AML 2019 Loan Charge

[catanonia]

Thanks all and answered the many PM's I have been receiving.

All the information I have, is in this thread, search my name, and so I won't be responding with repeats in the PM's if you don't mind as I am constantly repeating myself.
If you have other questions or want to chat, feel free to PM me.

I still have to wait for WTT to look into cancelling out the original loans, if that is even possible. Once that is done, then yes it is finally all behind me.

[Victory Lap]

Thanks for all the information and advice on this forum.

The dilemma I have is whether to:

1. Proceed with the Contractor Loan Settlement Opportunity (CLSO) using one of the recommended independent Tax Advisor companies on here.
   or
2. Join the WTT Big Group and hopefully hold-out for a more favorable negotiated settlement with HMRC (without knowing if it will happen or potentially when it might happen). Meanwhile the interest accumulates on the Notices for the two Tax Year Returns I have already been served (currently being appealed) and another 3 years of my Tax Returns currently being investigated.

What is achievable for members /individuals within the WTT Big Group? What does the WTT Big Group deem as success and are they any closer with HMRC in achieving it?

[LandRover]

Thanks all and answered the many PM's I have been receiving.

All the information I have, is in this thread, search my name, and so I won't be responding with repeats in the PM's if you don't mind as I am constantly repeating myself.
If you have other questions or want to chat, feel free to PM me.

I still have to wait for WTT to look into cancelling out the original loans, if that is even possible. Once that is done, then yes it is finally all behind me.

Interested to know how you managed to include a claim on travel expenses to reduce your liability when WTT stated to me that this is impossible. Back in 2010-2012 I commuted to London daily on a £800pm travel card. If HMRC are taxing us in year of loan received then why can't travel expenses be allowed?

[catanonia]

Interested to know how you managed to include a claim on travel expenses to reduce your liability when WTT stated to me that this is impossible. Back in 2010-2012 I commuted to London daily on a £800pm travel card. If HMRC are taxing us in year of loan received then why can't travel expenses be allowed?

Check my posts in this thread, it is all there. Summary is, my accountant got HMRC to accept my 150 miles a day for 18 months with full calculations. If they are retro taxing me, I am retro claiming where possible and allowed.

[jbryce]

Check my posts in this thread, it is all there. Summary is, my accountant got HMRC to accept my 150 miles a day for 18 months with full calculations. If they are retro taxing me, I am retro claiming where possible and allowed.

I think this may be a case of HMRC making mistakes, they're definitely saying 'no' to most who ask.
Perhaps a change of heart?

[jbryce]

Thanks for all the information and advice on this forum.

The dilemma I have is whether to:

1. Proceed with the Contractor Loan Settlement Opportunity (CLSO) using one of the recommended independent Tax Advisor companies on here.
   or
2. Join the WTT Big Group and hopefully hold-out for a more favorable negotiated settlement with HMRC (without knowing if it will happen or potentially when it might happen). Meanwhile the interest accumulates on the Notices for the two Tax Year Returns I have already been served (currently being appealed) and another 3 years of my Tax Returns currently being investigated.

What is achievable for members /individuals within the WTT Big Group? What does the WTT Big Group deem as success and are they any closer with HMRC in achieving it?

I think you probably need to speak to WTT. You should apply for CLSO2 - you'll still have time to consider the WTT option.

[catanonia]

I think this may be a case of HMRC making mistakes, they're definitely saying 'no' to most who ask.
Perhaps a change of heart?

See the separate thread a created about CLS02 and Expenses.

[Zander]

Waste of time just bite the bullet and contact HMRC to try and lint your liability.

AML are doing exactly what Darwin did in 2010
There directors now probably tax advisers in the pirate Isle
Best advice contact HMRC and try and get a settlement but more importantly stop the interest accruing
AML CEO Dan Barrowman is a billionaire but it’s mugs like us who have filled his coffers
I have just been hit for 2 years £88000 but and they don’t even answer the phone now only open up tax advisory services to milk us poor sods even more

[simpleman]

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. So these are the steps I need to take to wrap this up once and for all:

1. Approach HMRC with the total amount of my loan payments received including my salary payments.
2. Pay HMRC the agreed tax.
3. Ensure SP Management have struck off the loans.

Is that correct?

Did you use an account to handle HMRC?

PS. Apologies if you've mentioned this things prior but currently there are 32 pages to this thread and the view posts option is not the easiest to view.

[simpleman]

The way it worked when I used AML was that I sent my time sheet to AML. AML then invoiced the company I contracted through. That company (not owned by me nor was I a director or shareholder) paid the money received from the client for my services (oh la la) to AML and then I received a salary (minimum wage) and Knox House made a loan payment for the rest.

HMRC are not asking you to repay the loans. HMRC are saying the loans received are taxable income and you should pay income tax on that income. If you register your interest to settle and then settle HMRC will calculate the tax owed based on the tax years you received the loans in. If you do nothing then HMRC will apply the loan charge in April 2019 which means they will lump all your loans into a single tax year. This could result in some of the loan income being taxed at the additional rate, losing your personal allowance, and tapering. In other words it will be more expensive. You could repay the loans but that would be even more expensive and won't necessarily make HMRC go away.

That's my understanding of it but I will caveat my response by saying that I'm an engineer not an accountant or tax advisor.

I would recommend contacting Phil @ dswtres and/or WTT. I can honestly say that after speaking with them and the debt charity Step Change I slept like a log for the first time since receiving those emails from AML.

Thanks for your response, I think I get it. I'll also give Step Change a look.