Originally posted by DealorNoDeal
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Help with dividends (VERY WORRIED)
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It does sound like you've been scammed, sadly, but you've spotted something awry and have started asking the right questions.
Check your contract with them and make sure you can exit from it.
Find yourself an accountant, there's a sticky thread in the Accounting/Legal forum that's a good start. A good accountant will talk you through everything you need to know and the Accounting/Legal forum is the place to ask questions if there's anything you don't understand, or want to hear a second opinion on.
Above all, remember, this is all fixable.Comment
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Originally posted by Tavy View PostWhat is your day rate or what type of sums we talking here a month? - My day rate is 350 and I get about 73% from the contract value.
1) small salary from your company, which has already been subject to PAYE
2) dividends (from a foreign company?)
If HMRC did challenge this set-up, they'd probably look to treat the dividends as earned income. Yes, you would face an additional tax bill but nothing like as bad as the loan schemes where no previous tax had been paid on the loans.
This scheme is nowhere near as aggressive as the loan schemes. In fact, it's hard to see the point of it when you could achieve a similar retention rate my running your own Ltd Co.Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.Comment
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Originally posted by DealorNoDeal View PostIn fact, it's hard to see the point of it when you could achieve a similar retention rate my running your own Ltd Co.Comment
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Originally posted by dammit chloe View PostWhen I was in a loan scheme the same could be said.Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.Comment
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Originally posted by DealorNoDeal View PostHow could that be if you were only paying (single digit?) tax on a small salary?Comment
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So there is no tax paid by the company or PAYE (of any significance) but you get 73% and presumably pay tax on these mysterious "dividends" when you submit your tax return?
If so, then the fee is not a petty matter - probably 20% or more.Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
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If these are dividends you should have a share certificate, so must be a loan no?. Spidey sense suggests some sort of corporation tax scam as Cyprus is 12.5%.
https://opencorporates.com/companies/cy/HE364581Comment
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Originally posted by dammit chloe View PostRead the quote.Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.Comment
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