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

[GregRickshaw]

Thanks for taking the time out to write your response. Appreciated.

Any particular specialist tax advisors you've heard of? I've tried googling - there are so many! Would prefer someone who has experience with dealing with Procorre and their (stupid) structure.

Will take a look at MSCP and what this is about.

Not sure if you or anyone else knows the answer to the following.

I declared income from Procorre on my Self Assessment for the years they mentioned - which obviously bumped up the tax I paid for that relevant year(s). Is the loan charge something separate to the above? i.e. ALL income I received from procorre was declared on the SA albeit in the following year (as procorre mentioned its when the profits are allocated).

Edit - on the SA it had the partner name section filled in with the name Procorre.

If the mods allow I can recommend a very good tax specialists.

Again I'm sure on this (It certainly applied to me with Garraway declaring the DOTAS saved me from the loan charge) but stand to be corrected if it does not apply to all schemes though.

Therefore if you declared the DOTAS and reference number you are liable for the DR - but not the loan charge.

There is a grey area about open queries and time constraints. However, sadly looks like hMRC have an open query on you though I was convinced Procorre had been closed.

[SteveS]

If the mods allow I can recommend a very good tax specialists.

Again I'm sure on this (It certainly applied to me with Garraway declaring the DOTAS saved me from the loan charge) but stand to be corrected if it does not apply to all schemes though.

Therefore if you declared the DOTAS and reference number you are liable for the DR - but not the loan charge.

There is a grey area about open queries and time constraints. However, sadly looks like hMRC have an open query on you though I was convinced Procorre had been closed.

Hi,

I too could do with the tax specialists, as my company is closed but now HMRC are trying to open it again. My Procorre days were 2013 to 2015, and they never demanded the money, just harassed me until they said they were shelving the action, at which point i closed my company ok with no trouble. But no, HMRC are still trying to cause those they are pursuing stress until we give in by the looks of it.

So any help/advice would be welcome.

Thanks

[Astr0Man]

Hi,

I too could do with the tax specialists, as my company is closed but now HMRC are trying to open it again. My Procorre days were 2013 to 2015, and they never demanded the money, just harassed me until they said they were shelving the action, at which point i closed my company ok with no trouble. But no, HMRC are still trying to cause those they are pursuing stress until we give in by the looks of it.

So any help/advice would be welcome.

Thanks

Why would they want the company open? I was with Procorre between 2015 to 2017 (horrendous years I will regret every single day!), my company was closed back then...not sure why they'd want yours open, now!?

[Fred Bloggs]

Why would they want the company open? I was with Procorre between 2015 to 2017 (horrendous years I will regret every single day!), my company was closed back then...not sure why they'd want yours open, now!?

Transfer of tax debt to the Ltd Co and then to the director, perhaps?

[SteveS]

Why would they want the company open? I was with Procorre between 2015 to 2017 (horrendous years I will regret every single day!), my company was closed back then...not sure why they'd want yours open, now!?

Hi,

I don't know, I sent all the paper work HMRC sent to me, to Procurre Legal over 8 weeks ago, but no reply from them. So now looking for anyone else that might be able to advise/help me with this.

[GregRickshaw]

Transfer of tax debt to the Ltd Co and then to the director, perhaps?

That would be in line with my thinking on this one, more MSCP and MSC than loan charge territory.

[GregRickshaw]

Seems even declaring your DOTAS SRN number etc., on your tax return isn't a guarantee of no loan charge. Just read an article by Graham Webberg on Linked in about this.

Search on linkedIn for Graham and his post 'DOTAS trumps the loan charge? Probably not.'

[Thoughtful]

I was with Procorre for 5 years and HMRC have been chasing me for circa £250k - I would advise everyone in this thread to reach out to WTT and if possible contact joint “The Big Group” who are fighting this in the high court with KC representation.
It’s a pittance to join and above all I feel amazing peace of mind knowing I’m among other people going through what I’m going through. I can’t recommend WTT enough.

[GregRickshaw]

I was with Procorre for 5 years and HMRC have been chasing me for circa £250k - I would advise everyone in this thread to reach out to WTT and if possible contact joint “The Big Group” who are fighting this in the high court with KC representation.
It’s a pittance to join and above all I feel amazing peace of mind knowing I’m among other people going through what I’m going through. I can’t recommend WTT enough.

I am never sure what WTT and the Big Group and the Loan Action Group et al. are actually doing about the schemes.

Have any of them actually defeated HMRC

I'm not saying they are a bad thing for PoM and being part of a community etc., but ultimately you want it over.

[DealorNoDeal]

Have any of them actually defeated HMRC

Nope.

To date, I'm not aware of a single contractor scheme which has prevailed in the courts.

Whatever cunning strategies advisors come up with, HMRC have always found a way of countering them. I suspect they have an army of barristers on the payroll tasked with ferreting out these counter-measures. And I have no doubt it wasn't HMRC who came up with the s.684 thingy mentioned in this forum, but some clever tax barrister.