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

[ventimare]

Hi all,

I'm in a similar position to others on this thread and would be very interested in sharing my knowledge / learning what others are doing.

ITMark - can I PM you as well so that we can discuss outside the public forum (initially at least)?

Thanks,

VM

[ITmark]

Hi all,

I'm in a similar position to others on this thread and would be very interested in sharing my knowledge / learning what others are doing.

ITMark - can I PM you as well so that we can discuss outside the public forum (initially at least)?

Thanks,

VM

Yes just send me a PM. There's quite a few of us in the same boat.

[webberg]

Glen May was one of a number of partnership schemes, including the ones mentioned in this thread.

There are certainly some curious goings on with some of them as well.

HMRC does not go after Glen May because they are not in the UK and can happily ignore any summons or demand for answers. Unfortunately most of the partners are in the UK and easy targets.

Why have HMRC issued some assessments and not others? Because their administration is a shambles. It's not a conspiracy or coherent plan, just bad admin.

Will Glen May contribute tot he tax that HMRC say you owe? I doubt it but it's worth trying perhaps.

As always people - if you get something from HMRC that you don't understand - GO AND GET ADVICE.

Plenty of people to do that.

[ITmark]

Glen May was one of a number of partnership schemes, including the ones mentioned in this thread.

There are certainly some curious goings on with some of them as well.

HMRC does not go after Glen May because they are not in the UK and can happily ignore any summons or demand for answers. Unfortunately most of the partners are in the UK and easy targets.

Why have HMRC issued some assessments and not others? Because their administration is a shambles. It's not a conspiracy or coherent plan, just bad admin.

Will Glen May contribute tot he tax that HMRC say you owe? I doubt it but it's worth trying perhaps.

As always people - if you get something from HMRC that you don't understand - GO AND GET ADVICE.

Plenty of people to do that.

Echo what Webberg said. Get advice. I'm a member of WTT Big Group (no affiliation other than being a member). Quite a few others are not and we have a whatsapp group of ex-Glen May'ers, Aston Mae'ers and Procorre people (few as they don't know they're in trouble yet). Whatsapp group is literally just handful (6) keeping eachother in the loop in the joy HMRC befills us with.

[Commandersw]

Compliance reply for HMRC from Aston May

I am one such individual who has had an enquiry from HMRC re my tax returns and Aston May.
I have a long compliance letter template prepared by Aston May to reply to any such queries. Quoting these are not Loans but over drawn account in the LLP and quoting UK case Law.
Happy to forward it to anyone.

[webberg]

I am one such individual who has had an enquiry from HMRC re my tax returns and Aston May.
I have a long compliance letter template prepared by Aston May to reply to any such queries. Quoting these are not Loans but over drawn account in the LLP and quoting UK case Law.
Happy to forward it to anyone.

With the caveat that I am not connected in any way with Aston May, I'd be wary of sharing anything they've given you as

1. It might be personal to your circumstances
2. Any IP it contains probably belongs to AM
3. If others rely upon such information, does that expose you?

By all means get their permission to disclose but don't be surprised if they decline.

[ventimare]

Yes just send me a PM. There's quite a few of us in the same boat.

Hi admin, would you be able provide me with PM permissions? Thanks!

[administrator]

Hi admin, would you be able provide me with PM permissions? Thanks!

You now have access to the PM system

[Smurfburger]

Update on HMRC on Glen May

Ah tulip, also 11/12 tax year so 3 NOA's...I'll have a another double G&T...

Are you still working through Procorre?

Once HMRC was giving Glen May all the attention, I gave notice and joined an umbrella company instead.

HMRC recently sent me a letter stating that they would fine me £300 plus a daily fine for every day delayed in giving them the many details they asked for. Much of what they asked for I have simply never had. The Glen May Compliance Team helped me prepare a response. I have replied to HMRC ahead of their deadline, albeit with some requested information flagged as, "I do not hold this information." I wait to see if the threat of a fine is progressed. The Compliance Team have said that any fine would be opposed since they cannot fine you for not supplying information you have never had.

Let's keep in touch to see how this plays out because HMRC seem to be taking different approaches for different partners. Some are getting NOAs and others are getting requests for lots of information.

[Bombus]

Glen May

Yes just send me a PM. There's quite a few of us in the same boat.

I am also in the same boat and have dealt with enquiries from HMRC using the default template letters that Glen May have provided. Would like to keep in touch with this group on any forums incl WhatsApp.

JC