Procorre consulting

[SunnyInHades]

Interesting; financials look sound on first look, with a big jump in net worth a couple of years ago (CH public domain info) ..

PROCORRE CONSULTING LIMITED
6-9 Trinity Street, Dublin 2, Co Dublin
Age 4 years (Incorporation date 07/02/2011)
Active

Net Worth
£16,722 (2011)
£24,389 (2012)
£288,671 (2013)

Directors:
MARK ANTHONY GREEN
STUART JOHN LIVINGSTONE

[TykeMerc]

Hi, new poster here. I was called by Grosvenor Gower today, representing an unnamed consulting company with a spiel that sounded awfully like that described here. I'm not sure why my spidey sense started tingling, but it led me here. I'll consider myself warned! Thanks.

Very wise.

With the schemes firmly in HMRC's sights using one is suicidal.

[flowerpower]

The only reason we post these schemes is because Lisa and I take an interest in providers and when we find one think its worthwhile adding a post or two to help contractors....

Hi, new poster here. I was called by Grosvenor Gower today, representing an unnamed consulting company with a spiel that sounded awfully like that described here. I'm not sure why my spidey sense started tingling, but it led me here. I'll consider myself warned! Thanks.

[eek]

Might I suggest something?

It occurs to me that the sort of person that would use the Procorre solution would not be the sort of person to be overly inquisitive or involved in the accounts and as such would not have the knowledge or inclination to ask all of the questions this forum needs answers to ( we can philosophize over whether this is wise or not); I also honestly doubt that a young company like Procorre would readily divulge the intricate details of their accounting on a forum or even via email.

However, it would appear that many of the posters here have a reasonable grasp of tax law and would be in a position to ask the pertinent questions; so my suggestion is this: One of us (not me, I have zero knowledge and am new to the contract market) set up a meeting with a Procorre accountant/rep and cut through the BS, ask these questions. I feel this is the only way we will get a definitive answer.

Newbie trying to be helpful

There would be a confidentiality agreement which would mean we couldn't discuss how it (doesn't) work....

The only reason we post these schemes is because Lisa and I take an interest in providers and when we find one think its worthwhile adding a post or two to help contractors

[LisaContractorUmbrella]

Previously you were talking about umbrellas. There is a world of difference between what you posted in your last message and this one...

This

[dipeolay]

Might I suggest something?

It occurs to me that the sort of person that would use the Procorre solution would not be the sort of person to be overly inquisitive or involved in the accounts and as such would not have the knowledge or inclination to ask all of the questions this forum needs answers to ( we can philosophize over whether this is wise or not); I also honestly doubt that a young company like Procorre would readily divulge the intricate details of their accounting on a forum or even via email.

However, it would appear that many of the posters here have a reasonable grasp of tax law and would be in a position to ask the pertinent questions; so my suggestion is this: One of us (not me, I have zero knowledge and am new to the contract market) set up a meeting with a Procorre accountant/rep and cut through the BS, ask these questions. I feel this is the only way we will get a definitive answer.

Newbie trying to be helpful

[eek]

My Limited company accounts over many years now tell me otherwise if your not taking home 82-84% using a UK based HMRC compliant accountant then your doing something seriously wrong!

Previously you were talking about umbrellas. There is a world of difference between what you posted in your last message and this one...

[uk contractor]

No there aren't

My Limited company accounts over many years now tell me otherwise if your not taking home 82-84% using a UK based HMRC compliant accountant then your doing something seriously wrong!

[Eirikur]

Some extracts from a BS Email they sent me:

The Procorre philosophy is to look after you by offering you something extra: better personal and professional opportunities. As part of Procorre you gain the benefits that come with membership of a global consultancy, but you also retain all of the freedoms that you are used to.

Your own contribution to Procorre’s growth, taking on new projects and introducing exceptional consultants to Procorre benefits, will also help you to acquire additional income and asset value. At the same time you will develop your entitlement to many benefits – these include group BUPA cover, wealth management support, mortgage services, pensions and a range of insurance products to protect you and your family. The Project Income Guarantee is an industry first, which protects your income from a project and your agent’s margin – helping you to stand out as a desirable candidate for new roles.



· Your Project Income is your Net Take-Home from your consultancy work.

· Profit share 1 becomes available at the end of your first year and increases every year.

· Profit share 2 is indexed to your level of introductions to the organisation and the residual income realised from that network of introductions.

· Your Business Expense allowance becomes available as you commence billing with the organisation.

· Your Asset value is the value attached to your activities within the organisation, much like an equity share.

[LisaContractorUmbrella]

As a limited company it may just about be doable. I think if I include expenses as part of my take home pay (which makes sense if you compare them to a permanent job, and it allows me to do the figures without looking at my accounts) I paid 17% in corporation tax last year so took home 83%.. That could have been a percentage or 3 higher if I put more in my pension...

So a properly set up limited company can (if you are married, and not on a £600+ daily rate) provide a very decent return even when you are very conservative with your expense policy.

You are right that a fully legal UK umbrella cannot but a legal UK company could....

Yep as you say, just about doable under a PSC unless you're a higher rate taxpayer but 80+% through an umbrella is not going to happen unless you're on a low rate and have high expenses.