Aston Management - Take home 86% of gross?

[Pondlife]

High Lea in Poolfoot Lane is a bed and breakfast establishment.

http://www.funforall.co.uk/accommodation/fleetwood.htm

...... in Fleetwood !!!!!

Do you think that your current client is making the best use of your time today?

[oraclesmith]

I figure I'd better stop when my Company Secretary gets back to the office from her highly paid day job !

[ASB]

http://www.nolongerlimited.com/marketsolutions.html

According to this article you can't do it any more. It claims the EBT loophole is closed and they can no longer operate. The site is a CUK Alliance partner.

As I said before, I wouldn't touch it with a bargepole. Technically you could still owe a huge proportion of accumulated earnings to the Trust, and you can bet your last cent on them trying some legal trickery to get some back if they get into trouble. Remember, it's an accumulated loan, so if you get £50k in loans for ten years, that's half a mil you owe them.

Regarding the loan arrangements it was common for these to be made in a foreign currency using forward purchases to enable it to be repaid at a much reduced value.

But, given the dignatio collapse I do not understand at all why the liquidators did not apparently try and call in the loans but as far as I can tell this did not happen. Perhaps the recipients were simply creditors of the EBT and the independant nature of that kept it out of reach.

[Gaz]

Hey Guys,

Thanks for the great feedback... I've been in transition from Oz to UK, so haven't been online for a while... I'm definately not gonna go near Aston's scheme. After their initial email I replied with in depth questions about the scheme and they never responded... say no more...

I'll be setting up another ltd company... but may go for a fully managed one coz I'm a lazy b*&tard... ;-)

Cheers,
Gaz.

[Jay54]

GAZ posts = 1
Foxy posts = 1

Both advocating the use of some 'too good to be true' offshore crap.

Wake up and smell the



FFS Frying pans and fire spring to mind.

YES from what I have read (so far) these 'schemes' are HMRC fodder. Anyway any 'schemes' run offshore are thaught by the Revenue to be tax dodgy, Why else are they offshore?

[French con in UK]

Continuing the debate

Hi,
I am new to contracting, I got a three month contract starting the 1st of October at a City banker IT rate. This contract falls under the IR35 so I can expect a return of 65% using Limited or Umbrella company.
After doing some research on the internet, I found this amazing possibility offered by AML to get back 85% of my income by a legal way (trust scheme based in the Isle of Man).
I am considering very seriously to use their services.

Does anyone have already work with them can give me his opinion and risk encountered?

Thanks

[DaveB]

Hi,
I am new to contracting, I got a three month contract starting the 1st of October at a City banker IT rate. This contract falls under the IR35 so I can expect a return of 65% using Limited or Umbrella company.
After doing some research on the internet, I found this amazing possibility offered by AML to get back 85% of my income by a legal way (trust scheme based in the Isle of Man).
I am considering very seriously to use their services.

Does anyone have already work with them can give me his opinion and risk encountered?

Thanks

Don't.

Go read the threads on Talent Resource Management and BN66 for an indepth view on just how much crap you could land yourself in.

IoM trusts etc are squarely in the sights of HMRC and you run a serious risk of finding yourself with a very large tax bill.

As far as IR35 is concerned, get the contract checked professionally by Bauer and Cottrell. You will probably find that any or all of the clauses in it that put you inside IR35 can be negotiated.

[TykeMerc]

Read this and repeat it ten thousand times, it especially applies to tax avoidance schemes...........

IF IT LOOKS TOO GOOD TO BE TRUE THEN IT IS TOO GOOD TO BE TRUE

Sorry about the caps, but the message warrants it.

No matter which way you look at it any scheme that plays fast and loose with the tax regulations will get shot down at some point and the penalties can be horrifying on top of the gigantic amounts of tax owed.

Loan schemes expose you to tremendous risk as you sign over your contract rates in exchange for a low salary and loans that could be quite legally recalled by the company bankrupting you personally, simply because you secured and did the work you have no right to the contract rate as soon as you sign it over to the scheme.
Plus if the scheme goes bust there's noting to prevent the Receivers/Liquidators from attacking you as a debtor.

[mailric]

Does the word "LOAN" not give it away?

loan = def: a grant of the temporary use of something

Theres loads of these kind of agreements going on. When the 'scheme' starts to get looked into a bit more then do you think the company is going to cover your ass?

What defence have you got? If your only defence is "well, its a loan" then be prepared for the response "well, pay it back then"

[BrilloPad]

they are just about the most risky mechanism on the face of the earth. Since the money received is not salary (quite the opposite in fact) you have zero protection if anything goes the slightest bit wrong.

agree strongly. Now everyone offshore uses a loan scheme(montp switched in March). I am sure HMRC will have these schemes firmly in their sights.