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

[webberg]

Who can I go to for advice on this? A Tax consultant?

Yes.

There are some who patrol these forums.

There are some who post to these forums but who don't take on clients.

Google will have a list if your search string is sufficiently detailed.

[piebaps]

Who can I go to for advice on this? A Tax consultant?

Baz

Webberg is following forum rules here. He is a tax professional and isn't allowed to tout for business here. Google WTT Consulting and you'll find his firm. I haven't used them personally and can't recommend them however there are many forum members who have and a quick search will find plenty of comment.

The other advisor who posts regularly here is Phil Manley. Phil works for a firm called Dow Schofield Watts and if you google Phil Manley DSW you'll find him. Again I haven't used them but many have and a search will get you plenty of comment.

I think both offer a free initial consultation (sorry guys if that's wrong). Alternatively, is there anyone in your business life that you trust who can recommend an advisor. Your solicitor or bank manager for example. That may be preferable to taking advice from people on the internet who use "netnames" instead of their own - although Phil and Webberg both post under their own names on here.

[webberg]

We do offer a free initial call.

Pretty sure Phil does as well.

[Chloe]

Tax return 2017/18 - dealing with “profit share”

Hi, it’s my first time posting on here. I use to contract through Glen May (stopped in 2015) and changed job field completely. I am an exercise instructor now which is not a high paid job - so a large unexpected tax bill is totally out of my means. I have receive a “penultimate” profit share letter it’s states for” 2017/18 tax year” - completely unexpected, I thought my dealings with Glen May were over (except for HMRC investigation).

It was sent through post and not email (unlike all of Glen May’s previous correspondence), I thought it was junk mail and so only opened it recently when doing a house clean out! I am with a new accountant (not affiliated to Glen May), they have questions and Glen May / Procorre are ignoring all our requests for further info for two weeks now. I don’t know what to do about this “profit share letter”, whether I’m liable for tax / better to pay tax / better to discuss settlement with HMRC. Without any oversight over the partnership e.g. no partnership accounts, no view of what the “overdrawn capital” is or was. Add to that that Glen May in the past kept sending me someone else’s details on the letters they prepared as HMRC response. Without further info I’ll have no clue whether the “final” profit share is based on my past dealings, or the guy they keep accidentally sending me the info on!

I wondered what other people are doing/have done for their tax year to be filled in next few days? I would
Really appreciate some replies. Thanks

[webberg]

Hi, it’s my first time posting on here. I use to contract through Glen May (stopped in 2015) and changed job field completely. I am an exercise instructor now which is not a high paid job - so a large unexpected tax bill is totally out of my means. I have receive a “penultimate” profit share letter it’s states for” 2017/18 tax year” - completely unexpected, I thought my dealings with Glen May were over (except for HMRC investigation).

It was sent through post and not email (unlike all of Glen May’s previous correspondence), I thought it was junk mail and so only opened it recently when doing a house clean out! I am with a new accountant (not affiliated to Glen May), they have questions and Glen May / Procorre are ignoring all our requests for further info for two weeks now. I don’t know what to do about this “profit share letter”, whether I’m liable for tax / better to pay tax / better to discuss settlement with HMRC. Without any oversight over the partnership e.g. no partnership accounts, no view of what the “overdrawn capital” is or was. Add to that that Glen May in the past kept sending me someone else’s details on the letters they prepared as HMRC response. Without further info I’ll have no clue whether the “final” profit share is based on my past dealings, or the guy they keep accidentally sending me the info on!

I wondered what other people are doing/have done for their tax year to be filled in next few days? I would
Really appreciate some replies. Thanks

Give me a call.

[Stephenka]

Aston Mae Compliance

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.

Hi there, would be possible to ask if I could have a copy of you Aston Mae Compliance Letter ?

[Fred Bloggs]

Hi there, would be possible to ask if I could have a copy of you Aston Mae Compliance Letter ?

I may be a mile wide of the mark, but I recommend nobody sends anything to a first time poster on a web forum. You have no idea who they are or what their connections may or may not be.

[cojak]

I may be a mile wide of the mark, but I recommend nobody sends anything to a first time poster on a web forum. You have no idea who they are or what their connections may or may not be.

I was going to say this Fred but got distracted. This poster will not be getting PM privileges until they’ve posted more.

[NickLeeson2]

I received the Procorre letter out of the blue informing me that I was owed £20K as part of the profit share. The letter also informed me that the amount should would be deducted from my overdrawn capital gains account. There was a nice instruction to declare this to my accountant on my next return.

This is all well and good Procorre sending this letter but it tells me nothing. There is no real contact details on the letter so I sent an inquiry to their team via the online page. I only asked them for the statement for the overdrawn account.... the response was this legal@procorre email address. That tells you something straight away.

I'm not sure what the outcome of this letter will be. All I will say is I'm in no rush to send these figures to HMRC with out receiving more factual information.

[dog]

I received the Procorre letter out of the blue informing me that I was owed £20K as part of the profit share. The letter also informed me that the amount should would be deducted from my overdrawn capital gains account. There was a nice instruction to declare this to my accountant on my next return.

This is all well and good Procorre sending this letter but it tells me nothing. There is no real contact details on the letter so I sent an inquiry to their team via the online page. I only asked them for the statement for the overdrawn account.... the response was this legal@procorre email address. That tells you something straight away.

I'm not sure what the outcome of this letter will be. All I will say is I'm in no rush to send these figures to HMRC with out receiving more factual information.

Procorre wont be paying you this profit share - but using it to offset against ODCA but will not send you a statement. Meanwhile Procorre CEO Anne O Donnell receives awards as a "promoter" (not sure what she promotes but hmrc dont go after promoters and in any case she has covered her tracks by sponsoring vote 100 and creeping to the corridors of power). Ultimately she will break her promises if it means she can keep and strengthen her position. Deception bordering on fraud/corruption of contractors by anne o donnell and procorre