Fiduciary of a Remuneration Trust

[Von Neumann]

Hi all,

I contacted an Umbrella company that offers me 84-85% take-home income using an artifact named "Fiduciary of a Remuneration Trust".

The idea is that I am paid the minimum wage, and the rest of the money is transferred using the aforementioned Remuneration Trust.


Have you guys encountered this kind of scheme? Is this legal or applicable to contractors at all?


Thanks

[WTFH]

Can you please name the umbrella, to help protect others from them.
We can help give you more information if you can give us their name.

This sounds like a disguised remuneration scheme.

[northernladuk]

Sadly it is currently legal. Should you use it? Absolutely not. While they can run the schemes I can guarantee HMRC will come after you somewhere down the line with crippling demands for back tax, interest and penalties.

It's just a re-work to play on the wording of the EBT rules that are going on at the moment. A thinly veiled one at that.

Post the name of the company and then run away from them.

[Alchemy Accountancy]

I don't know about this one, but in similar schemes that I have seen previously, the majority of the deduction from your income (15-16% in this case) will be fees to the promoter of the scheme, and not tax or NI.

With anything like this, if the arrangements seek to make your income look like something else (be it a loan, foreign exchange gain, winnings - I've heard of all sorts), then if HMRC look into your tax affairs then they will simply treat it as income for tax purposes (with no credit given for the promoters fee) and send you a bill with interest/penalties.

When this happens, the people that ran the scheme will be somewhere offshore, living from the absurd fees that they collected from you and it will be you that is left to pick up the pieces.

[Von Neumann]

For the sake of protecting others, the name of the company is:

ww w.dayratetax.co.uk

[Dom at Fox Bartfield]

Have you guys encountered this kind of scheme? Is this legal or applicable to contractors at all?


Thanks

Just in case, for future use, you may find this link useful should you use the scheme Remuneration Trust Problems? Worried about HMRC tax investigations?

Also, has your agent been promoting or facilitating these guys?

[Dom at Fox Bartfield]

Tax Scheme

Interesting, same address as this one:-

85 year old woman behind the fake London binary options firms

Looks legit!

[northernladuk]

Interesting, same address as this one:-

85 year old woman behind the fake London binary options firms

Looks legit!

And the FCA won't do anything about it according to that article. Odd looking house that. The lighting you can see through the upstairs window looks more like an office to me.
Industrial waste bins outside as well.
Hardly looks like the Innocuous middle class Finchley residence the article states.

[Craig@Clarity]

If it looks and sounds too good to be true, then it usually is!

[Lance]

Should we adopt the word 'scumbrella' to identify these sharks?