Contractors - Looksie Here…
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Would any contractors who earn 30k up, albeit in IT, stockbroking or any other business be interested in a TAKE HOME of around 83% or above? I've worked as limited and umbrella companies for the last ten years and I have not had this kind of return since good ol' IR35. Went to a new accountants yesterday who work for big recording artists and sports stars. After an hours presentation I was well sold. All is legit, no need for expenses or paperwork of any kind. It works using accounts in the IOM.
If anyone is interested in giving them a call or owt, drop me a PM. They're based in London. I'll admit there is a recommendation fee (wanna split lol) but I have signed up myself and a collegue of mine is metting them today. Just thought I'd let you guys know as it increases my take home by 300-400 per month.
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If anyone is interested in giving them a call or owt, drop me a PM. They're based in London. I'll admit there is a recommendation fee (wanna split lol) but I have signed up myself and a collegue of mine is metting them today. Just thought I'd let you guys know as it increases my take home by 300-400 per month.
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Sounds good if its legit, i manage that sort of % take home anyway (all be it on a bit larger salary) but thats mainly cause i manage to write so much off in legitimate expenses.
Alex flower would be a good one for you to PM if he doesnt notice this post.
Alex flower would be a good one for you to PM if he doesnt notice this post.
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Hi Cola, I have been on IR35 for a good few years now as I can't be asked to take the risk. Do they provide something in form of writing to confirm that you are legit baring in mind I was paying IR35 before? Would be grateful if you could let us know by pm or what ever.
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Maria, will do. ![Grin](https://passionford.com/forum/images/smilies/icon_smile.gif)
Chip, FP but most don't have legit expenses. I earn over that too, but I can't make up enough costs. Was thinking of Alex too.
Sunny, not a problem. IR35 doesn’t come into it. They pay a salary to you on minimum wage and then the rest is a no-payback loan through the IOM. You still pay tax.. But it's 5%. And whereas with a limited or umbrella company you can get whacked with nasty IR stuff as a stock holder or director, there's none of that this way. Even people who have been checked out by the IR have been fine. It's completely legitmate so there's nowt they can do.
Wish I'd heard of this about ten years ago!
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Chip, FP but most don't have legit expenses. I earn over that too, but I can't make up enough costs. Was thinking of Alex too.
Sunny, not a problem. IR35 doesn’t come into it. They pay a salary to you on minimum wage and then the rest is a no-payback loan through the IOM. You still pay tax.. But it's 5%. And whereas with a limited or umbrella company you can get whacked with nasty IR stuff as a stock holder or director, there's none of that this way. Even people who have been checked out by the IR have been fine. It's completely legitmate so there's nowt they can do.
Wish I'd heard of this about ten years ago!
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Originally Posted by chip-3door
yeah but once upon a time i would have said the same about ken dodd's accountants too.
I used to use a firm called "low tax ltd" they were really good.
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I used to use a firm called "low tax ltd" they were really good.
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Originally Posted by Cola
Maria, will do. ![Grin](https://passionford.com/forum/images/smilies/icon_smile.gif)
Chip, FP but most don't have legit expenses. I earn over that too, but I can't make up enough costs. Was thinking of Alex too.
Sunny, not a problem. IR35 doesn’t come into it. They pay a salary to you on minimum wage and then the rest is a no-payback loan through the IOM. You still pay tax.. But it's 5%. And whereas with a limited or umbrella company you can get whacked with nasty IR stuff as a stock holder or director, there's none of that this way. Even people who have been checked out by the IR have been fine. It's completely legitmate so there's nowt they can do.
Wish I'd heard of this about ten years ago!
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Chip, FP but most don't have legit expenses. I earn over that too, but I can't make up enough costs. Was thinking of Alex too.
Sunny, not a problem. IR35 doesn’t come into it. They pay a salary to you on minimum wage and then the rest is a no-payback loan through the IOM. You still pay tax.. But it's 5%. And whereas with a limited or umbrella company you can get whacked with nasty IR stuff as a stock holder or director, there's none of that this way. Even people who have been checked out by the IR have been fine. It's completely legitmate so there's nowt they can do.
