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Wealth type organisations

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    Wealth type organisations

    Hi - does anyone know about these sort of organisations that say they can retain 80% of your income by putting it through a trust/loan? I got a call from one of these guys and he said we as IT contractors whether Umbrella or LTD will take no more than 65% after all taxes into consideration and fees etc, and this doesnt mean claiming everything back through expenses.

    Has anyone any experience of this please? Good or bad?

    Thanks
    Last edited by cojak; 3 June 2013, 11:45. Reason: Wouldn't dream that the OP was the promoter of this scheme... (1 post, eh?)

    #2
    Originally posted by ITDeliverer View Post
    Hi - does anyone know about these sort of organisations that say they can retain 80% of your income by putting it through a trust/loan? I got a call from one of these guys and he said we as IT contractors whether Umbrella or LTD will take no more than 65% after all taxes into consideration and fees etc, and this doesnt mean claiming everything back through expenses.

    Has anyone any experience of this please? Good or bad?

    Thanks
    I suggest you search the forums or look at the stickies, if you have already signed up to any of these 'tax dodge schemes' an investment in a pair of tulipe coloured trousers may be judicious (In other words don't touch them with a barge pole!)

    Comment


      #3
      BOHICA
      I was an IPSE Consultative Council Member, until the BoD abolished it. I am not an IPSE Member, since they have no longer have any relevance to me, as an IT Contractor. Read my lips...I recommend QDOS for ALL your Insurance requirements (Contact me for a referral code).

      Comment


        #4
        I would suggest that you have a read through here HMRC Scheme Enquiries. Many, many people have been caught out by these scheme providers offering 80-90% take home and are now suffering untold misery at the hands of HMR&C
        Connect with me on LinkedIn

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        ContractorUK Best Forum Advisor 2015

        Comment


          #5
          Originally posted by ITDeliverer View Post
          Hi - does anyone know about these sort of organisations that say they can retain 80% of your income by putting it through a trust/loan? I got a call from one of these guys and he said we as IT contractors whether Umbrella or LTD will take no more than 65% after all taxes into consideration and fees etc, and this doesnt mean claiming everything back through expenses.

          Has anyone any experience of this please? Good or bad?

          Thanks
          Sure, take the risk - just make sure you have a war chest available when HMRC come knocking! These companies quickly disappear and leave you to pick up the pieces. Ltd typically a much higher take home than Umbrella depending on your circumstances.

          Comment


            #6
            Been there, done that, got the kick in the nuts. Never again. Please stay well clear, it's just not worth it and you'll end up loosing much more than you gain

            Comment


              #7
              Originally posted by Andrew@NymanLinden View Post
              Sure, take the risk - just make sure you have a war chest available when HMRC come knocking! These companies quickly disappear and leave you to pick up the pieces. Ltd typically a much higher take home than Umbrella depending on your circumstances.
              My bolding above. It's easy money:

              Pay me cash and I'll reduce all your taxes to £nil. You won't have to submit any returns for ~18 months, and it'll likely be another year before HMRC enquire, meaning for over 2 years you think my "scheme" is brilliant and get all your mates to sign up, making me lots of money.

              Then a letter falls on your doormat from HMRC, along with your mates. You contact me asking what to do, and find out I'm now sunning myself in the Bahamas with your money.

              Comment


                #8
                Originally posted by Maslins View Post
                My bolding above. It's easy money:

                Pay me cash and I'll reduce all your taxes to £nil. You won't have to submit any returns for ~18 months, and it'll likely be another year before HMRC enquire, meaning for over 2 years you think my "scheme" is brilliant and get all your mates to sign up, making me lots of money.

                Then a letter falls on your doormat from HMRC, along with your mates. You contact me asking what to do, and find out I'm now sunning myself in the Bahamas with your money.
                What are your charges and what's my retention?

                Comment


                  #9
                  Originally posted by moggy View Post
                  What are your charges and what's my retention?
                  To you a mere 5% and you can retain the rest (in the short term).
                  merely at clientco for the entertainment

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