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

[ITmark]

David i'll add you to whatsapp group.

Anyone else want to join PM me. Certainly getting more activity at the minute and think this year will be.

[ITmark]

I don't think any of the people l know have written the letter to HMRC yet declaring (as an amendment to the return), l think one or two may have declared on tax return. No word from them yet. Did you go online to see your statement or did HMRC send it to you? Strange that it's dropped off before payment received etc?

[BrilloPad]

David i'll add you to whatsapp group.

Anyone else want to join PM me. Certainly getting more activity at the minute and think this year will be.

I am from HMRC. Can I join?

Seriously, take vetting very carefully. NTRT found HMRC barristers producing very unwanted evidence in court.

It took a long while to vet all the 450 members......

[ITmark]

I am from HMRC. Can I join?

Seriously, take vetting very carefully. NTRT found HMRC barristers producing very unwanted evidence in court.

It took a long while to vet all the 450 members......

Fully aware of that, after being enticed into this mess in the first place we're a very skeptical bunch.

[TroyT]

Strange that it's dropped off before payment received etc?

I assumed that because the particular period and taxable amount had been clarified, the previous assessment/assumption was superseded.

[TroyT]

Some are settling via CLSO2. It is generally recommended to get advice before settling as there can be issues to do with HMRC going after inheritance tax etcetc.

What is “CLS02”?

When you say “settling” do you mean people are just paying the figure HMRC initially come up with, or is it a substantialy reduced amount???

[ConfusedEasily]

What is “CLS02”?

When you say “settling” do you mean people are just paying the figure HMRC initially come up with, or is it a substantialy reduced amount???

the former.

[webberg]

Contractor Loan Settlement Opportunity - CLSO 2 (because this is the second time it's been offered) is a misnomer.

It's really;

Pay tax on all those loans and other payments you had, pay interest on that tax, pay NIC for some years, pay IHT because although we don't understand your scheme, we may as well chance our arm, forget the protection of closed years because unless you "volunteer" to pay tax on them, we will withdraw the whole offer, we will not guarantee another bite in 2019 or later ... and by the way if you get asked to repay the loan, we can't help you in any way except perhaps to charge more tax on the distribution from the trust.

It's not settlement in any form except that it stops enquiries and the like.

[vern19]

Contractor Loan Settlement Opportunity - CLSO 2 (because this is the second time it's been offered) is a misnomer.

It's really;

Pay tax on all those loans and other payments you had, pay interest on that tax, pay NIC for some years, pay IHT because although we don't understand your scheme, we may as well chance our arm, forget the protection of closed years because unless you "volunteer" to pay tax on them, we will withdraw the whole offer, we will not guarantee another bite in 2019 or later ... and by the way if you get asked to repay the loan, we can't help you in any way except perhaps to charge more tax on the distribution from the trust.

It's not settlement in any form except that it stops enquiries and the like.

Are they charging interest on the "voluntary" closed year tax payments?

[TroyT]

2012/13 Profit Share

Has anyone received their 2012/13 Profit Share Figure from Glen May as yet?
Can’t get a response to my email to them.