Wish I'd heard of this about ten years ago!
Not sure if the fact it goes via the IOM would really effect that though if you are still UK resident as technically you still fall under UK tax laws no matter where the income comes and goes, but i guess if they cant "see" the money in the IOM its all cool.
I'd keep the tax back to one side for a few years just in case though, then if they IR35 you you arent any worse off, and if they dont you get a nice big lump sum.
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You can still get hammered by IR35 though, as the revenue have the right to look at the relationship between the contractor and the end client and to ignore any third party companies involved.
Not sure if the fact it goes via the IOM would really effect that though if you are still UK resident as technically you still fall under UK tax laws no matter where the income comes and goes, but i guess if they cant "see" the money in the IOM its all cool.
I'd keep the tax back to one side for a few years just in case though, then if they IR35 you you arent any worse off, and if they dont you get a nice big lump sum.
Not sure if the fact it goes via the IOM would really effect that though if you are still UK resident as technically you still fall under UK tax laws no matter where the income comes and goes, but i guess if they cant "see" the money in the IOM its all cool.
I'd keep the tax back to one side for a few years just in case though, then if they IR35 you you arent any worse off, and if they dont you get a nice big lump sum.
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Anything the IR deem as "concealed employment" is a potential for IR35, they are taking people to court left right and center at the moment, but normally lose, just a case of wether or not you have the bottle to go to court, the fact you are in the right doesnt stop them pursueing you so im just warning people to be prepared.
Anything that puts cash in your pocket not the taxman's has to be a good thing though so i hope it works out for you
Anything that puts cash in your pocket not the taxman's has to be a good thing though so i hope it works out for you
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Chip, would you like their number so they can tell you?!
As explained you pay all the tax they require. One person was investigated last year, the company showed the accounts and details to IR and there was nothing to be done.
I dunno… you try and help some people and you get ag back.
As explained you pay all the tax they require. One person was investigated last year, the company showed the accounts and details to IR and there was nothing to be done.
I dunno… you try and help some people and you get ag back.
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Vix - as was I!!! Chip's bound to know about this specific company more than I, cos I was only there yesterday lol.
Stuff this, I'm offski. Last time I try to help anyone.. Or at least til I've forgotten this episode!
Stuff this, I'm offski. Last time I try to help anyone.. Or at least til I've forgotten this episode!
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Originally Posted by Cola
Vix - as was I!!! Chip's bound to know about this specific company more than I, cos I was only there yesterday lol.
Stuff this, I'm offski. Last time I try to help anyone.. Or at least til I've forgotten this episode!
Stuff this, I'm offski. Last time I try to help anyone.. Or at least til I've forgotten this episode!
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Cola offered to try and help people, as usual the all knowing chip stuck his oar in. She wasnt having a go, she was telling what she knows, and seeing as she has just visited the company in question and chip hasnt, i would say she knows a bit more about this than him. so you take your oar out, and you chill.
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I didnt mention anything about the company in question, and dont claim to know anything about them, what i was saying is that under IR35 law the IR have the right to ignore any relationship with intermediate companies and look directly at the relationship between the client and contractor and send you a tax bill accordingly.
They often do this when they shouldnt though, so a lot of the time you can ignore the bill, i was just warning people that they MAY experience this so to be prepared for it if they do down that route (just like the person Cola mentions who has just been investigated was hopefully prepared for that possibility)
Cant see what you are both getting so stressed about TBH
As i said, anything that puts cash in your pocket not the taxmans is worth looking into.
They often do this when they shouldnt though, so a lot of the time you can ignore the bill, i was just warning people that they MAY experience this so to be prepared for it if they do down that route (just like the person Cola mentions who has just been investigated was hopefully prepared for that possibility)
Cant see what you are both getting so stressed about TBH
As i said, anything that puts cash in your pocket not the taxmans is worth looking into.
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Originally Posted by POPEYE
ok,,,just added it to my little black book
dont worry about your present,,, i always have a sack full ready for you
dont worry about your present,,, i always have a sack full ready for you
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