Does anyone have any experience with Norla Consulting Limited and their high return Umbrella Service?
-
-
If its higher than standard then its bound to be dodgy in some form or another.
Open your own Ltd. -
They use an EBT Offshore Setup and offer ~85% of gross salaryOriginally posted by JLeducComment
-
..which is efffectively illegal in the UK. Nuff said?Originally posted by JLeducBlog? What blog...?
Comment
-
Effectively illegal? Guess that means it's legal but frowned upon?Originally posted by malvolio
How could they offer a scheme like that as a registered UK Ltd Co for the last 4 years if it was illegal?
Also apparently the HMRC is fully aware of it...
I am wondering about the trustworthyness and reliability of the company though ;-)Last edited by JLeduc; 1 December 2006, 22:19.Comment
-
EBT's for UK-based companies are illegal. Someone offering the same scheme but via an offshore route is legal, but probably not that likley to be supported by HMRC. And as soon as you bring the income back into the UK, you should pay normal tax on it. If there was no downside, do you really think 99% of experienced contractors would avoid such things?
Your call, of course, but personally I'd rather go permie...Blog? What blog...?Comment
-
EBT's are not as such illegal. However appropriate taxes *should* be deducted before payments are made into the trust. This renders them ineffective for UK sourced payments.
If you are UK domiciled and resident then taxation on the output of the scheme is due when payments fall due - irrespective of whether the payments are physically received in the UK.
Of course anybody can make their own decisions as to whether they are likely to yield any useful realisable improvement as a method of remuneration, but ultimately any issues are going to be laid at the door of the UK taxpayer
http://www.taxationweb.co.uk/forum/discuss.php?id=14542Comment
Comment