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Overdrawn Capital Account Scheme (Aston Mae / Glen Mae / Procorre)

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    HMRC potentially pursuing Rangers FC Employees

    Just read this on the BBC News.
    I assume their Structure was different to GMs...???
    Also, HMRC going back to 2001-2010.
    If I recall correctly, the rules changed somewhat in 2010 and GM kept ahead of the game and within the operating guidelines.

    Further more; if we continue to declare this current and the next “final” Profit Share Figures, and pay the relevant tax due on said figures - this must surely satisfy HMRC and put this matter to bed once and for all (with regards to GM Structure Members)???

    Former Rangers players and staff paid through an offshore trust have been told they have weeks to approach the taxman over a settlement or face an even bigger bill.
    Last year the Supreme Court upheld a Court of Session ruling that £47m paid to Rangers employees between 2001-2010 was liable for tax.
    Now beneficiaries of the Employee Benefit Trusts (EBTs), many of whom were led to believe these were loans that would never have to be repaid, are being warned to seek "urgent advice".
    BBC Scotland has seen a letter sent earlier this month by Trident Trust, a Jersey-based company, which paints a stark picture.
    The letter says: "HMRC has confirmed that it will seek to recover all income tax found by the Supreme Court to be due and that, where HMRC is unable to recover the tax from the employer, it may transfer the liability for unpaid tax...to employees or former employees
    ."

    Comment


      Another former Glen May contractor...

      Hi everyone,

      A really interesting thread and a great forum. I can tell I'll be sticking around!

      Admin, would you mind giving me early PM permissions so I can ping ITMark a note?

      Comment


        Originally posted by Joby View Post
        Oh, and I'd be grateful for PM rights, please.
        Account is now upgraded so you have access to the PM system

        Comment


          Have any of you (former GM) ever received a statement of your overdrawn capital account from them? I genuinely have no idea what the value is. I've two letters I can find (including the 28th March one) regarding payments against it from my profit share.

          Because of this I genuinely don't know what I'd declare to HMRC if I wanted to!

          Also, since GM have been wound up, is it possible the loan account has been wound up with it? Optimistic I know :-P

          Comment


            Originally posted by misterbees View Post
            Have any of you (former GM) ever received a statement of your overdrawn capital account from them? I genuinely have no idea what the value is. I've two letters I can find (including the 28th March one) regarding payments against it from my profit share.

            Because of this I genuinely don't know what I'd declare to HMRC if I wanted to!

            Also, since GM have been wound up, is it possible the loan account has been wound up with it? Optimistic I know :-P
            I have never seen a statement of my overdrawn capital account, or any accounts from GM LLP. I sent them an email a couple of weeks ago asking for this and other information, but I wasn't holding out much hope of a reply.

            I spent a couple of hours trawling through bank statements to calculate what I had received, but obviously this is not a statement from GM.

            I also have two letters mentioning profit share but the total of the figures on these are nowhere near the amounts I have received so I don't know what happens to the remainder.

            I expect that in the circumstances, repaying these amounts is not an option, not that I would want to anyway.

            Comment


              Originally posted by hungouttodry View Post
              I have never seen a statement of my overdrawn capital account, or any accounts from GM LLP. I sent them an email a couple of weeks ago asking for this and other information, but I wasn't holding out much hope of a reply.
              I emailed them the other day, but not holding out much hope either! I've also emailed my last accountant (who I was referred to by them).

              I spent a couple of hours trawling through bank statements to calculate what I had received, but obviously this is not a statement from GM.

              I also have two letters mentioning profit share but the total of the figures on these are nowhere near the amounts I have received so I don't know what happens to the remainder.
              I spent part of my time with Glen May as an individual, and part through a Ltd Co (at their suggestion). I note that in the days before I went Ltd Co I would receive a 'loan request form' each month (when I was paid). I wonder if these amounts relate in any way to the overdrawn capital account?

              Comment


                Originally posted by misterbees View Post
                Have any of you (former GM) ever received a statement of your overdrawn capital account from them? I genuinely have no idea what the value is. I've two letters I can find (including the 28th March one) regarding payments against it from my profit share.

                Because of this I genuinely don't know what I'd declare to HMRC if I wanted to!

                Also, since GM have been wound up, is it possible the loan account has been wound up with it? Optimistic I know :-P
                When were Glen May actually formally wound up? Also Admin can I have PM rights please?

                Comment


                  Originally posted by Bombus View Post
                  When were Glen May actually formally wound up? Also Admin can I have PM rights please?
                  According to this just over a year ago (in Singapore).

                  Comment


                    HMRC Loan Charge Letter

                    I just received the Loan Charge letter.
                    I was operating through Glen May and last tax year declared (and paid the tax due on) the Profit Share figure for year 2011/12.
                    I am just about to do Year 2017/18 SA Return and declare the current Profit Share figure for years 2011-2016....and pay the tax due.
                    Next year I was planning on doing the same for the “final” Profit Share figure.

                    If I’m declaring all the Profit Share Figures that I’m being issued and paying the tax; am I wrong in thinking that I’m complying with the current HMRC Loan rules and therefore safe from being issued with a Loan Charge???

                    Comment


                      Originally posted by TroyT View Post
                      I was operating through Glen May and last tax year declared (and paid the tax due on) the Profit Share figure for year 2011/12.
                      I am just about to do Year 2017/18 SA Return and declare the current Profit Share figure for years 2011-2016....and pay the tax due.
                      Next year I was planning on doing the same for the “final” Profit Share figure.
                      Where have you been getting all these profit share figures? Did GM send you letters detailing all these? I've only had one for 2017-18.

                      Comment

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