Principal Contractors / tax-efficiency / Isle of Man / Trustees

[evilagent]

Company offers to be tax-efficient and pay you 85% of your gross.

Invoices are split, so that you get paid a "retainer", and remainder of monies in form of "discretionary trust" or something or other.

Are the words "Isle of Man" something that should ring alarm bells?

Seems very efficient. They do all paperwork, etc.

What should I look out for?

[MyUserName]

What should I look out for?

The police?

[DonkeyRhubarb]

Are the words "Isle of Man" something that should ring alarm bells?

No but "85%" should.

[malvolio]

Company offers to be tax-efficient and pay you 85% of your gross....

What should I look out for?

With CT and personal taxes both starting at 20%, how do you suppose you will get only 15% tax bills after their fees?

However, while you're here I have a tin of magic beans...

[ASB]

What should I look out for?

Forty five pence.

You bum will be the size of 5p when you go in and 50p when you get out.

Bubba will be really pleased though.

[cojak]

Company offers to be tax-efficient and pay you 85% of your gross.

Invoices are split, so that you get paid a "retainer", and remainder of monies in form of "discretionary trust" or something or other.

Are the words "Isle of Man" something that should ring alarm bells?

Seems very efficient. They do all paperwork, etc.

What should I look out for?

[DaveB]

Company offers to be tax-efficient and pay you 85% of your gross.

Invoices are split, so that you get paid a "retainer", and remainder of monies in form of "discretionary trust" or something or other.

Are the words "Isle of Man" something that should ring alarm bells?

Seems very efficient. They do all paperwork, etc.

What should I look out for?

The letter from HMRC when they get around to investigating you and demanding all the tax back.

[northernladuk]

Company offers to be tax-efficient and pay you 85% of your gross.

Invoices are split, so that you get paid a "retainer", and remainder of monies in form of "discretionary trust" or something or other.

Are the words "Isle of Man" something that should ring alarm bells?

Seems very efficient. They do all paperwork, etc.

What should I look out for?

Your arse!

You have 330+ posts and hang around all parts of the forums. I can't believe you don't know what is going on here. You trolling?

[eek]

Your arse!

You have 330+ posts and hang around all parts of the forums. I can't believe you don't know what is going on here. You trolling?

I've told you this before and will say it again. Unless they are a brand new forumite, encourage them and because they deserve everything they get.

Simple answer, do you understand how the scheme works. Do you receive the money immediately as income or is it a loan, grant, trust payment..... If you don't understand how it works or its any of those things run....

[evilagent]

Your arse!

You have 330+ posts and hang around all parts of the forums. I can't believe you don't know what is going on here. You trolling?

Genuinely not trolling.
I thought it could open up a conversation about "outlier" accounts set-ups.

Since I have returned to being mostly a contractor, I am getting targeted emails as I now am subscribed to contractor-specific environments.

Apologies if the thread has come across as troll-like.