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

[webberg]

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!

Boris is going to make no difference here - different dog, same bark.

Even if the loan charge disappears tomorrow, if you have open enquiries from HMRC they don't go away and will continue to be chased.

[briz40]

Hi, a newbie here who's just starting delving into this thread. I've been with Aston Mae - Glen May - and now Procorre. I need out of this rabbit hole, and today is the day it starts.
Is there an advisor who people in similar circumstances have used? Any help really appreciated with first steps, I sense this is the start of a loooong journey. Thanks.

[ven]

Hi, a newbie here who's just starting delving into this thread. I've been with Aston Mae - Glen May - and now Procorre. I need out of this rabbit hole, and today is the day it starts.
Is there an advisor who people in similar circumstances have used? Any help really appreciated with first steps, I sense this is the start of a loooong journey. Thanks.

Hi briz40 and welcome. Many people are talking to WTT Consulting. You should also look up The Big Group. Good luck with your journey!

[ven]

Procorre partnership number

Does anyone have the Procorre partnership number that we need to use when filling up our Self Assessment partnership page ? Thank you

[webberg]

Does anyone have the Procorre partnership number that we need to use when filling up our Self Assessment partnership page ? Thank you

The Procorre partnership was registered in Singapore.

Seriously doubt it has a UK tax reference number.

They have an office in Holborn in London though, so why not call them and ask?

[ven]

The Procorre partnership was registered in Singapore.

Seriously doubt it has a UK tax reference number.

They have an office in Holborn in London though, so why not call them and ask?

Surprisingly enough they've picked up the phone and actually transferred me to someone who has confirmed that they don't have partnership number because they are registered in Singapore. What surprised me is that they still operate and that there isn't legally much we can't do about the fact that we've been screwed.

I found one of my old email from Aston Mae introducing me to Procorre:
"To show the confidence we have in our tax and advisory services we automatically provide a Full Comprehensive Warranty and Guarantee covering all structures we can recommend. (Unfortunately the only structure we cannot cover is the Ltd Company S&D scenario for obvious reasons, IR35) In the unlikely event of a tax investigation that relates to any structure Aston Mae proposed on your behalf, Aston Mae will provide a locally qualified Accountant to work with you and legal representation if necessary. Furthermore, if any fines or penalties are imposed Aston Mae will pay them on your behalf in full."

I guess this was Aston Mae promise not Procorre's...

[cojak]

Surprisingly enough they've picked up the phone and actually transferred me to someone who has confirmed that they don't have partnership number because they are registered in Singapore. What surprised me is that they still operate and that there isn't legally much we can't do about the fact that we've been screwed.

I found one of my old email from Aston Mae introducing me to Procorre:
"To show the confidence we have in our tax and advisory services we automatically provide a Full Comprehensive Warranty and Guarantee covering all structures we can recommend. (Unfortunately the only structure we cannot cover is the Ltd Company S&D scenario for obvious reasons, IR35) In the unlikely event of a tax investigation that relates to any structure Aston Mae proposed on your behalf, Aston Mae will provide a locally qualified Accountant to work with you and legal representation if necessary. Furthermore, if any fines or penalties are imposed Aston Mae will pay them on your behalf in full."

I guess this was Aston Mae promise not Procorre's...

It certainly looks like it.

[webberg]

Perhaps, as they seem to be in answering mode, you could call them again and ask the following:

1. Given that the members of the LLP are mostly UK resident, would that not make the whole LLP resident?

2. Given that the majority of the LLP income derives from UK entities paying for UK resident members time, would that not make the LLP resident?

3. Given that in the UK, members are taxed on their share of the profit arising in the year, as defined by the partnership deed, how can a later allocation of funds be taxable, especially if the member has left the LLP?

4. If the position is that the later profit allocation is taxable, then this arrangement is a tax deferment scheme. Can they point to part of their marketing materials or later communications that clearly and obviously explains this?

I could go on.

[briz40]

Hi briz40 and welcome. Many people are talking to WTT Consulting. You should also look up The Big Group. Good luck with your journey!

Thank you for the welcome and the pointers. That's great, I will look into them

[briz40]

Admin - Please could I get PM rights? Thanks