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

[vpc2023]

Hi all, first time poster here. I'm also a gullible victim of Procorre (joined in 2015 and subsequently acquired). I've received in the last fortnight a huge Loan Charge assessment, and Section 8 NICs demand, and notice that my company will also receive a Section 80.

Procorre promised to draft responses for me in time for a deadline (it was yesterday) but haven't. I'm worried they have disappeared, I tried phoning their office, messaging staff on linked in, and lots of emails this week and just had radio silence. I'm worried they've shut up shop.

I would really value being in touch with others going thought this terrifying experience. I gather WTT is the go-to group for support but I'm interested in also exploring any 2nd opinions that people have had.

[frontmen242]

I nearly had a heart attack when I received the notification and initially couldn't work out how they had "created" the figure that I owed, but then I remembered the acquisition. Unsurprisingly when I tried to contact Procorre there was radio silence. It has given me some comfort that I'm not the only one in the same boat. I'm just wondering if there is something we could all collectively do some how, even if it is to set up another thread/group so that we can share information / advice.

Same here just received my lovely notices in the post this morning, baring in mind I paid tax on the 1st profit share which HMRC haven't taken into consideration which was 12.5K they now want another 48K, taxing the taxed money that's a clever scam if ever I saw one....

Also I didn't do the acquisition as I couldn't get a straight answer from Anne O'scammer and I subsequently went into a perm role fearing the worst...and here it is.. I will try and speak with WTT next week and get some advice, I realise Procorre and the accountant have a vested interest so not really honest and impartial notwhat I need at the moment recovering from the big C. Life sucks and then some more it seems....

[NickLeeson2]

HMRC are going to continue to pursue each individual until they have received what they want and then some more.

Is there grounds to take legal action against Procorre for misguidance or not providing the service as per agreement. I'm not sure what the legal angle is, but I'm sure we all have an email from Procorre stating you don't have to pay tax on certain elements.

[mightyspur]

Hi all, first time poster here. I'm also a gullible victim of Procorre (joined in 2015 and subsequently acquired). I've received in the last fortnight a huge Loan Charge assessment, and Section 8 NICs demand, and notice that my company will also receive a Section 80.

Procorre promised to draft responses for me in time for a deadline (it was yesterday) but haven't. I'm worried they have disappeared, I tried phoning their office, messaging staff on linked in, and lots of emails this week and just had radio silence. I'm worried they've shut up shop.

I would really value being in touch with others going thought this terrifying experience. I gather WTT is the go-to group for support but I'm interested in also exploring any 2nd opinions that people have had.

Procorre Legal do appear to be fairly useless in terms of trying to get hold of them, but I don't think they have closed. I think they are just overwhelmed with the number of enquiries they are dealing with. It seems impossible to get hold of anyone on the phone for example. I can only suggest you keep hassling them for the response, because they usually send their replies out of the blue past the arbitrary deadline imposed by HMRC, but they have always sent me something, despite emailing them every single day leading up to the deadline, not that those replies do any good in terms of how HMRC view things.

I have only spoken to WTT and it would appear that they know what they are talking about and even have a section on their website that references the Procorre scheme directly. I am sure there are other advisors available though

[mightyspur]

On Friday I received a 'notice of decision' for NICs assessment to my Ltd company saying they should have deducted NICs payments from the income I never received. I'm now on the hook for nearly £140k because of the valuation Procorre put on my company for the acquisition

[GregRickshaw]

On Friday I received a 'notice of decision' for NICs assessment to my Ltd company saying they should have deducted NICs payments from the income I never received. I'm now on the hook for nearly £140k because of the valuation Procorre put on my company for the acquisition

This so much no longer feels like a EBT or loan scheme investigation, it feel so much more like an MSC investigation. Did you guys who used Procorre have LTDs not umbrellas?

[frontmen242]

This so much no longer feels like a EBT or loan scheme investigation, it feel so much more like an MSC investigation. Did you guys who used Procorre have LTDs not umbrellas?

I had a limited co, which they wont let me close for nearly 6 years now....

[mightyspur]

This so much no longer feels like a EBT or loan scheme investigation, it feel so much more like an MSC investigation. Did you guys who used Procorre have LTDs not umbrellas?

Yes, I had a Ltd company working via an LLP relationship with Procorre (operating as a bare trustee for the LLP), that Procorre then acquired 96% shares in. I left them in April 21 and have been trying to close down my company since

[NickLeeson2]

On Friday I received a 'notice of decision' for NICs assessment to my Ltd company saying they should have deducted NICs payments from the income I never received. I'm now on the hook for nearly £140k because of the valuation Procorre put on my company for the acquisition

That is a lot less than mine if it makes you feel better.

[mightyspur]

That is a lot less than mine if it makes you feel better.

It doesn't. I'd rather no one had to go through any of this tbh. You have my sympathies.