Procorre consulting

[TheFaQQer]

You get upto 40% on a visa debit card which is classed as your expenses and are loaded onto the card, the rest goes into your personal bank account as a partnership payment and income.

When you say "classed as expenses", do you mean "to repay the employee for all legitimately incurred valid business expenses" or "made up figure to get money out of the company without paying tax"?

If it's the former, then it's no different from working via any employer; if it's the latter there is a huge difference which could explain how you get your 83%.

[GlenW]

I don't know where to start! Firstly have a read of this https://www.gov.uk/government/upload...hipsReview.pdf . Secondly, do you spend 40% of your earnings on costs which could be classified by HMRC as expenses? If not do you not think that getting 40% of your salary tax free might be just a gnats dodgy? Thirdly, do you work with recruitment agencies? If so, unless it can be proven that you are not under the supervision, direction and control of the end client you can't work as a sole trader https://www.gov.uk/government/consul...elf-employment

But apart from all this I'm sure it will be fine.

[LisaContractorUmbrella]

Well my rate differs depending on who i work for, It ranges from 400 to 600 a day. I work lots of short contracts with different companys. Its a LLP set up. As far as im aware its 83% for anyone who signs up. There are guys in my industry who earn alot more but i think the same rate applies. I think thats the best they can do and stay with in the letter of the law as i was contacted by another organisation saying i could get 90% i went back to Procorre who said that they dont know how they can offer that rate and be legal.

You get upto 40% on a visa debit card which is classed as your expenses and are loaded onto the card, the rest goes into your personal bank account as a partnership payment and income. You also register your self as self employed and i've paid a couple of thousand on that for my first year but again Proccore pay that out of there percentage. However, i am setting up my own ltd company again and working through them so that will change slightly. Im actually looking at business bank accounts now, i was with santander for years and they were pretty much free, no monthly fees. It seems now they all want a monthly fee.

I don't know where to start! Firstly have a read of this https://www.gov.uk/government/upload...hipsReview.pdf . Secondly, do you spend 40% of your earnings on costs which could be classified by HMRC as expenses? If not do you not think that getting 40% of your salary tax free might be just a gnats dodgy? Thirdly, do you work with recruitment agencies? If so, unless it can be proven that you are not under the supervision, direction and control of the end client you can't work as a sole trader https://www.gov.uk/government/consul...elf-employment

[wils76]

+1

The more I think about these sort of schemes I, finally, think I've come up with a simple test to see if they are valid or not.

The test is very simple... Could you look at your personal bank account and explain to HMRC how the money arrived there and show what tax was paid.

As an umbrella user its straightforward. This is my bank account there is the money and here is my P60.
For a limited company its straightforward. These are my expense payments, these are wages and these are dividend payments. There are the receipts to show the expenses, here is the p60 for my wages and here are the dividend vouchers.

For anything else... Could you explain the above to HMRC and if not is the person who is organising the scheme going to be around to do so x years down the line..

I always receive payment request forms and you receive statements of your drawings from the LLP and i got annual one to give the accountant for my self assessment.

[wils76]

So how does it work then? What sort of rate are you on to get 83%?

Well my rate differs depending on who i work for, It ranges from 400 to 600 a day. I work lots of short contracts with different companys. Its a LLP set up. As far as im aware its 83% for anyone who signs up. There are guys in my industry who earn alot more but i think the same rate applies. I think thats the best they can do and stay with in the letter of the law as i was contacted by another organisation saying i could get 90% i went back to Procorre who said that they dont know how they can offer that rate and be legal.

You get upto 40% on a visa debit card which is classed as your expenses and are loaded onto the card, the rest goes into your personal bank account as a partnership payment and income. You also register your self as self employed and i've paid a couple of thousand on that for my first year but again Proccore pay that out of there percentage. However, i am setting up my own ltd company again and working through them so that will change slightly. Im actually looking at business bank accounts now, i was with santander for years and they were pretty much free, no monthly fees. It seems now they all want a monthly fee.

[TheFaQQer]

Dont worry your post can stay on the other hand do what you want with my post i couldn't care less that you accept it or not, I was responding to the orginal author of this thread which asked if any one had any experience with Procorre, which i have. I wasn't looking for a challenge or to bicker with some troll.
I have simply stated my experience with Procorre and yes as i said earlier an effectively run Ltd company should take home 75 to 80% of your contract. I ran ltd company for 10 years with an accountant and I know hundreds of others who do and that is the norm, have a look around some accountants websites im sure there figures are around there also. In fact dont bother...

If 20% goes in corporation tax, to get your 80% take home, you are taking 100% of what's left without any tax.

I once had a period when I took home 100% of my income, but since I was out of contract that wasn't much of an achievement.

[eek]

So how does it work then? What sort of rate are you on to get 83%?

+1

The more I think about these sort of schemes I, finally, think I've come up with a simple test to see if they are valid or not.

The test is very simple... Could you look at your personal bank account and explain to HMRC how the money arrived there and show what tax was paid.

As an umbrella user its straightforward. This is my bank account there is the money and here is my P60.
For a limited company its straightforward. These are my expense payments, these are wages and these are dividend payments. There are the receipts to show the expenses, here is the p60 for my wages and here are the dividend vouchers.

For anything else... Could you explain the above to HMRC and if not is the person who is organising the scheme going to be around to do so x years down the line..

[LisaContractorUmbrella]

Hello Guys

I came across this site when googling proccores website. I have been with them just over a year now, they were Rouiss international or something before they became Procorre, whether they got bought over or not im not sure. Anyhow i was Ltd for 10 years prior to going with them and cant say i regret using them, not yet anyhow lol. In a serious note it works well for me, i take home about the same as did with my ltd company 83% but don't have the hassle of any tax, paye or VAT returns, accountants fees, business insurance etc and i get free BUPA and other benefits, I have signed up a few colleagues so i think this makes a difference to your benefits. To me its the money you would earn as being Ltd with out the hassle. They are now setting most people up with there own ltd company but still going through them to eliminate using an umbrella as some companies wont use them but again they do it all for you.

So how does it work then? What sort of rate are you on to get 83%?

[wils76]

Because 75 - 80% is not the expected take home of a Ltd, and I'm not prepared to accept a puff piece written by a first time poster go unchallenged.

So either my reply stays or your posts get deleted.

Dont worry your post can stay on the other hand do what you want with my post i couldn't care less that you accept it or not, I was responding to the orginal author of this thread which asked if any one had any experience with Procorre, which i have. I wasn't looking for a challenge or to bicker with some troll.
I have simply stated my experience with Procorre and yes as i said earlier an effectively run Ltd company should take home 75 to 80% of your contract. I ran ltd company for 10 years with an accountant and I know hundreds of others who do and that is the norm, have a look around some accountants websites im sure there figures are around there also. In fact dont bother...

[cojak]

Because 75 - 80% is not the expected take home of a Ltd, and I'm not prepared to accept a puff piece written by a first time poster go unchallenged.

So either my reply stays or your posts get deleted.