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

[Fred Bloggs]

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

My word - Anne O'Donnell - One in a Hundred | Procorre News

[cojak]

My word - Anne O'Donnell - One in a Hundred | Procorre News

Well she won't be introducing me into her 'network' - I'm not daft enough to join...

[NickLeeson2]

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

I have requested a copy of the statement as I'm not willing to submit the profit share value on my tax return until I understand the total figures involved. What I did not is that they have sent me a profit share letter for a date which I was not operating under Procorre. This also makes me think they are trying it on.

[NickLeeson2]

Has anyone submitted the figures to HMRC? I'm not sure where they get them from as they seem excessive for what I have received.

[NickLeeson2]

Glen May LLP issued their profit share and people disclosed and paid tax on it then despite not receiving anything from GM. These profit shares seem to be issued after you have left. What was strange was Burnside on the SA under partnership didnt include GM partnership number but put your own UTR instead.

Point is u need Procorre's partnership number to put on the SA. And ask Burnside / Procorre to explain otherwise if they suggest you use your own UTR instead

Sent from my SM-G920F using Contractor UK Forum mobile app

Cheers for that information, I will request their UTR number. I won't be declaring their suggested profit share figure just yet as there is no evidence to back it up. The figures just don't match what I have put in and gained back.

[NEContractor]

Loan Charge letter arrived this week

Will edit this having read most of the posts....... and .......anyone received a final profit share letter from GM. I have received 2 to date and added to SA,i have been asking for the final letter for months now and just get it is being finalised.

In the meantime have just received what looks like 4 page general loan charge letter (At another address so have not read this yet just had it relayed to me).

Getting sick of this now and just want this over so can move on. Can i still settle?

[ven]

I have received a second profit share letter. I know the final figure, since Procorre have stated that in a letter to HMRC. The final figure matches exactly the figure i have from my bank statements and also the two letters with profit distribution seems to be getting close to the final figure. But I still haven't received the final profit distribution letter.
My guess is that they'll issue that next year when we don't have much use of it.

By the way does anyone got and advise if the profit distribution letter is actually writing off the overdrawn capital account ?

[NickLeeson2]

Will edit this having read most of the posts....... and .......anyone received a final profit share letter from GM. I have received 2 to date and added to SA,i have been asking for the final letter for months now and just get it is being finalised.

In the meantime have just received what looks like 4 page general loan charge letter (At another address so have not read this yet just had it relayed to me).

Getting sick of this now and just want this over so can move on. Can i still settle?

You aren't alone. I settled all the tax requirements up until 2018....... now I'm getting the 4 page death threat letter requesting that I ring up and declare any outstanding loans. Don't they have all this information on record? Or is it just a name against a company and you shoot yourself in the foot by declaring something which you have previously declared on a P11D.

As mentioned I have had the profit share figures by email and letter and to be honest the detail doesn't cut it for me. Part of me thinks if I declare it as Procorre want then I could be accepting an inflated value and basically declaring it to the tax man. On the other hand I could indicate on my SA all monies received from Procorre and pay tax on that. Does that mean this will go away? I doubt it. HMRC is a machine ran by people who don't care and will extract as much as possible until we all have nothing.

[NickLeeson2]

I should also guess that the 4 page letter is generic except for your reference number:

1. If you have already settled then ignore this letter
2. If you have already agreed a settlement then ring us.
3. Tell us the amount you owe
4. If you don't know the amount then tell us from your bank statement

Now gives an option to correspond by email

[NEContractor]

I should also guess that the 4 page letter is generic except for your reference number:

1. If you have already settled then ignore this letter
2. If you have already agreed a settlement then ring us.
3. Tell us the amount you owe
4. If you don't know the amount then tell us from your bank statement

Now gives an option to correspond by email

Better call HMRC and see what they say as they already have all figures? If i can get passed 1st line!

All hopes on Boris!