AML 2019 Loan Charge

[catanonia]

Big day for me, just paid my £33,270 to HMRC as settlement for my 18 months with AML from 2012 @ £400 a day. Also could manage to pay the ex wife the £4k I owed her in maintenance since I knew what I owed HMRC finally and paid.

Sigh, big cheques !!!! but I was expecting it and had the money stashed away.

What a huge relief that is is finally over. Just waiting on WTT to try and get the loans struck off (fingers crossed) and then I can stop worrying about this after 2 years since the 1st letter landed. Yes it has taken me and my accountant 2 years !!! and I wanted to settle pay immediately but HMRC just dragged their heels constantly. Cost me so far about £1000 in accountant fees with about another £500 to go.

But I did get my payment reduced from £38k or more down to £33k so the accountant fees are worth it in the long run.

[LOL17]

I’m thinking my best option is to register i want to settle my Loan, and I am considering useing PTS services to assist with this.

I am not great with accounts so don’t feel I can do this without assistance.

I do still have a few concerns about PTS due to their connection with AML.

Has anyone else committed to PTS yet?
Thanks

By all means engage an advisor if you don't feel confident dealing with HMRC yourself but please use an independent advisor. Don't give AML, because PTS is owned by the same people, any more of your money. It's not just the tax side of things you need to deal with but the loans themselves. You don't want to settle with HMRC only for the Knox Trustee to come after you for the loans in the future.

[Shaun89]

Thanks

By all means engage an advisor if you don't feel confident dealing with HMRC yourself but please use an independent advisor. Don't give AML, because PTS is owned by the same people, any more of your money. It's not just the tax side of things you need to deal with but the loans themselves. You don't want to settle with HMRC only for the Knox Trustee to come after you for the loans in the future.

Thank you for the advice.

Does anyone on this form have any good history with an alternative independent advisers who could help with this?

Thanks again

[LOL17]

Thank you for the advice.

Does anyone on this form have any good history with an alternative independent advisers who could help with this?

Thanks again

I've personally contacted WTT and Phil @dswtres and felt much better after doing so.

[Shaun89]

Thanks

I've personally contacted WTT and Phil @dswtres and felt much better after doing so.

Thanks, Do they have a website an email address I can contact them on?

I did a quick google search but couldn’t find one.

[Dv8]

Loan Amount & Repayment

If AML have disappeared for all intents and purposes, how do I, PTS, HMRC or any independent help obtain the loan amount?

If they've (AML and presumably the trusts they used for the loans) disappeared does that mean the loans are no longer valid as there is no entity to pay them back to?

[webberg]

If AML have disappeared for all intents and purposes, how do I, PTS, HMRC or any independent help obtain the loan amount?

If they've (AML and presumably the trusts they used for the loans) disappeared does that mean the loans are no longer valid as there is no entity to pay them back to?

A loan does not disappear just because the lender is in liquidation or whatever. The assets (including the loans) will go to the shareholders. Probably another entity in the group that owned AML.

The data on loans does not disappear either. It still exists and can be used. It seems that you are being charged a fee to access it whereas AML when it existed may have done this for nothing, but I can't say if this is because of the extra work involved in crossing Chinese Walls.

[howcanigetyoualoan]

Big day for me, just paid my £33,270 to HMRC as settlement for my 18 months with AML from 2012 @ £400 a day. Also could manage to pay the ex wife the £4k I owed her in maintenance since I knew what I owed HMRC finally and paid.

Sigh, big cheques !!!! but I was expecting it and had the money stashed away.

What a huge relief that is is finally over. Just waiting on WTT to try and get the loans struck off (fingers crossed) and then I can stop worrying about this after 2 years since the 1st letter landed. Yes it has taken me and my accountant 2 years !!! and I wanted to settle pay immediately but HMRC just dragged their heels constantly. Cost me so far about £1000 in accountant fees with about another £500 to go.

But I did get my payment reduced from £38k or more down to £33k so the accountant fees are worth it in the long run.

Congratulations, must be a huge relief! Good luck getting the loans written off, this seems to be the piece of the jigsaw where there isn’t much information on these forums. Please let us know how that goes! Were there/ are there any IHT impacts?

[jazzyg]

Big day for me, just paid my £33,270 to HMRC as settlement for my 18 months with AML from 2012 @ £400 a day. Also could manage to pay the ex wife the £4k I owed her in maintenance since I knew what I owed HMRC finally and paid.

Sigh, big cheques !!!! but I was expecting it and had the money stashed away.

What a huge relief that is is finally over. Just waiting on WTT to try and get the loans struck off (fingers crossed) and then I can stop worrying about this after 2 years since the 1st letter landed. Yes it has taken me and my accountant 2 years !!! and I wanted to settle pay immediately but HMRC just dragged their heels constantly. Cost me so far about £1000 in accountant fees with about another £500 to go.

But I did get my payment reduced from £38k or more down to £33k so the accountant fees are worth it in the long run.

Glad to hear that it's all sorted and behind you forever!

[Coppers63]

Some Help with the AML 2019 Loan Charge

Hi guys first post from me

Having contacted through AML on two occasions Aug 08 to Dec 08 & Jan 12 to Oct 12 I wanted to ask a few questions. I, like others have received the comms from AML & Knox House Trust regarding the loan charge.
For the period i world in 2008, i fully paid an APN back in 2016 for just over 14.5k. Called HMRC today and they confirmed this was full paid. For the period in 2012, i received an APN last year, but this was dealt with by AML and it went to appeal. Since then I haven't heard anything. However Knox House Trust, PTS or whatever the f*** they want to be called have stated that despite the 2012 loan being appealed it would still be caught under the 2019 loan charge. So i requested the amounts that had been paid to me (which i already had) which they sent to me. Called them today and actually spoke to a decent chap. Basically he told me that i should contact the HMRC, initially to confirm that the APN for 08 was fully paid off (which i did and it is) For the 2012 loan he told me that as i had registered with Knox House trust, they would be compiling a list of previous contractors and then would be contacting HMRC to get a steer of what amounts are payable by each individual. This would happen around June, as the deadline to register with Knox House Trust is 31/5.Once they have the figures they will then advise each individual, and if then they want to use PTS to manage things, including trying to get a reduction from HMRC and working on payment plans etc its a £750_VAT fee
IIRC, the APN i was issued last year was for around 3k (a small amount in reality) and to be honest i dont see the point of paying another £900 to Knox House Trust to facilitate me paying the amount back to the HMRC

Funnily enough when I spoke to HMRC today to confirm that the 08 APN payment was fully paid, i asked if any other APNs were outstanding. The guy said no, and that all was clear. So i am now wondering where the APN fo 08 is within HMRC? Could it be that because it was appealed by AML, could it be that its not showing up within my records?

Thanks chaps!