Anyone using Kinsella or PaySchemePlus?

**Sergeant Apone** · 16 January 2006, 14:40

Any umbrella that claims a return of 90% should be avoided at all costs. They will be doing this in one of two ways:

a) Dodgy off-shore trusts
b) Bogus expenses

Either lands a very high chance of landing you with a large tax bill, fines and penalties.

**Sergeant Apone** · 16 January 2006, 16:28

There's an echo in here, I've just read this in General... I've just read this in General... in General...

**malvolio** · 16 January 2006, 16:55

Yep, same answer as well - "Don't be so f***ing stupid - if it were straightforward and low risk, do you really think we wouldn't be doing it already???"

Still, it's on the internet, so it must be all right.

**Harrysp** · 16 January 2006, 17:27

Yep, same answer as well - "Don't be so f***ing stupid - if it were straightforward and low risk, do you really think we wouldn't be doing it already???"

Malv m8, whats up you are far more gentler on the newbies than you used to be lol

**malvolio** · 16 January 2006, 17:54

I must be getting old. And they don't bite back any more, which makes it all a bit frustrating. I mean, I've told TazMan he's being a berk and what does he say in return - not even "Thank you". Modern youth, I ask you...

I promise to be tougher on the next amateur that turns up asking how to make a million tax free in the first year...

**marty_boy** · 16 January 2006, 19:50

How to make a million........

Originally posted by malvolio

I must be getting old. And they don't bite back any more, which makes it all a bit frustrating. I mean, I've told TazMan he's being a berk and what does he say in return - not even "Thank you". Modern youth, I ask you...

I promise to be tougher on the next amateur that turns up asking how to make a million tax free in the first year...

Can anyone on this forum tell me how to make a million tax free in my first year ?

**malvolio** · 16 January 2006, 20:21

Simple. You merely have to earn about £1.8m...

Don't laugh. An ex-colleague (who I now hate with a passion) took a flier on a fairly serious piece of process improvment work using my ideas by doing it for free on the basis they would pay him 10% of the full first year's savings made. A year after he implemented the solution, the numbers came back and he'd allowed them to save £28m. He doesn't work any more.

**ChimpMaster** · 16 January 2006, 21:35

So the question has to be, what mechanism are you all using for invoicing and payment? Running a Ltd Co, using an umbrella, or a composite? PAYE??!

What is a good return figure? Is 75%+ too optimistic?

I read on here that someone was achieving 80% by using their own Ltd Co. I can't for the life of me see how that is possible - legally.

**malvolio** · 16 January 2006, 22:29

Come on, get real. Most of the grown ups round here use their own Ltd Co, mainly because they don't see giving their money to someone else to look after as a good idea. Putting it in the hands of a structure that HMG has already declared war on is a step beyond stupid. Like they should care anyway, it's not them who will have to pay the bills when it all goes pear shaped, it's you.

And if you run a non-IR35 contract through a Ltd, take reasonable care to stay out of the higher rate tax band and ensure the company pays all the bills that are genuinely down to the company, then you can hang on to around 79% of your gross. Getting the balance out of the company in a tax-efficient manner to buy the TVR is an exercise I leave to the reader.

But look at it the other way - you're still taking more nett income than you ever will as a permie doing the same job. If you want more spons to buy the toys with, you have two options - work harder and be better than average to drive up your day rate, or play silly buggers with the taxman and some bloke from Holland with a telephone and a website. I know which one works for me. You make your own decision.

Anyone using Kinsella or PaySchemePlus?