Overdrawn Capital Account Scheme (Aston Mae / Glen Mae / Procorre) Overdrawn Capital Account Scheme (Aston Mae / Glen Mae / Procorre) - Page 41
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  1. #401

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    Quote Originally Posted by Joby View Post
    ...from a loan charge perspective, how are overdrawn capital account payments taxed? I see lots of correspondence that talks about "the balance of loans outstanding" but how does that apply to overdrawn capital accounts? Is it the sum total of the payments made or the balance of the overdrawn capital account?
    Is an overdraft just a form of loan?

  2. #402

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    Quote Originally Posted by Joby View Post
    ...this PM rights that people seem to be referring to?
    PM is the recognized forum abbreviation for "Private Message" (sometimes also referred to as Direct message or DM). This facility allows you to contact other forum members privately.
    Your rights to do this are granted automatically after a number of posts (I can't remember whether its 5 or 10). If you want PM rights before that, you have to ask admin.

  3. #403

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    Quote Originally Posted by piebaps View Post
    PM is the recognized forum abbreviation for "Private Message" (sometimes also referred to as Direct message or DM). This facility allows you to contact other forum members privately.
    Your rights to do this are granted automatically after a number of posts (I can't remember whether its 5 or 10). If you want PM rights before that, you have to ask admin.
    See also https://www.contractoruk.com/forums/...-requests.html
    merely at clientco for the entertainment

  4. #404

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    Default Overdrawn Capital Account Scheme (Aston Mae/Glen Mae/Procorre) - Contd

    Quote Originally Posted by Smurfburger View Post
    I was with Glen May between 2012/13 - 2016/17. In 2019 I wrote to the compliance team to ask if I needed to declare any amounts as Loan Charge relevant and they said their tax counsel had confirmed that no loan payments were made. As such, there is no need to declare anything.

    I have paid the tax on all of the profit share I have been told to declare in the partnership pages.

    Yesterday, I received a Check of Self Assessment for 2018/19. The letter simply states that they think I should have declared the use of a tax avoidance scheme. It seems to be a fishing type letter. I have replied and asked them to be specific about the scheme(s) to which they refer since I feel my 2018/19 return was correct.

    I would be keen to be added to the WhatsApp group if it is still running.
    Hi There,
    I am also in the same fix - I was with Glen May and then Procorre from 2012/13 until 2016/2017. I was also assured that there we acting in compliance to legislation but the letters from HMRC would not stop.
    The recent one is still asking me to declare disguised payments or loans. This time, they have identified Glen May as the partnership but not Procorre.
    I had previously forwarded a prepared letter from Glen May where I had stated overdrawn capital accounts for the years. I am now suspecting that I will have to pay tax for this. I am not sure what action to take now, but like everyone here I just want this done and over with.
    So, Admin, could I have PM rights, please? So I can connect with others.
    I will truly appreciate it.

  5. #405

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    Quote Originally Posted by legbe01 View Post
    Hi There,
    I am also in the same fix - I was with Glen May and then Procorre from 2012/13 until 2016/2017. I was also assured that there we acting in compliance to legislation but the letters from HMRC would not stop.
    The recent one is still asking me to declare disguised payments or loans. This time, they have identified Glen May as the partnership but not Procorre.
    I had previously forwarded a prepared letter from Glen May where I had stated overdrawn capital accounts for the years. I am now suspecting that I will have to pay tax for this. I am not sure what action to take now, but like everyone here I just want this done and over with.
    So, Admin, could I have PM rights, please? So I can connect with others.
    I will truly appreciate it.
    Who do you propose to talk to? As you really need tax and legal advice from people you find by a google search not strangers on an anonymous internet forum.
    merely at clientco for the entertainment

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