Zero income tax

[Ruprect]

Contractor in my team: "I use a scheme that means I don't have to pay any income tax and I get to keep 82% of my rate."
Me: "You're asking for trouble"
Him: "No, my accountant says that its legal"

[BrilloPad]

Is it offshore? Is the scheme HMRC approved?

[BlasterBates]

Does the scheme use a loan and then capital gains tax.

Is this legal?

[Chugnut]

I think anyone who uses a scheme these days needs their head read.

[NickNick]

It's my target to pay zero Corp Tax, but as to how you can pay Zero Income tax as well is beyond me.

AoN I was in the Bahamas on a contract and just noticing how many "registered offices" signs are up on doorways there gives you cause to wonder what would happen to the island economy should offshore schemes disappear entirely.

[Bluebird]

The more idiots that do this the better - means that the people who are sensible in their tax avoidance are less likely to have to justify themselves in court.

Lets hope HMRC chase these guys rather than us.

[nevergoingtopay]

Contractor in my team: "I use a scheme that means I don't have to pay any income tax and I get to keep 82% of my rate."
Me: "You're asking for trouble"
Him: "No, my accountant says that its legal"

Have a look at all the schemes being talked about on this forum....

All of them are being investigated by HMRC and anyone who believes they will get 82% as stupid as the rest of us. Except now people are warning others about them!

Look at the BN66 thread....lots of worried people.

These schemes are not worth the risk, well unless you are the guy taking the 18% in the IOM. He is the only one who will legally not pay tax.

[Svalbaard]

Get him to post details of the scheme. I need a good laugh today.

[moorfield]

It's my target to pay zero Corp Tax,

By sitting on the bench for 12 months you mean ?

[Emigre]

Unless he's paying a load of NI that's a very fat fee