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Legal Tax Counsel Opinion

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    Legal Tax Counsel Opinion

    Advice on employee loans and HMRC

    Hi,

    I am (soon to be) new to contracting and could really do with some advice regarding how to avoid IR35. I've contacted a number of companies who claim
    to offer up to 90% of rate and be outside the IR35. These take the form of a monthly loan which is never paid back. So are these legit or will the HMRC
    come calling and are they the same as EBTs that are mentioned on this site.

    This is one I have recently contacted w ww.extralimited.com/ who say their scheme is a "Legal Tax Counsel Opinion" and is completely different to an
    EBT, have to say it sounds similar to me.

    I will work for a single employer at their offices and travel there each day. Obviously I have no holiday, sickness, pension nor health.

    Thanks in advance.

    #2
    It's a trap. If it sounds too good to be true, it probably is. There's a HMRC Scheme Enquiries forum here for all those that have fallen foul of such things. Get an accountant and get their advice on the most tax efficient balance of salary and dividends for your circumstances. You'll be on a good rate as a contractor so why risk it?
    The greatest trick the devil ever pulled was convincing the world that he didn't exist

    Comment


      #3
      try spending a year dead for tax purposes it would be safer.
      Always forgive your enemies; nothing annoys them so much.

      Comment


        #4
        Originally posted by TheRealSlartibartfast View Post
        I've contacted a number of companies who claim
        to offer up to 90% of rate and be outside the IR35. These take the form of a monthly loan which is never paid back. So are these legit or will the HMRC
        come calling and are they the same as EBTs that are mentioned on this site.
        Maybe legit for now, but would advise stocking up on lube for future changes in the law.

        Seriously, if it looks too good, it is. Avoid at all costs.
        The Chunt of Chunts.

        Comment


          #5
          Originally posted by TheRealSlartibartfast View Post
          Advice on employee loans and HMRC

          Hi,

          I am (soon to be) new to contracting and could really do with some advice regarding how to avoid IR35. I've contacted a number of companies who claim
          to offer up to 90% of rate and be outside the IR35. These take the form of a monthly loan which is never paid back. So are these legit or will the HMRC
          come calling and are they the same as EBTs that are mentioned on this site.

          This is one I have recently contacted w ww.extralimited.com/]Home - Extralimited[/url] who say their scheme is a "Legal Tax Counsel Opinion" and is completely different to an
          EBT, have to say it sounds similar to me.

          I will work for a single employer at their offices and travel there each day. Obviously I have no holiday, sickness, pension nor health.

          Thanks in advance.
          Stay away, look for one that is QC approved, they are the only genuine ones
          Last edited by SimonMac; 5 January 2016, 13:11.
          Originally posted by Stevie Wonder Boy
          I can't see any way to do it can you please advise?

          I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

          Comment


            #6
            No address on their website, no company number.

            Who are they? Where are they?

            Barge With Touch Pole Don't A

            Comment


              #7
              Originally posted by SimonMac View Post
              Stay away, look for one that is QC approved, they are the only genuine ones
              "Genuine" for now, right?
              The Chunt of Chunts.

              Comment


                #8
                Originally posted by MrMarkyMark View Post
                "Genuine" for now, right?
                Right up until the point when you lose your savings, home, family and enter bankruptcy and struggle to find work ever again. Yes, up until that point.

                Comment


                  #9
                  Originally posted by SimonMac View Post
                  Stay away, look for one that is QC approved, they are the only genuine ones
                  Originally posted by MrMarkyMark View Post
                  "Genuine" for now, right?
                  Better?
                  Originally posted by Stevie Wonder Boy
                  I can't see any way to do it can you please advise?

                  I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

                  Comment


                    #10
                    Clean up on aisle 5...

                    Comment

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