Anyone know anything about Winchester?

[cojak]

And as if in answer to your question, this pops up...

http://forums.contractoruk.com/hmrc-...ection-9a.html

[NickNick]

This lot called me yesterday and got as far as saying Corporate benefit Trust before I put the phone down.

[Drei]

First of all hello as I am new here, might even start bugging you guys/gals for advice on what can you claim and what not

Anyhow, I was also looking for some information on this company as they called me too, I have asked them some questions and the bottom line is that they retain this much after tax because they apparently pay you via a loan which you do not have to pay back... so my head was like, "right so I give you all the money I earn and then you give it back to me via a loan which I don't have to pay back" what can possibly go wrong with that?

I am pasting here the information they gave me via e-mail:

Great to speak to you earlier, we’d love to help make your contracting experience as easy as possible. As discussed in our call we offer contractors a Self Employed Strategy that uses a Limited Company (PSC) as the invoicing vehicle – this means you won’t experience any of the common issues with umbrellas like PSL lists or reporting legislation.

Based on the £400 day rate you provided we can offer you 85.1% of the contract value, equivalent to £7,378 per month, which is up to 15% more than by using a standard limited company set up and 25% more than invoicing via an umbrella.

Your Limited Company/you will be the only point of contact for your agency, so any tax planning is kept private and confidential.

How it works

Under the strategy, you will become a self-employed consultant to Winchester who will re-sell your services through your own Ltd Co to the agency – as such the majority of your contract value will filter down to Winchester as an expense for your Limited Company.

The strategy is very simple to operate; you will be engaged by your Ltd Co as a director to perform basic admin duties (like ensuring it invoices correctly) for a small salary/some dividends, while you will also be engaged by Winchester separately to perform your contract work, for which you will receive a negotiable fee and a loan. The salary and consultancy fee will make up your total declared income under the strategy.

How can it make your life easier?

The strategy is very user friendly and is free from hidden costs.

We’ll pair you with an accountant that will handle your book keeping for £120 per month.

All you need to do is to submit your hours worked/expenses via email once your funds are received from the agency and the day you send the requested funds to Winchester you will receive your funds back.

I am under no way affiliated with these guys, not advertising anything just adding to this post the information I have received from them.

[DonkeyRhubarb]

HMRC have a message just for you.

https://www.gov.uk/government/public...ood-to-be-true

[northernladuk]

HMRC have a message just for you.

https://www.gov.uk/government/public...ood-to-be-true

And Boots can supply all the lube you are going to need to resolve this when it goes wrong... And it will be a lot.

[MrMarkyMark]

FTFY.

The strategy is very simple to operate; you will be engaged by your Ltd Co as a director to perform basic cell cleaning duties, making coffee and other "administrative" duties for Bubba, at At Her Majesty's pleasure.

[Alan @ BroomeAffinity]

A bright future in the manufacture of mail bags and registration plates beckons.

[cojak]

Your Limited Company/you will be the only point of contact for your agency, so any tax planning is kept private and confidential.

Translation: The agency won't know what you are doing so we won't be prevented from getting in on the act.

Most agencies aren't prepared to work with this type of scheme. So the onus is all on you.

Oh, and this:

We’ll pair you with an accountant that will handle your book keeping for £120 per month.

£1440 py? Top end fees for a contractor-friendly accountant. Ask them how much commission they get out of the accountant's fees.

[LisaContractorUmbrella]

You will earn money from the work that you do as a contractor - if an amount equal to that is 'loaned' to you then it is not a genuine loan - therefore it is a sham arrangement that has no purpose other than to avoid tax and you will suffer unspeakable agonies at the hands of HMRC from when they catch you until the end of time

I am saying this to scare you and I hope that it does as we have seen first hand what has happened to contractors who weren't scared and it wasn't pretty

HTH

[unixman]

In 1107 the central tower of Winchester cathedral fell in. According to "How to Build a Cathedral" last night.

It's an old-timey name for a hard disk.

It's a kind of rifle.

Er... a character in MASH?