
      4. IR35 Reform
    4. Technical
    5. Welcome / FAQs
  2. Social
    1. Light Relief
    2. Social / Events
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Recent content by Genesis

  1. G

    Vanquish Options - Opinions? (AML/Knox related)

    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...
  2. G

    Schemes like Vanquish which claim to bypass the Loan Charge

    Playing Devil's Advocate here as I'm as sceptical about some of these recommended 3rd parties (by AML/KHT for instance) so am taking what they say with a pinch of salt regarding the loan repayment thingy. But, it does strike me as slightly condescending that those that may have signed up to...
  3. G

    Vanquish Options - Opinions? (AML/Knox related)

    Which begs the question - why would Vanquish be peddling this option if they hadn't looked into the legislation closely? I have my doubts about their intentions, but I would be surprised if they are just a couple of plucky guys looking to scam 5% off of helpless victims. Otherwise KHT wouldn't...
  4. G

    AML 2019 Loan Charge

    OK, call me naïve, but has anyone actually received any bona fide correspondence from HMRC about this 31st May 2018 cut off or is it documented on their website? The Loan Charge 2019.... when and where was this published? It's just that I spoke to my Umbrella and this was the first they had...
  5. G

    Vanquish Options - Opinions? (AML/Knox related)

    All I know is that they rapidly changed the structure of the agreement in April 2016 so that you were no longer an employee of AML. I ported over to be an employee of my umbrella and I think this is where the problems have arisen in that the loan is deemed taxable if provided by a 3rd party...
  6. G

    AML 2019 Loan Charge

    I was very close to going down the Ltd Company/Carnegie Knox route, until I was provided with an alternative (ableit similar loan scheme based on IoM). I'm currently enquiring about whether the current 'employed via an umbrella' manner is legit and is not open to similar HMRC legislation come...
  7. G

    AML 2019 Loan Charge

    You must be paid via an umbrella though yeah - ie an employee of the umbrella rather than SPM which was the method HMRC have used to screw us over.
  8. G

    Vanquish Options - Opinions? (AML/Knox related)

    Sound advice Webberg. 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. Therefore, HMRC could not apply the LC law on the trustee. Just what mechanism they will use to do that was slightly vague I must say, and...
  9. G

    AML 2019 Loan Charge

    AML have already asked HMRC for settlement figures for myself and many others. What was it they called it again (another acronym). This was 2017 and to date, nothing has been forthcoming. This was off the back of the questions on the tax returns that AML submitted on our behalf. So in theory...
  10. G

    AML 2019 Loan Charge

    This is my big question - is registering an interest not akin to fessing up? Can you thereafter decide to go down the loan repayment option? An additional question - when they work out the tax owed, is there grounds to say, well, prior to signing up to AML I was working through my own Ltd...
  11. G

    Vanquish Options - Opinions? (AML/Knox related)

    If I'm honest, I'd hand over my money to anyone if they can provide me with some sort of guarantee that they'll fix the problems and they won't come back again. Unfortunately, at this moment in time, that basically starts and finishes with HMRC themselves and that obviously comes at a premium...
  12. G

    AML 2019 Loan Charge

    Webberg.... what's your understanding of the method used for repaying the loans and what gives you that lack of confidence that this would get HMRC off our backs?
  13. G

    AML 2019 Loan Charge

    Hi Worried. Contact PST and ask them to send you a Letter of Authority. They will then request the total loan amount for you (they cannot break it down into years unfortunately so I was told). There is no charge for this (I double checked!)
  14. G

    AML 2019 Loan Charge

    I'm in the same boat, having used AML since 2013. What I'm struggling to get my head around is that, when signing up to this scheme, they assured me that the PBT was different to the EBT plan and was above board. Now HMRC have moved the goalposts, it seems AML are quite happy to wash their...
See more

Partners

Contractor Mortgages
Contractor Mortgages
PI Insurance
PI Insurance
Closing your company
Closing your company
Contractor accounting
Contractor Accounting

Advertisers

Contractor services

CUK News All news

Tag cloud

accountant agw boomed! contract contract advice expenses global warming guinea pigs hmrc ir35 limited company monday links mumsnet online tax the official doom training trigger warning umbrella wgas
  1. Contracting
    1. General
      1. Brexit
    2. Business / Contracts
      1. Coronavirus Assistance
    3. Accounting / Legal
      1. Umbrella Companies
      2. HMRC Scheme Enquiries
      3. The Future of Contracting
      4. IR35 Reform
    4. Technical
    5. Welcome / FAQs
  2. Social
    1. Light Relief
    2. Social / Events
Back
Top