• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • FREE webinar: What does a post IR35 reform CV look like? : Wed, Jul 28, 2021 7:15 PM - 8:15 PM BST More details here.

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

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    There's a helpful explanation of standstill agreements here https://www.wrighthassall.co.uk/know...ill-agreements

    NB I am not connected to this firm and neither recommend them nor consel against them. They are of course recommending that people seek advice which seems like a wise move.

    Comment


      Originally posted by frontmen242 View Post

      HI there,

      Your situation sounds very familiar I too had the overdrawn capital account letter, and speaking with various accountants they said I had to declare the £44K even though it was from 2015 covering approx 2 years or so...I too did not know of this bombshell hitting me. In the end I declared it as I had been working as a permie for nearly 2 years at this point no way did I have the coffers but I knew it would be better declaring than ignoring. HMRC have a thing for me and still wont let me close my company, but I am wondering....

      So in the end I had to cough up 13.5K as it is declared as profit share though I never got this profit share as far as I am aware.

      Now to rub salt in to the wounds my reason for coming on here is HMRC have been investigating me long term and have come up with 2015/16 and NIC payments which is total bull I have paid NICs for that year but they are now seeing if I want to go into a Standstill Agreement, looks like another 8.5K will be owed for this....has anyone else received a Standstill agreement and what are your thoughts...go with it and get it done with or hope they back down...?
      I suspect that as you used your own Limited company and have since accepted liability for the additional tax, that HMRC are now seeing the payments from your scheme provider as income and therefore your Limited company is liable to pay employer NICs

      Comment


        Is anyone still disputing this with HMRC, i.e., are they putting forward the argument that the payments from Aston Mae/Glen Mae/Procorre were not a loan, and hence no tax liability exists. I have consistently followed this line for 6 years and everything has been quiet for over six months?

        Comment

        Working...
        X