WCS - all umbrella companies should work in the same way i.e. tax deductions through PAYE - if a scheme promises a higher net return than any of its competitors you have to ask yourself how?
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Is this the end for offshore umbrella companies??
Collapse
X
-
-
Originally posted by LisaContractorUmbrella View PostFollowing HMRC's recent update on offshore employment intermediaries I asked for clarification on the changes to the legislation:
"Contractors join offshore umbrella company schemes in a bid to avoid tax – from what I have read, the updated legislation would make that contractual arrangement null and void as the full contract value (less agency margin) would be subject to PAYE and NIC’s. Therefore, the arrangement that had been entered into between the contractor and the offshore umbrella company would be pointless as there could be no possibility of the offshore umbrella offering any sort of tax saving. Is my understanding in this matter correct? “
A policy advisor confirmed that my understanding was quite correct.
What does the panel think?? Is this the end for the QC approved 90% take home offerings?Comment
-
Originally posted by Old Greg View PostWe both know that the 90% model has long ago died a death.Comment
-
Originally posted by LisaContractorUmbrella View PostYou would think wouldn't you but try typing Umbrella Company Take Home Pay into Google and see what it brings up - there are new companies making this sort of promise springing up all over the placeComment
-
Comment
-
Originally posted by LisaContractorUmbrella View PostAny takers for that yet OG?Comment
-
Comment
-
Originally posted by LisaContractorUmbrella View PostPlease tell me you're jokingComment
-
Originally posted by Old Greg View PostWe both know that the 90% model has long ago died a death.Comment
-
Originally posted by craig1 View PostI received a spam email from one of them this morning titled "Contractors - Retain 90% Of Your Income". UK "administration" office in Canterbury. It meets all the bingo words and phrases including "Senior Tax Counsel" approved, avoids IR35, fully insured, and so onComment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment