Dear All,
I have a really pressing question that I need help with. I've read these forums concerning umbrella companies, and, perhaps for the benefit of others, its best to have 1 definitive thread to answer these questions:
I'm looking at relocating my family to Belgium as this contract seems to be progressing very well. Its a job I really like.
Whether anyone here agrees with this idea or not, but as from September 2018, I'd like to bring my family over here, and hence, I'd like to start paying taxes in Belgium. (if you feel I ought to stick to home working and a few days travel, please do let me know why)?
Would you advise me to go with an Umbrella Company? or with stick with my LTD company and get myself the best accountancy firm money can buy to do ALL the accounts for me.
The BEST retention rate I have found so far from an umbrella company is 73%. (many umbrella companies do not even work with anyone who wants to move to Belgium).
The BEST retention rate with a LTD company is 76% (using an accountancy firm).
The accountancy firm charge 700 euros/MONTH to do ALL HMRC and BELGIUM accounts.
* Is this a normal fee for doing ALL your Belgian taxes and UK Taxes?? Its a bit too much isn't it??
But they take care of everything. What I like about them is that it all seems above-board. There's NOTHING they explained that seems illegal or sinister. I can get 73% retention by simply using dividends, and paying myself a lower than usual salary.
The umbrella company pay me also a small salary, but give me money twice: Once as a salary payment, and second, as a blah-blah payment. I do not know what this 2nd payment is, nor how it works, but they said its legal. lol.. hahah.
Which option would you recommend?
Let me be honest here:
* I'm not financially minded, but after England's performance at the World Cup, I'd like to pay taxes in the UK. If they beat Sweden, I'd even recommend to be charged at the higher tax bracket.
OK Seriously: I want to pay taxes.. but reasonable! 30% is reasonable. 50% is insane.
From Microsoft, to Apple to my little LTD company, ANY CEO will try to save on Corporation Tax. I don't know what the big deal is? Just so long as its within the guidelines of HMRC and BELGIAN Tax authorities.
What I love about the umbrella company - or the concept of it - is I get a nice salary and I can just relax. No taxes to pay.
However, from what I've seen here, no one seems to have nice stories about them.
What I like about these accountants - is its pure accountancy, and I think if I have any unpaid taxes in 1 year - they can pay it off using dividends I can accumulate afterwards. No? I'm SURE HMRC would understand that if I travel often to Belgium in the last minute for a meeting, then my expenses would be MORE than what can be claimed, hence if there are any taxes to pay that I can't, we can offset it for the next year's profits. Am I exaggerating , or does HMRC want their pound of flesh right now?? Even if there's a loss due to insane travel expense costs??
Your advice is VERY valuable. I'm lost in all of this. I'm a simple Engineer. I'm not made to be a CFO. I just want to do the job I love. That's all - with no one harassing me for taxes.
Or maybe its best to leave my family in the UK and travel and work under 183 days in Belgium and just cope with the 2 days/week loneliness??
I have a really pressing question that I need help with. I've read these forums concerning umbrella companies, and, perhaps for the benefit of others, its best to have 1 definitive thread to answer these questions:
- I am a UK national with a UK LTD Company.
- My family live in the UK
- I have a long term contract in Belgium with a good daily rate.
- I currently spend (and yes, I've counted) 104 days a year in Belgium on this contract. The rest is spent in the UK as its a work from home role
I'm looking at relocating my family to Belgium as this contract seems to be progressing very well. Its a job I really like.
Whether anyone here agrees with this idea or not, but as from September 2018, I'd like to bring my family over here, and hence, I'd like to start paying taxes in Belgium. (if you feel I ought to stick to home working and a few days travel, please do let me know why)?
Would you advise me to go with an Umbrella Company? or with stick with my LTD company and get myself the best accountancy firm money can buy to do ALL the accounts for me.
The BEST retention rate I have found so far from an umbrella company is 73%. (many umbrella companies do not even work with anyone who wants to move to Belgium).
The BEST retention rate with a LTD company is 76% (using an accountancy firm).
The accountancy firm charge 700 euros/MONTH to do ALL HMRC and BELGIUM accounts.
* Is this a normal fee for doing ALL your Belgian taxes and UK Taxes?? Its a bit too much isn't it??
But they take care of everything. What I like about them is that it all seems above-board. There's NOTHING they explained that seems illegal or sinister. I can get 73% retention by simply using dividends, and paying myself a lower than usual salary.
The umbrella company pay me also a small salary, but give me money twice: Once as a salary payment, and second, as a blah-blah payment. I do not know what this 2nd payment is, nor how it works, but they said its legal. lol.. hahah.
Which option would you recommend?
Let me be honest here:
* I'm not financially minded, but after England's performance at the World Cup, I'd like to pay taxes in the UK. If they beat Sweden, I'd even recommend to be charged at the higher tax bracket.
OK Seriously: I want to pay taxes.. but reasonable! 30% is reasonable. 50% is insane.
From Microsoft, to Apple to my little LTD company, ANY CEO will try to save on Corporation Tax. I don't know what the big deal is? Just so long as its within the guidelines of HMRC and BELGIAN Tax authorities.
What I love about the umbrella company - or the concept of it - is I get a nice salary and I can just relax. No taxes to pay.
However, from what I've seen here, no one seems to have nice stories about them.
What I like about these accountants - is its pure accountancy, and I think if I have any unpaid taxes in 1 year - they can pay it off using dividends I can accumulate afterwards. No? I'm SURE HMRC would understand that if I travel often to Belgium in the last minute for a meeting, then my expenses would be MORE than what can be claimed, hence if there are any taxes to pay that I can't, we can offset it for the next year's profits. Am I exaggerating , or does HMRC want their pound of flesh right now?? Even if there's a loss due to insane travel expense costs??
Your advice is VERY valuable. I'm lost in all of this. I'm a simple Engineer. I'm not made to be a CFO. I just want to do the job I love. That's all - with no one harassing me for taxes.
Or maybe its best to leave my family in the UK and travel and work under 183 days in Belgium and just cope with the 2 days/week loneliness??
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