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

[BrilloPad]

Contractor Loan Settlement Opportunity - CLSO 2 (because this is the second time it's been offered) is a misnomer.

It's really;

Pay tax on all those loans and other payments you had, pay interest on that tax, pay NIC for some years, pay IHT because although we don't understand your scheme, we may as well chance our arm, forget the protection of closed years because unless you "volunteer" to pay tax on them, we will withdraw the whole offer, we will not guarantee another bite in 2019 or later ... and by the way if you get asked to repay the loan, we can't help you in any way except perhaps to charge more tax on the distribution from the trust.

It's not settlement in any form except that it stops enquiries and the like.

+1

And sometimes HMRC ask for more afterwards - like IHT. I recommended the OP takes advice first. Others disagree.

[Quaixy]

GM 2012/13 Profit Share

Has anyone received their 2012/13 Profit Share Figure from Glen May as yet?
Can’t get a response to my email to them.

Hi Troy,

Not officially, but when I tried to take the 2011-12 figure off my tax-return, my accountant, advised against it & mentioned that the GM declaration for 2012-13 was in the pipeline.

[tbones]

Same boat

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.

I'm in the same boat as Quaixy. I need advice on how best to leave procorre. Also how can i join the whatsapp group. Thanks in advance

[tbones]

I'm in the same boat as Quaixy. I need advice on how best to leave procorre. Also how can i join the whatsapp group. Thanks in advance

Admin, pleas can you give me PM rights. Thanks

[dog]

Pm please

Administrator please, could i also have permission to PM?

Dear administrator
I'm also in the same boat here as everyone else. Please could you grant me pm rights.

[flamel]

Contractor Loan Settlement Opportunity - CLSO 2 (because this is the second time it's been offered) is a misnomer.

It's really;

Pay tax on all those loans and other payments you had, pay interest on that tax, pay NIC for some years, pay IHT because although we don't understand your scheme, we may as well chance our arm, forget the protection of closed years because unless you "volunteer" to pay tax on them, we will withdraw the whole offer, we will not guarantee another bite in 2019 or later ... and by the way if you get asked to repay the loan, we can't help you in any way except perhaps to charge more tax on the distribution from the trust.

It's not settlement in any form except that it stops enquiries and the like.

++1

[alieair]

First notification from HRMC

Hi there all!. I have been surfing trying to get details on Glenn may, Procorre and found this thread. I received a compliance check letter last week for 2014/2015 and am quite nervouse about it especially as I heard the rules on overdrawn capital accounts is coming soon. Anyone here have the same experience and waht was the outcome?

Regards

Alieair

[Cas]

Procorre

Hi Administrator.May I please have PM rights. Thanks

[Belgrave75]

I'm in the same boat as Quaixy. I need advice on how best to leave procorre. Also how can i join the whatsapp group. Thanks in advance

I'm a sheep and need the same advice please!!

[mr1972]

Same boat

I've also got an outstanding notice of assessment for 2012/13 and received a debt collection notice for this. Similar to others in this thread, sent responses from GM's Compliance 'department' and it seems everything's gone quiet...
Procorre have offered to buy my Ltd Co. and absorb the overdrawn capital from GM, however they don't appear to be transparent in their written responses.
Feel like I should just shut my company down & start from scratch...