Procorre - letters advising allocation of profits

[webberg]

Graham has implied he understands - I am sure if anyone sends him a PM he will respond.

No implication. I understand it, have my own views on why in the light of present judicial principle, it is unsustainable and what a better argument moving forward is.

[BrilloPad]

No implication. I understand it, have my own views on why in the light of present judicial principle, it is unsustainable and what a better argument moving forward is.

Apologies I mis-read your earlier posts. As above, Graham is highly recommended.

[Sheky]

Procorre profit shares

Procorre have replied to me confirming that they will be declaring these profit shares in the UK.
They say the profit share is my allocation of profits made whilst on project for Procorre and the funds were received via my business development fund whilst on project and the process means I can now declare them on my self-assessment.

As much as I don't want that to be the case I'm finding it hard to see how they're wrong.

Yes I am in the situation - Procorre have declared some profit shares last year which I declared this SA. Now they are saying there is another profit share coming this March/April. This sum seems like it’s going to be even more than the last one. What’s a ridiculous way of declaring tax one where we are caught off guard completely.

Can anyone confirm if the profit share is actually declared by Procorre to HMRC? Or are we just declaring something we don’t really need to be.

[NickLeeson2]

Yes I am in the situation - Procorre have declared some profit shares last year which I declared this SA. Now they are saying there is another profit share coming this March/April. This sum seems like it’s going to be even more than the last one. What’s a ridiculous way of declaring tax one where we are caught off guard completely.

Can anyone confirm if the profit share is actually declared by Procorre to HMRC? Or are we just declaring something we don’t really need to be.

Was there ever a solution to this? Are they still issuing amounts to declare?

[Fred Bloggs]

Yes I am in the situation - Procorre have declared some profit shares last year which I declared this SA. Now they are saying there is another profit share coming this March/April. This sum seems like it’s going to be even more than the last one. What’s a ridiculous way of declaring tax one where we are caught off guard completely.

Can anyone confirm if the profit share is actually declared by Procorre to HMRC? Or are we just declaring something we don’t really need to be.

I'm not sure it matters one bit what Procorre do. If you have undeclared income you are legally obliged to inform HMRC about it. If you don't do so, then you are willfully with holding that information from HMRC. Hector does not like that one bit. He has some very heavy duty sanctions at his disposal for such behaviour including incarceration at one of HM Prison Service estabishments. I think you ned to have a serious think if you are tempted to not disclose previously untaxed income. From Procorre or anyone else.

For the benefit of the doubt I am neither a lawyer nor a tax adviser.

[srowell8]

I am a 1st time poster on here having received an HMRC disguised loan demand yesterday. I did 1 contract for Procorre in 2014 for a relatively low value (44 days) now I have a tax demand for nearly 3x the value of the money I received - surely this can't be correct/legal etc. I have a call with WTT tomorrow and seeing this thread they seem to be the people who are looking into this for a number of people. 1 - Has anyone on here actually reached a resolution with HMRC 2 - I don't fully understand the loan value as I never received this money can someone explain, is the "loan value equivalent to the payments made by Procorre ?. Many thanks

[mattjc72]

I am a 1st time poster on here having received an HMRC disguised loan demand yesterday. I did 1 contract for Procorre in 2014 for a relatively low value (44 days) now I have a tax demand for nearly 3x the value of the money I received - surely this can't be correct/legal etc. I have a call with WTT tomorrow and seeing this thread they seem to be the people who are looking into this for a number of people. 1 - Has anyone on here actually reached a resolution with HMRC 2 - I don't fully understand the loan value as I never received this money can someone explain, is the "loan value equivalent to the payments made by Procorre ?. Many thanks

I have just received a similar letter - I worked through procorre for 15 weeks in 2014 and now have a tax demand for twice what I earned in that time!! I dont understand how they calculate 1 - the loan amount, 2, the additional revised 'pay from all employments' in 18/19 figure. I would have thought that would be the same as the loan amount but it is 25% more? totally confusing & after speaking to the guy at the end of the phone at HMRC, im still none the wiser. Does anyone have a clue how this works?

[srowell8]

I have just received a similar letter - I worked through procorre for 15 weeks in 2014 and now have a tax demand for twice what I earned in that time!! I dont understand how they calculate 1 - the loan amount, 2, the additional revised 'pay from all employments' in 18/19 figure. I would have thought that would be the same as the loan amount but it is 25% more? totally confusing & after speaking to the guy at the end of the phone at HMRC, im still none the wiser. Does anyone have a clue how this works?

No idea - i am just going to appeal with my actual pay received, HMRC are just incorrect with their calculation I believe. Who knows how they made it.

[srowell8]

No idea - i am just going to appeal with my actual pay received, HMRC are just incorrect with their calculation I believe. Who knows how they made it.

What did the guy on the phone say ? When i called them the lady just said, if you think it's wrong then appeal !

[peasant2023]

What did the guy on the phone say ? When i called them the lady just said, if you think it's wrong then appeal !

You need to appeal within 30 days, you said you spoke to WTT, ask them to appeal immediately.