what they don't tell you

[A Good Man]

As with so many solution providers, they're long on promise short on delivery; here's what they don't tell you:

1. They split on a 66/33 basis, ie you declare 66% and 33% is undeclared. They will not consider a different split as they're relying on staying under the radar.

2. They charge 5%, but this is 5% of your contract value and also 5% on the rolling balance of the 33%. It soon adds up to a lot more than 5%.

3. All accounting costs are yours.

4. They only allow two withdrawals (loans) per year

5. Bank transfer costs to pay in and out are just about the highest in the industry at £30 a pop. So add on £60 a month just to pay into both of your accounts.

6. Annual service charge of £60 to operate your account; that's, hopefully 12 transfers in a year and a maximum of two out. So, in total, it will cost £780 per year in bank charges alone, and of course, they keep any interest.

7. When you want to leave there is a £1,000 charge, automatically deducted and non-negotiable.

8. When you leave you're forced to take a trip to a country that does not attract tax on foreign income; that trip costs money and will be for a minimum of a week. Therefore, factor in another £1,500 minimum. This is for you to write a paper in order to cover their back. This is not a holiday and you don't get paid.

9. When closing the account, the process takes at least three weeks due to "administration" and this is after you spend a month being pushed from pillar to post in order to establish the procedure.

Therefore, in conclusion, unless you are on at least a four year contract don't use them as it'll cost you a lot more than you think.

[cojak]

..and if you'd listened to us you wouldn't be with them in the 1st place.


HTH.

[A Good Man]

Just trying to pass on facts rather than adopt a sanctimonious approach. Please try not to ASSUME as it makes an ASS out of U.

[SalsaFever]

Which countries are they serving now?

and which country do they push %33 part?

They had big problems as a consequence of O2 debacle in Germany last year. They raised local payment to %70 and told contractors that they came to a aggreement with taxman, so %70 should be OK. (which I believe a blatant lie)

If they are pushing money to Switzerland, in case of a well documented case, Switzerland might release the information. Be aware..

[A Good Man]

This is Belgium; it's a real mess since the govt introduced Limosa. Numerous contractors caught and now looks like the 180 day rule is as solid as quicksand?

I, for one, wouldn't bother contracting in Europe or UK again; but good luck to the rest of you and I hope my posting helps.

[BlasterBates]

You forgot to mention the most important point that not declaring income is illegal, works on the principal that the taxman won't notice, and when you do get caught it'll cost you a fortune in fines. Then when you work it all out doesn't save you much in comparison to an efficient legal solution.

[A Good Man]

Of course that's an opinion, but thanks for adding the pertinent point.

[DaveB]

Of course that's an opinion, but thanks for adding the pertinent point.

In most countries it's more than an opinion, it's the law.

Recieving an income and knowingly failing to declare any or all of it for the purposes of avoiding the payment of tax on that income is illegal.

[A Good Man]

Easy tiger, I agree. This is an opinion "Then when you work it all out doesn't save you much in comparison to an efficient legal solution."

[A Good Man]

This has already taken up too much of my time, I hope it has helped some of you. I'm sure there are thousands of experts on this forum that can help you further.

I'm off to water my coconut trees while I'm the right side of 50 having been in the industry for almost 30 years.

Good Luck to all of you.