Norla Consulting

[Bradley]

Re:EBTs

If the scheme were wound up for any reasons surely the individual would simply be a creditor, as such they could come and demand their cash back.
They wouldn't be a creditor because they gave up their rights to the money earned. The money earned is the EBTs not the contractors. The EBT trustees are then supposed to look through the list of "employees" who are potential beneficiaries of the trust and bestow something like an interest free loan upon them.

They could be a debtor of the EBT if the EBT has advanced them a loan in which case the EBT could come after them for repayment of the loan at any time.

[Bradley]

Re:EBTs

If the scheme were wound up for any reasons surely the individual would simply be a creditor, as such they could come and demand their cash back.

They wouldn't be a creditor because they gave up their rights to the money earned. The money earned is the EBTs not the contractors. The EBT trustees are then supposed to look through the list of "employees" who are potential beneficiaries of the trust and bestow something like an interest free loan upon them.

They could be a debtor of the EBT if the EBT has advanced them a loan in which case the EBT could come after them for repayment of the loan at any time.

[ASB]

Re: EBT's

I believe that Turkish Lira were a common currency to denominate these arrangements. Given the recent EU expansion and the commitment of the new entrants to join the Euro PDQ this must at least have a stabilising effect on the currency.

I'm not sure I'd like to be owing somebody a few billion turkish lira right at the moment. Granted any sensible EBT would probably have hedged most of the risk but that just costs money and erodes the returns.

If one is outside IR35 a lot of people can retain about 80% of profit - even on fairly substantial billings. Single this tends to drop to about 70%. I know a couple of people who have used various schemes like this pre IR35, but I never could work out why. The best most of them were going to make was betwenn 5 and 10k. Didn't seem worth it for the risks.

Post IR35 I Can see the attraction but I still don't see how it justifies the risks. I would have thought ploughing some net income into forestry might have been better.

[4Contractors]

Re: EBT's

I believe that Turkish Lira were a common currency to denominate these arrangements

These EBT's/offshores companies are very secretive about their activities and I am very surprised that an actual genuine currency was used for their operation. As far as I was aware the currencies used were basically ficticious and were artificially devalued to reduce the loans to zero such that clients paid no actual capital, only a nominal amount of interest on these currency loans.

Must apologise to the original poster once again for drifting well off subject but hopefully some of this info is of some use

[chunk8928]

Re: One Other Thing

antagoneyes

Why the aggresive attitude ? I suggest it is you that should piss off and get a course in some manners you arrogant little pleb.

[antagoneyes]

Re: One Other Thing

Chunks - great to see such charisma and restraint; and after only three posts - I can see you lasting a long time on this forum :rollin