Payment Options Post Budget

[Bluebird]

Originally Posted by test_guy

There were no new legislations introduced during the budget

Only "drafts" were released, before the budget. These may come into force at a future point (I have seen 2008 mentioned) then again they may not.

Stop panicking people unecessarily.

Thanks

eh ?

[LisaContractorUmbrella]

Originally Posted by test_guy

There were no new legislations introduced during the budget

Only "drafts" were released, before the budget. These may come into force at a future point (I have seen 2008 mentioned) then again they may not.

Stop panicking people unecessarily.
Thanks

I think that this confirms the introduction of the new legislation http://www.hmrc.gov.uk/budget2007/pn03.pdf

[Foresight One]

I appreciate that some or most of you will probably think we are new boys on the block, but we’re not.

We have been operating in the contracting industry for over 15 years now with both UK and overseas based contracts.

The company is administered by a firm of Chartered Accountants and this guarantees not only compliance but the necessary skills to provide a comprehensive quality service.

We have and are currently dealing with most of the major contracting agencies both in the UK and abroad.

Our companies will be fully compliant and tax and NI will be deducted as the contractors will be treated as employees. All relevant documentation PAYE documentation will be taken care of (P60’s, P45’s etc)

I appreciate that this service will not appeal to those who can administer their own companies where there are still significant advantages in voting a large dividend and paying little or no NI.

However the service we are offering is for those not confident in administering their own company and all that comes with the responsibilities of being a director (accounts preparation, tax computation and submission, VAT registration and submission, statutory Annual Return filing, PAYE registration, monthly and annual PAYE returns etc etc)

The penalties for non submission or incorrect submission of the above are severe and Government agency returns can sometime be technically difficult, this is why accountants such as us spend years obtaining qualified status and maintaining our qualification with regular updates.

The other reason we are providing this service is for those who may feel they are competent in running their own company but would prefer to concentrate on what they do well, i.e. their own contract work!

As you will gather from the above this service is very similar to most on the market so why should you choose us? We do not charge a fee, not a bean! The service and set up is free. Why? Well we earn a significant amount of interest holding Government monies in our bank account, but we invariably pay our contractors same day. There are no hidden extras, but many contractors engage us to provide additional services, e.g. consultancy, estate planning, holiday home ownership etc. etc.

As I have mentioned previously, if you would like further information or reassurance in connection with our services then please e-mail me on chrism@foresight.co.uk.

[Bradley]

Originally Posted by Foresight One

The company is administered by a firm of Chartered Accountants and this guarantees not only compliance but the necessary skills to provide a comprehensive quality service.

Which firm and what does "administered" mean? Is it owned by them?

[brobi]

Originally Posted by Foresight One

The company is administered by a firm of Chartered Accountants and this guarantees not only compliance but the necessary skills to provide a comprehensive quality service.

So another by the book non-grey area accountancy firm trying to drum up business amonst the current rubbish government.

There are other options to us fellow contractors and I am currently awaiting a response from my accountant to see if he will be making his strategy available as a resaleable product.

I use the strategy and it is perfectly legal and above board but 90% of the accountants out there would probably not give us contractors sight of it! Yes it costs a little bit but the savings pays for it within the first month or two!

Let me put it this way... a slightly extension of this service is used by the IR themselves so it must be legal but again not advertised because then everyone would be doing it and they don't want to loose the loophole for fear of their own interests.

I have been researching ways around this since IR35 came in and under the current proposed legislation this would still be the best option by far.

[Epiphone]

Not read the full thread cos I'm a bit tiddly but...

A PSC has no definition in law. WTF has this been made a sticky when it's factually incorrect? I'd stay well clear of a brolly that propogates Gordo's lies and doesn't understand basic law.

That is all.

[LisaContractorUmbrella]

Originally Posted by Epiphone

Not read the full thread cos I'm a bit tiddly but...

A PSC has no definition in law. WTF has this been made a sticky when it's factually incorrect? I'd stay well clear of a brolly that propogates Gordo's lies and doesn't understand basic law.

That is all.

"To open their own personal limited company (refered to by some as a PSC or personal service company). " The term was used purely because it was introduced by the IR when the legislation was published.

HTH

[Epiphone]

Originally Posted by LisaContractorUmbrella

"To open their own personal limited company (refered to by some as a PSC or personal service company). " The term was used purely because it was introduced by the IR when the legislation was published.

HTH

Doesn't make it a legal definition though does it! If we rolled over at everything the IR or HMRC said Arctic would be dead in the water, IR35 would be a staunch reality etc etc.

[Dundeegeorge]

an old colleague of mine who is self-employed is going to be devastated.
When did that become illegal then?
I hope you're not charging for this advice.

[NotAllThere]

Originally Posted by Foresight One

...and all that comes with the responsibilities of being a director (accounts preparation, tax computation and submission, VAT registration and submission, statutory Annual Return filing, PAYE registration, monthly and annual PAYE returns etc etc)

Which is why I, as a director of a ltd company, pay an accountant to do these things for me.

What was your point again?