Wealth type organisations

[ITDeliverer]

Hi - does anyone know about these sort of organisations that say they can retain 80% of your income by putting it through a trust/loan? I got a call from one of these guys and he said we as IT contractors whether Umbrella or LTD will take no more than 65% after all taxes into consideration and fees etc, and this doesnt mean claiming everything back through expenses.

Has anyone any experience of this please? Good or bad?

Thanks

[kal]

Hi - does anyone know about these sort of organisations that say they can retain 80% of your income by putting it through a trust/loan? I got a call from one of these guys and he said we as IT contractors whether Umbrella or LTD will take no more than 65% after all taxes into consideration and fees etc, and this doesnt mean claiming everything back through expenses.

Has anyone any experience of this please? Good or bad?

Thanks

I suggest you search the forums or look at the stickies, if you have already signed up to any of these 'tax dodge schemes' an investment in a pair of tulipe coloured trousers may be judicious (In other words don't touch them with a barge pole!)

[Scruff]

BOHICA

[LisaContractorUmbrella]

I would suggest that you have a read through here HMRC Scheme Enquiries. Many, many people have been caught out by these scheme providers offering 80-90% take home and are now suffering untold misery at the hands of HMR&C

[Andrew@Wisteria]

Hi - does anyone know about these sort of organisations that say they can retain 80% of your income by putting it through a trust/loan? I got a call from one of these guys and he said we as IT contractors whether Umbrella or LTD will take no more than 65% after all taxes into consideration and fees etc, and this doesnt mean claiming everything back through expenses.

Has anyone any experience of this please? Good or bad?

Thanks

Sure, take the risk - just make sure you have a war chest available when HMRC come knocking! These companies quickly disappear and leave you to pick up the pieces. Ltd typically a much higher take home than Umbrella depending on your circumstances.

[sirja]

Been there, done that, got the kick in the nuts. Never again. Please stay well clear, it's just not worth it and you'll end up loosing much more than you gain

[Maslins]

Sure, take the risk - just make sure you have a war chest available when HMRC come knocking! These companies quickly disappear and leave you to pick up the pieces. Ltd typically a much higher take home than Umbrella depending on your circumstances.

My bolding above. It's easy money:

Pay me cash and I'll reduce all your taxes to £nil. You won't have to submit any returns for ~18 months, and it'll likely be another year before HMRC enquire, meaning for over 2 years you think my "scheme" is brilliant and get all your mates to sign up, making me lots of money.

Then a letter falls on your doormat from HMRC, along with your mates. You contact me asking what to do, and find out I'm now sunning myself in the Bahamas with your money.

[moggy]

My bolding above. It's easy money:

Pay me cash and I'll reduce all your taxes to £nil. You won't have to submit any returns for ~18 months, and it'll likely be another year before HMRC enquire, meaning for over 2 years you think my "scheme" is brilliant and get all your mates to sign up, making me lots of money.

Then a letter falls on your doormat from HMRC, along with your mates. You contact me asking what to do, and find out I'm now sunning myself in the Bahamas with your money.

What are your charges and what's my retention?

[eek]

What are your charges and what's my retention?

To you a mere 5% and you can retain the rest (in the short term).