Any recommendations or feedback on "Newquay Professional"

[eddyholland]

Hi.

I don't work for Newquay, they were recommended by a mate (and ex colleague). I'm going to go "meet and greet" them for a handshake (i.e. I need to see if they pass the "sniff test").

Thanks for flaming the newbie !

and yeah some people are conscientious with the administration and paperwork, some less so, some poor at it. I'd rather be cycling in the sun or having a pint by the braai (BBQ). Maybe I'll do the Ltd. Co. route anyway, it would be a learning experience.

[cykophysh39]

i would recommend the ltd, the paper work involved in running your own company is minimal actually. You make more money, You control more, you risks are less. You need to find yourself a good accountant.

And being a fellow Saffa, I understand the need to relax by the braai. Which I do regularly, and I still manage the paperwork "burden".

[KevinS]

And being a fellow Saffa, I understand the need to relax by the braai. Which I do regularly, and I still manage the paperwork "burden".

Ditto!!

[malvolio]

Hi.

Thanks for flaming the newbie !

Not at all, glad to help. But we only flame newbies who ask daft questions...

[eddyholland]

Okay so I've done some reading up and asked around my ex-colleagues.

Feedback on Giant is not all that good.

My contract will be captured inside IR35, that is pretty much certain.

My Question for your advice is then: given that my contract will be inside IR35, surely that limits the amount of tax mitigation that I can get by going through a Ltd Co ? I understand that I maybe get upto 5% better result with a Ltd Co. than I would under an umbrella. Under and umbrella I'd pay pretty much the same as an employee, except I'd pay the ERNI as well.
If I go Ltd. Co. can I pay myself half the revenues as Salary and leave the rest in the Co. as dividends?
How (and when) will the HMRC recharacterise the revenues as "Deemed Salary" and is that 95% of gross revenues, or 95% of (gross minus allowable expenses) (such as travelcard, lunches, and purchase of £1,400 computer).

thanks in advance,
-- Eddy

[BrilloPad]

But we only flame newbies who ask daft questions...

[malvolio]

Okay so I've done some reading up and asked around my ex-colleagues.

My contract will be captured inside IR35, that is pretty much certain.



thanks in advance,
-- Eddy

But clearly not enough though...

Check with the accountants, it's 95% of gross income. I don't think expenses are deductable - that's what the 5% is for. (yeah, I know) And that includes PCs (£1400 - you are kidding aren't you? It's a work machine, not a super games console)

Secondly check your contract properly: it is actually quite difficult to be caught by IR35, the trick is understanding why you aren't. Where do your contract and your working conditions stand on D&C, MOO and RoS? (and please don't tell me you don't recognise the acronyms)

Thirdly, stay away from anyone with an offshore element. As you say, they are too good to be true, especially when you don't know what you're doing.

Then go do some real reading - the first timer guide on here, the defninitive one on www.pcg.org.uk and the sticky thread in Legal and Accounting (but ignore the bits about MSCs, they no longer make any sense anyway). Then you will understand the real world, and you will be able to tell me why LtdCo is the way to go, even if you are inside IR35 (bet you aren't) and why, if you are (bet you aren't), dividends and income retention are not an option and why you can't decide on a salary, it's set for you.

Then come back and ask about the bits you don't understand...

[The Lone Gunman]

It's like watching a new born girraffe trying to stand up. Lurching from one stumble to another. He will eventualy stand on his own four feet, but it may be a long and painful experience!
Doesn't understand Ltd but is sure it is not the best solution.
Doesn't understand IR35 but is sure he is caught.
It will be should I opt in or out next, then he will be bitching about the percentage take his agent is getting!

Ltd. Co. is easily set up and run. With the help of one of the pet accountants on this board you should be OK. Contact Darren Upton at Upton (on here) or Simon at SJD (on here) Nixon Williams or the Puma (on here) for advice if they havent contacted you already.
Why do you believe you would be IR35 caught? There are much better informed people who would be less sure of even the worst contract.

Read all the guides on here. Read all the guides on the PCG web site.
Join the PCG. Use the accumulated knowledge available from them.

Don't just jump in and do not base your decisions based on advice from what may be interested parties.

I still think you are spamming for them.

[edit] That totally legal solution you have been offered, think long and hard before taking it.
Golden Clown declared war on all set ups that are purely to dodge paying tax. Whoever is operating your solution is obliged to inform HMRC of how their scheme works.
I promise you that some Hector somewhere is looking at closing that scheme down.
If Hector finds a way then he will back date his decision to the day GB declared war and you and all others who signed up will get clobbered.

[helen7]

Newquay....

Newquay Professional ARE Montpellier. They are the UK side of the business, running the ir35 tax planning scheme.

Scheme has been pretty much closed by the revenue and back taxes are being sought of all there clients for all previous years.

Incidently they attacked 3 other scheme's used by Montpelier in the budget so I would not be surprised if they dissapear and leave all the clients high and dry to fight on there own.

i.e.....GO LIMITED!

[BrilloPad]

Newquay Professional ARE Montpellier. They are the UK side of the business, running the ir35 tax planning scheme.

Scheme has been pretty much closed by the revenue and back taxes are being sought of all there clients for all previous years.

Incidently they attacked 3 other scheme's used by Montpelier in the budget so I would not be surprised if they dissapear and leave all the clients high and dry to fight on there own.

i.e.....GO LIMITED!

I know some MTM Clients being put on notice - but no demands issued. But most I know have received nothing whatsoever.

So far MTM have been very good to me and all others I know.

Should I believe anything you have to say?