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Scotty1000
4th October 2011, 18:00
I have been contacted by a number of companies offering a Tax Solution. The deal is that you join a Limited Liability Partnership. Your earnings get paid into the LLP; you take out a salary of £14,500 per year, and the rest you draw off the LLp as a loan, making it non-taxable.

You retain 82% of you earnings. has anyone heard of such a Tax Solution?

LisaContractorUmbrella
5th October 2011, 07:25
I have been contacted by a number of companies offering a Tax Solution. The deal is that you join a Limited Liability Partnership. Your earnings get paid into the LLP; you take out a salary of £14,500 per year, and the rest you draw off the LLp as a loan, making it non-taxable.

You retain 82% of you earnings. has anyone heard of such a Tax Solution?

Yep. There are loads of similar schemes around all promising very high returns but they also come with a high risk - please refer to BN66 thread in accounting and legal

geoff from contracta IOM
5th October 2011, 18:29
Yep. There are loads of similar schemes around all promising very high returns but they also come with a high risk - please refer to BN66 thread in accounting and legal

Don't want to sound like a broken record but BN66 is not relevant to the majority of tax avoidance schemes currently being offered. OP a couple of points to consider with this type of structure, who is the other partner in the LLP and can you be certain of their standing both now and if something goes wrong ? What happens to the LLP long term ? Who will control the debt and what is to stop them demanding repayment at some time in the future ? Can you find a chartered tax adviser or tax specialist accountant to endorse the solution ?

LisaContractorUmbrella
6th October 2011, 09:16
Don't want to sound like a broken record but BN66 is not relevant to the majority of tax avoidance schemes currently being offered. OP a couple of points to consider with this type of structure, who is the other partner in the LLP and can you be certain of their standing both now and if something goes wrong ? What happens to the LLP long term ? Who will control the debt and what is to stop them demanding repayment at some time in the future ? Can you find a chartered tax adviser or tax specialist accountant to endorse the solution ?

Ditto broken record but an endorsement from a tax advisor does not mitigate risk.