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

[MK59]

Glen May/Sanderosa? Who knows?

I too have had historic dealings with Glen May which I ended almost 5 years ago. I received inquiries from HMRC and Glen May drafted the responses regarding the overdrawn capital account. Nothing further since but Sanderosa Llp wrote to me last year (February) advising that the first part of my profit share was being allocated to my overdrawn account promising a comprehensive statement of the calculation would follow. To date, no comprehensive statement has arrived and my attempts to contact them over the last few months have been fruitless. Has anyone else received a similar letter from Sanderosa?
Presumably I should declare this profit share but when? And without the detail that was promised, I'm stumped as to how to proceed. Anyone else in the same boat that might have some words of advice

[David991]

Procorre Danger

Hi,

I am also in the same boat. I have had a number of enquiries regarding my time with Glen May\Aston Mae for which Glen May have prepared responses and it has gone a bit quiet for the last year or so. I heard that HMRC had picked some partners as test cases for court but I haven't seen any publicity about it.

I would also like to join the WhatsApp group so please could I have PM rights?

Thanks

I joined Procorre after a collleague had their tax affairs signed off and my accountant ok’ed all the information they provided on how the LLP functioned - including a written statement that the LLP would pay all taxes on a yearly basis so you did not need to forward plan.
A year ago I was investigated by HMRC and started to ask questions. I also got a letter out of the blue about a capital overdrawn account. At that point I stopped using Procorre. A year on they still haven’t answered my questions. I have sent half a dozen emails and they are just ignored.
The bottom line as I understand it is in 2019 Procorre will, via an incoming tax law, declare all monies held in the capital overdrawn account as income. So you will get a single huge tax bill, with a lot of it at the 50% tax rate. This has been a scam since the beginning.
Please add me to any relevant forum/WhatsApp group.
We need to get together and fight this, although I’m not sure how much Procorre have covered themselves.

[ITmark]

I too have had historic dealings with Glen May which I ended almost 5 years ago. I received inquiries from HMRC and Glen May drafted the responses regarding the overdrawn capital account. Nothing further since but Sanderosa Llp wrote to me last year (February) advising that the first part of my profit share was being allocated to my overdrawn account promising a comprehensive statement of the calculation would follow. To date, no comprehensive statement has arrived and my attempts to contact them over the last few months have been fruitless. Has anyone else received a similar letter from Sanderosa?
Presumably I should declare this profit share but when? And without the detail that was promised, I'm stumped as to how to proceed. Anyone else in the same boat that might have some words of advice

Sanderosa, Glen May, Aston Mae and Procorre all the same people, same OD Cap Acc deal and same promises of providing information then never following up.

PM me and we can have a chat and l can add you to the whatsapp group, loads of us in the same boat.

[ITmark]

I joined Procorre after a collleague had their tax affairs signed off and my accountant ok’ed all the information they provided on how the LLP functioned - including a written statement that the LLP would pay all taxes on a yearly basis so you did not need to forward plan.
A year ago I was investigated by HMRC and started to ask questions. I also got a letter out of the blue about a capital overdrawn account. At that point I stopped using Procorre. A year on they still haven’t answered my questions. I have sent half a dozen emails and they are just ignored.
The bottom line as I understand it is in 2019 Procorre will, via an incoming tax law, declare all monies held in the capital overdrawn account as income. So you will get a single huge tax bill, with a lot of it at the 50% tax rate. This has been a scam since the beginning.
Please add me to any relevant forum/WhatsApp group.
We need to get together and fight this, although I’m not sure how much Procorre have covered themselves.

PM me. Lots of us are in the same boat. I'm just an IT contractor but can give a slightly fuller picture, although with HMRC being entirely ambiguous and changing the rules whenever they feel like it, it's not a clear picture for anyone [even them l think].

[MK59]

Sanderosa, Glen May, Aston Mae and Procorre all the same people, same OD Cap Acc deal and same promises of providing information then never following up.

PM me and we can have a chat and l can add you to the whatsapp group, loads of us in the same boat.

Admin, please give me PM rights. Thanks

[MK59]

PM rights

Administrator, can I have PM rights. Thanks.

[Quaixy]

Help

Hi, I'm another mug who fell for Aston May/Glen May's lies & then compounded the mistake by moving to Procorre.

Can someone PM me the details of how to join the whatsapp group etc.

[Quaixy]

PM rights

Hi Admin, can I have PM rights please?

[Quaixy]

Escaping Procorre

Does anyone have structured escape plan from Procorre?

By that I mean:
when to stop forwarding money to them
getting the maximum money out of them
who to transition to with a view to:
maintaining liability insurance & group Bupa (if these actually existed)

Also, can we continue to trust the Accountants (in my case Burnside) that we were steered towards?

[BrilloPad]

Does anyone have structured escape plan from Procorre?

By that I mean:
when to stop forwarding money to them
getting the maximum money out of them
who to transition to with a view to:
maintaining liability insurance & group Bupa (if these actually existed)

Also, can we continue to trust the Accountants (in my case Burnside) that we were steered towards?

Are Procorre still going? Have you looked at https://forums.contractoruk.com/busi...ml#post1998863 ?

Are you using procorre consulting? Or some sort of payment scheme?