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

[GregRickshaw]

I had cause to deal with HMRC recently, though not because of any of the schemes.

I had a similar experience as you, but it's important to distinguish between the on-phone HMRC staff (who were very helpful) and the Field Collection people (pay everything now or we take your house).
The field collection people are very poorly informed contractors who come to your house to put the frighteners on.

Were these the the Rottweilers you experienced? Brrrrr....

There's been a definite shift in sympathy maybe the mental health push? I remember being late in my very early days for a CT payment and the inspector there telling me he'd have three people at my house at the end of the week with a For Sale board! For real! He asked me if I thought it was funny because I let out a startled laugh how you do...

I had one field agent knock the door before I had moved my address to an office who was very sly, kept trying to get in and look past me into the house.

I think now only the debt collection agencies would come to your door, not clueless HMRC, those companies are heavily regulated these days.

[mightyspur]

I know a few people here have managed to sort out a TTP with HMRC. Unfortunately I am still waiting for the final settlement figure, although I am concerned (based on Reg 80 / Section 8 notices it is going to be north of £300k and at the moment I see no feasible way of being able to pay that unless I am offered a very long TTP settlement, of say 10 years. I thought that this was possible and people had been offered this in the past, but I noticed a post on LinkedIn from someone saying how they have successfully managed to sort one for their client of 5 years and saying how much of a battle it was and how it isn't the norm etc and now I'm worried.

Is anyone here on a TTP arrangement that is longer than 5 years?

[WTFH]

I know a few people here have managed to sort out a TTP with HMRC. Unfortunately I am still waiting for the final settlement figure, although I am concerned (based on Reg 80 / Section 8 notices it is going to be north of £300k and at the moment I see no feasible way of being able to pay that unless I am offered a very long TTP settlement, of say 10 years. I thought that this was possible and people had been offered this in the past, but I noticed a post on LinkedIn from someone saying how they have successfully managed to sort one for their client of 5 years and saying how much of a battle it was and how it isn't the norm etc and now I'm worried.

Is anyone here on a TTP arrangement that is longer than 5 years?

Someone posting on something on linked in - did they specify how much was owed, or how much their client earned?

TTP is based on multiple things, so if you owed £5,000 and were earning £100,000 a year, they are not going to offer you 5 years to repay it.

Which tax advisor are you using? They should be able to take you through all of it, and be able to get HMRC to hurry up a bit.
Just read one of your previous posts and it implies that you asked HMRC for a settlement figure over 3 years ago. When did you last contact them to chase it up and did they respond? I don't mean to worry you, but 3 years is just 3 more years interest. It's in your best interests to be hounding them - or better yet paying a professional to hound them.

[mightyspur]

Someone posting on something on linked in - did they specify how much was owed, or how much their client earned?

TTP is based on multiple things, so if you owed £5,000 and were earning £100,000 a year, they are not going to offer you 5 years to repay it.

Which tax advisor are you using? They should be able to take you through all of it, and be able to get HMRC to hurry up a bit.
Just read one of your previous posts and it implies that you asked HMRC for a settlement figure over 3 years ago. When did you last contact them to chase it up and did they respond? I don't mean to worry you, but 3 years is just 3 more years interest. It's in your best interests to be hounding them - or better yet paying a professional to hound them.

Fair questions. They put an image up of the letter that showed the total amount owing was around £280k, but didn't advise how much the client earned. The agreement was for £4000 per month over 5 years with a payment of around £8k at the end to settle the remaining balance. I assume that total amount included interest and any penalty fees.

I'm using WTT and have asked what the likely settlement terms will be, but they said there is no point speculating at this point until HMRC are able to provide the actual settlement figure, which is fair enough.

I understand it can be based on many things as to what they allow, and that HMRC generally ask for your household income after all your bills are taken off and then say they will take 50% of your disposable income. I have done some rough calculations and I estimate I will have around £2.5k per month after significant sacrifices that I would have available to repay. Taking that number as a starting point I'll probably be needing a 10 year TTP agreement (assuming it is over or around £300k), which I had thought was offered by HMRC. I was just spooked a little by the language used by this tax advisor on their post so was after some reassurance, or understanding that although it isn't the norm they do offer longer TTP arrangements as others have that in place already.

I'm also hoping that the outcome of this review currently being undertaken by the government means they will be willing to offer more favourable repayment terms (although there are obviously no guarantees on that).

In the mean time I'm paying as much as I can already and have been for the last 6 months in an effort to show willing and try to reduce the balance/stay on top of the interest charges that are accumulating.

[mightyspur]

HMRC contacted my advisor again asking for more information. This time the Sale ledgers for the accounting period and some additional statements, most of which has already been shared with them. They just seem so disorganised