Asmg

[rsommerville]

It is possible. Read the corresponding budget's Finance Bill if you don't believe it.

Link? it's 3 volumes.

[Hiram King Of Tyre]

Has anybody signed up?

[Badgers Armpit]

Has anybody signed up?

I sign across, usually left to right.

[Hiram King Of Tyre]

Is it taboo then or is everybody in prison?

[malvolio]

It is possible. Read the corresponding budget's Finance Bill if you don't believe it.

Dim Prawn in the pre-biudget statement of Dec 2004 stated categorically that from that point forward, al tax regulation changes will be able to be made retrospective to the date of her statement (12th Dec 2004). So if it's OK now and they change it so it isn't , you get caught for unpaid taxes (and interest) going back to that date.

I think their idea is that there is so much needs doing, they wanted to have a cut off point to stop people merely swapping from one scheme to the next. That makes a degree of sense, but only if you remember to forget that tax avoidance is actually legal.

Neve mind, it's done and composites - mainly in the building indistry at the mo - are under the microscope right now.

[Hiram King Of Tyre]

OK,,,so are you saying that it looks OK today but there may be tax changes in the future that can then be backdated so you get caught?

[Hiram King Of Tyre]

I had an interview with them......

An erm..."interesting" concept!

[Jossers]

Asmg

Davros, you can't claim expenses with ASMG as you are an employee of their offshore company which is set up in the Isle of Man and handles all PAYE and payroll requirements. I met with ASMG a few weeks ago and basically this is how they operate.

They collect your fee from your agent and pass it via ASMG to their sister company based in Isle of Man. This operation then takes 15% of your gross and pays you this on a PAYE bases. This forms your taxed salary which means that old Gordon gets te tax payable on this amount.

Now as I understand it the rest is paid into a trust fund which is administered in London. Basically this is where the tax savings come into play because you as sole beneficiary of the fund get to loan yourself the money in the trust as a 0% loan with no timeframe on payment. This was an obvious loophole in the tax law so the Bank of England imposed a statutory interest rate in line with BoE base loan rate 5% for any trust fund load. The good news is the load never stipulates when it has to be paid back! So the most you are ever going to pay in tax on your trust fund is 5% and no more.

This is all listed on your yearly P11D and is completely above board. The only issue is that you are no longer able to claim expenses as you would going through your own limited company. But hey, you only usually get a 60% return due to the dreaded IR35. With this scheme they are promising a return of 78%

They state that their fees which include all insurances, the trust fund fee, their operating fee and your PAYE contributions etc amount to 22% of your gross.

I contracted pre IR35 and have signed on the dotted line with ASMG as it seems the best way to get the most out of my earning…

Steve

[VectraMan]

Now as I understand it the rest is paid into a trust fund which is administered in London. Basically this is where the tax savings come into play because you as sole beneficiary of the fund get to loan yourself the money in the trust as a 0% loan with no timeframe on payment.

So you never actually get your money, you just get to borrow some money and hope you never have to pay it back.

[IR35 Avoider]

Hector should find it really easy to invalidate this scheme - and that's generously assuming that he can't simply defeat it based on existing tax law.

What I'm really interested in is the outcome of the MTM scheme. This is a much more heavy-duty scheme. Hector (in the form of the SCO) has known about this since 2002. It's easy for him to compile a list of members from information they are legally required to send him. One hears from time to time of individuals under investigation, but not the outcomes (if any) of these investigations. Why does Hector not automatically and immediately investigate every member? Why have there been no high-profile cases proving Hectors contention that the scheme doesn't work?

Five years ago I was very interested in schemes, hence my name on this board, but in the current climate I think you would be mad to join one. As for myself, I'm in a Gordon-approved scheme which means I will pay no tax or NI at all for the remainder of my career. (It's called a pension, and utilising it is facilitated by having a paid-off mortgage, other savings and a working wife, and the fact that I was going to save/invest all future earnings anyway.)