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jmiom2004
16th March 2004, 00:46
I currently work as a PAYE employee in/on the wonderful Isle of Man.

I have recently won a 6 month contract in the UK, and as far as I can tell have a number of options open to me;

Stay as an employee of that company, and cut a deal as to the new hourly rate, and expenses, ER, EE, NI etc. This would probably give me the highest take home pay.

Use an umbrella company, and claim like a MOFO everything and anything that I can relate to my contract.

Form my own LTD, and claim 5% as expenses, (5 blooming percent!!!)

I believe I will be captured by IR35 and sent to tax hell, so am looking for advice on the legality of option A. In the IOM I pay a maximum of 18% tax. I will retain a IOM residence, and wish to remain an IOM resident.


Any help, will be appreciated.

Thanks

JM

jumpsystems
16th March 2004, 11:49
Can't you work on the contract terms to move yourself out of IR35? Too many people just roll over and hand over the cash. What's also important is the way in which you work - you really need to be in business on your own account, not just using this as a means of earning more money (hopefully!).