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

[GUD]

sign petition

Worth signing this petition if you oppose the 2019 Loan Charge. We need minimum 10,000 signatures.

https://petition.parliament.uk/petitions/218582

The personal data of petitioner will not be published. Please do not worry about your details, a big IF, shared with HMRC. Don't forget that the scheme provider is going to pass your details anyways in Sep 2019.

[webberg]

Hi,
I also received in the past 2 years multiple letters from HMRC questioning my income and the money I received from the partnership.
Two weeks ago, I received a letter from GlenMay about profits much higher than expected that will be allocated to my overdrawn capital account.
My understanding so far is that now I have to pay tax & NI on the profit share on the higher rate, which wouldn't have been the case if I was using my Limited company back in 2013-2016, using my allowance and give myself dividends instead of paying NI on the full amount.
Furthermore, I believe that HMRC will come back asking me to pay tax & NI on the remaining overdrawn capital account balance.

I tried before to seek advice and I spoke to two different accountants that suppose they were dealing with similar cases. Both of them told me that overdrawn capital accounts are basically loans and they were trying to charge me £2500 and £4000 to calculate my outstanding tax and pay it back to HMRC.
At the time, I was a bit sceptical if that was a sincere advice or they just wanted to get thejob and make some money.

Did anybody have had independent professional advice on the issue?

Is it a group to join to discuss the issue in more details and take a collective action?

Thanks

There is a group that communicates via Whatsapp I think. You should look for posts by ITMark because I think he runs it.

Some of the issues you raise have been covered in the posts above. I confess that there are some fairly fundamental issues that continue to baffle me (why are you being advised to declare profits despite not actually being in the partnership any longer?).

It does however seem that most posters here continue to believe that Glen May are continuing to act in good faith and for the good of the former partners. Who knows, that may even be true?

[DeelerStan]

Profit share letter

Is there anyone else still not received their profit share letter from Glen May.

I have emailed them but as usual they seem not to be able to reply to anything.

Wondering if there are any others still waiting for the "good" news from Glen May

[dog]

Worth signing this petition if you oppose the 2019 Loan Charge. We need minimum 10,000 signatures.

https://petition.parliament.uk/petitions/218582

The personal data of petitioner will not be published. Please do not worry about your details, a big IF, shared with HMRC. Don't forget that the scheme provider is going to pass your details anyways in Sep 2019.

You can sign it using an alias name and postcode as I have.

I doubt it will get enough (10000) signatures given the lack of publicity about the loan charge. Some people here believe it might not apply to glen may or procorre. And they might be right.

[dog]

Is there anyone else still not received their profit share letter from Glen May.

I have emailed them but as usual they seem not to be able to reply to anything.

Wondering if there are any others still waiting for the "good" news from Glen May

I was told in January by Burnside what figure I should use. Burnside were told by GM. I have already made a payment on account to HMRC for the tax due on this.

Also in January, Burnside requested GM send me the profit share letter. However, no letter has been received from GM. I have no reason to chase it because I am already making payments on account.

[Benson77]

Hi, I find myself in the same boat as many people in this thread, has anyone yet accepted the acquisition? or has anyone managed to exit Procorre without having a massive tax bill? I’m really struggling to understand how I've got into this mess (I can only blame my own ignorance at this point). After looking through all paperwork again with more of an understanding I see there is a failing on their part to supply me with any statements relating to the capital account, I also recall being told they would pay any tax shortfall on my behalf, however I can’t find this in writing, did anyone have this in their paperwork?

Thank you

[optimistic]

Admin - Can we both get PM rights please.

Admin - please could I have PM Rights? I was involved in a similar scheme, albeit through a different provider.

[dog]

I get unsolicited procorre emails in my spam.

Are procorre adhering to GDPR and getting permission before sending unsolicited email?

Procorre haven't asked me for my permission.

Are procorre above the law when it comes to GDPR?

[Benson77]

Maybe if Procorre send all there emails from Singapore I guess they might possibly not be affected by the GDPR.

[comodorepet]

strikes me the profit allocation statements are moot.
HMRC can just ask, what did you get from the LLP each year? right, well that's what you owe tax and NI on.
doesn't matter what the profit allocation is, or if it's been offset in some way through acquisition or LLP accounts.
We're then liable for full tax on those payments, after having paid the LLPs for their services. in effect paying 60% (20+40) tax on earnings for those years.
Feels like we have been defrauded by the LLPs companies.