• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

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

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    Originally posted by Astr0Man View Post

    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.


    Comment


      Originally posted by GregRickshaw View Post

      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

      Comment


        Originally posted by SteveS View Post

        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!?

        Comment


          Originally posted by Astr0Man View Post

          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?
          Public Service Posting by the BBC - Bloggs Bulls**t Corp.
          Officially CUK certified - Thick as f**k.

          Comment


            Originally posted by Astr0Man View Post

            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.

            Comment


              Originally posted by Fred Bloggs View Post

              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.

              Comment


                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.'

                Comment


                  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.

                  Comment


                    Originally posted by Thoughtful View Post
                    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.

                    Comment


                      Originally posted by GregRickshaw View Post
                      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.
                      Last edited by DealorNoDeal; 9 March 2023, 07:14.
                      Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

                      Comment

                      Working...
                      X