Procorre - letters advising allocation of profits Procorre - letters advising allocation of profits - Page 3
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  1. #21

    I Am Legend


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    Can I just confirm that some people are still using schemes or some sort?
    Fight HMRC now! Help sue HMRC individual officers/government ministers for malfeasance in office. Visit https://www.loanchargejustice.com/ and scroll to the bottom of the page to donate.

  2. #22

    Still gathering requirements...


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    Quote Originally Posted by NickLeeson2 View Post
    Mine was a PDF document with a table of a few rows...... no header or anything. I followed up on the email and was given the value for next year.

    All seems messed up. Even the Procorre recommended accountants don't seem to have the answer.
    Have you decide what to do with it yet?

  3. #23

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    Quote Originally Posted by BrilloPad View Post
    Can I just confirm that some people are still using schemes or some sort?
    Personally I'm not using a scheme of any sort.

  4. #24

    Nervous Newbie


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    I'm not using any schemes and haven't for a while now.

    Have I decided what I'm doing yet.... not yet.

    If I declare on my Self -assessment then I will be highlighting to HMRC that I was involved in the scheme and most likely penalised and hit with a massive tax bill.

    If I don't declare I will eventually be penalised and hit with a massive tax bill.

    I just have a feeling that the Procorre figures are to get you declare, to start the ball rolling to the inevitable.

  5. #25

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    I am pleased that no CUK posters appear to be using any sort of scheme now, Procorre or otherwise. And that any payments are historic.

    I am aware of people outside of CUK who are still using schemes!
    Fight HMRC now! Help sue HMRC individual officers/government ministers for malfeasance in office. Visit https://www.loanchargejustice.com/ and scroll to the bottom of the page to donate.

  6. #26

    Nervous Newbie


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    Quote Originally Posted by BrilloPad View Post
    I am pleased that no CUK posters appear to be using any sort of scheme now, Procorre or otherwise. And that any payments are historic.

    I am aware of people outside of CUK who are still using schemes!
    Unfortunately they are probably not aware of the mess it causes and the con-men/ women behind these schemes will be missing out the key details.

  7. #27

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    Quote Originally Posted by NickLeeson2 View Post

    If I declare on my Self -assessment then I will be highlighting to HMRC that I was involved in the scheme and most likely penalised and hit with a massive tax bill.

    If I don't declare I will eventually be penalised and hit with a massive tax bill.

    I just have a feeling that the Procorre figures are to get you declare, to start the ball rolling to the inevitable.
    You may be legally obliged to declare your involvement in the Procorre arrangement to HMRC in any event as it is almost certainly HMRC's view that the loan charge disclosure will capture this scheme.

    If you do not declare, in contravention of your legal obligation, then for sure your liability will not reduce and could increase - a lot.

    It continues to baffle me, after more than 5 years on these forums, that you (and many, many others like you) do not:

    1. Cease to give any credibility to what the scheme arranger says
    2. go and get your own advice

    You probably have a relatively substantial bill already and if that amount of money was for say an extension to your house, would you not be getting advice from architects, builders, planners etc? Most people would not try to do that themselves?

    Why then are you here looking for crumbs from anonymous posters?

    I'm not trying to be unkind but just step back and see where relying on a scheme arranger has got you, learn from that and move on.
    Best Forum Adviser & Forum Personality of the Year 2018.

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  8. #28

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    Quote Originally Posted by webberg View Post
    You may be legally obliged to declare your involvement in the Procorre arrangement to HMRC in any event as it is almost certainly HMRC's view that the loan charge disclosure will capture this scheme.

    If you do not declare, in contravention of your legal obligation, then for sure your liability will not reduce and could increase - a lot.

    It continues to baffle me, after more than 5 years on these forums, that you (and many, many others like you) do not:

    1. Cease to give any credibility to what the scheme arranger says
    2. go and get your own advice

    You probably have a relatively substantial bill already and if that amount of money was for say an extension to your house, would you not be getting advice from architects, builders, planners etc? Most people would not try to do that themselves?

    Why then are you here looking for crumbs from anonymous posters?

    I'm not trying to be unkind but just step back and see where relying on a scheme arranger has got you, learn from that and move on.

    wouldn't ceasing to give the scheme arranger any credibility mean ignoring the profit allocation? which then goes against what you say about declaring it? I have sought legal advice and have been quoted 5-6k for a full investigation and analysis of my tax position, I cant afford that but no doubt for others who owe more than I it may be worth the cost dependent on the outcome.

  9. #29

    More time posting than coding


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    Quote Originally Posted by Benson77 View Post
    wouldn't ceasing to give the scheme arranger any credibility mean ignoring the profit allocation? which then goes against what you say about declaring it? I have sought legal advice and have been quoted 5-6k for a full investigation and analysis of my tax position, I cant afford that but no doubt for others who owe more than I it may be worth the cost dependent on the outcome.
    Declaring to HMRC will not be about the arbitrary figures given to you from Procorre. It would be the amounts you received from them over your involvement, in the years you received them.

    As Webberg has mentioned numerous times (hopefully I've interpreted this correctly), these letters from Procorre are more to do with them balancing their books from Singapore, than they are about providing you with any credible information to put on a tax return. A badly photocopied letter relating to partnership profits for partnerships we (in many cases) aren't even members of anymore, being declared years after the fact (which has questionable credibility) is the smoking gun.

  10. #30

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    Quote Originally Posted by Benson77 View Post
    wouldn't ceasing to give the scheme arranger any credibility mean ignoring the profit allocation? which then goes against what you say about declaring it? I have sought legal advice and have been quoted 5-6k for a full investigation and analysis of my tax position, I cant afford that but no doubt for others who owe more than I it may be worth the cost dependent on the outcome.
    You need to distinguish between hard facts and unsupported opinion.

    It is a fact that you received £x in a particular tax year. Compare that to what you declared in that tax year. The difference should be the "profit allocation".

    The FACT therefore is that you have received money that you have not declared.

    The OPINION comes in when you consider whether you need to declare it, if so, how, when and where.

    The arranger has a view on that (apparently backed by advice they have taken but not shared) and other advisers will have a view on that.

    £5k-£6k for a full review (of what?) and analysis? I agree it seems very high.

    Your position is that you have had money that HMRC thinks is taxable and you have not paid the tax. You can calculate the tax by using one of many online and free calculators. We have one via our website. Others do as well.

    I've just saved you £5k.

    The real question is what are you going to do?

    Settle - in which case you are late but the pause in settlement process may help you. Cost of that is the tax plus interest plus a fee. The fee will vary between advisers. I can't tell you what ours is but I can say it is less than a third of the figure you have been quoted.

    Fight - in which case you need a group to join. We have one and the fee level is higher than settlement, but still less than 50% of what you have been quoted just for an analysis.

    This is my last contribution to this thread. I apologise for being so blunt, but aside from other factors, I have a sore back and am therefore not feeling my most tolerant.
    Best Forum Adviser & Forum Personality of the Year 2018.

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