AML 2019 Loan Charge

[Runster]

Yes I am still currently with Sp as I wait to migrate to a more robust solution and have received the same emails.


It’s not just for previous subscribers to the services

I’m with SPM, I got the emails and I’m looking for a robust solution. Will govt legislate to retrospectively put all Ltd company contractors inside IR35 and ruin us all over again? Is PAYE the only option? What a lash-up!

[webberg]

Yes I am still currently with Sp as I wait to migrate to a more robust solution and have received the same emails.


It’s not just for previous subscribers to the services

Be clear.

The only "robust solution" is to pay the tax HMRC think is due.

Everything after that carries a risk.

The risk is that current or new legislation will not give you the result you want.

The risk is also that a Court may decide that what you did was ineffective.

If you want to pay less tax than HMRC think you should, prepare to defend what you do.

[willem dafoe]

Hi I am a newbie so can't PM yet, just got my emails yesterday and will have a life changing bill to pay one way or another.

Are there any independent Tax advisers on here that could get in touch with me please?

I was once told it wasn't allowed to remortgage your house to pay a tax bill. Is this nonsense or is there some truth in it? I fear this is my only realistic option.

Thanks in advance, and I feel deeply for all of you out there who have been dropped in it, seemingly deliberately, by this rotten system.

[webberg]

Hi I am a newbie so can't PM yet, just got my emails yesterday and will have a life changing bill to pay one way or another.

Are there any independent Tax advisers on here that could get in touch with me please?

I was once told it wasn't allowed to remortgage your house to pay a tax bill. Is this nonsense or is there some truth in it? I fear this is my only realistic option.

Thanks in advance, and I feel deeply for all of you out there who have been dropped in it, seemingly deliberately, by this rotten system.

Independent tax advisers are not really allowed to overtly advertise in the threads.

You should cruise the threads and find some names you think are saying something sensible and then Google is your friend.

Some mortgage lenders will not refinance if they think the money is being used to settle a tax bill. Some might. I would caution against being dishonest in any application for a re-mortgage.

[GUD]

I’m with SPM, I got the emails and I’m looking for a robust solution. Will govt legislate to retrospectively put all Ltd company contractors inside IR35 and ruin us all over again? Is PAYE the only option? What a lash-up!

I was with SPM also and filed self employed tax returns. I am not comfortable using PTS or Vanquish as they both are charging unreasonable fee for settlement and repayment. Have you considered the option of contacting HMRC directly or using another tax advisor?

[ric_77]

Im part way along the settlement route and so far done it alone, nothing as yet (partly due to long delays in replies etc) has raised the need for a tax advisor.

Its the scheme providor who are proving more of a obstacle in getting info out of especially now they are offering a settlement service for a fee to us ex clients. Im pretty stubborn tho so refuse to be drawn into those tactics.

[LOL17]

I think I'll use WTT because I think they will also ensure the loans are written off and I'm not sure how my pension contributions will reduce my tax liability.

[LOL17]

AML 2019 Loan Charge

I asked AML for the loan amounts which they have given me. Then I asked for details about the partnership payments (minimum wage) I also received but they said the partnership payments were included in the loan totals so I'm a bit confused about that. The bank is sending out all my bank statements for the tax years in question so hopefully all will become clearer.

[GUD]

Im part way along the settlement route and so far done it alone, nothing as yet (partly due to long delays in replies etc) has raised the need for a tax advisor.

Its the scheme providor who are proving more of a obstacle in getting info out of especially now they are offering a settlement service for a fee to us ex clients. Im pretty stubborn tho so refuse to be drawn into those tactics.

Can you please guide how did you approach HMRC for settlement? I would like to sign up for settlement by 31 May but I am not sure how to do it - myself or via a tax advisor?

[ric_77]

I think I'll use WTT because I think they will also ensure the loans are written off and I'm not sure how my pension contributions will reduce my tax liability.

yes this is something i will need professional advice on depending on how things pan out