EBT - Employee Benefit Trust

[SueEllen]

Every time I hear of a footballer being made bankrupt now I think HMRC.

[TestMangler]

Why are they not sueing those agents for negligence?

And they had no idea why take home was so high compared to other people in same contract?

You discuss your take home with other contractors ?

[malvolio]

You discuss your take home with other contractors ?

No, but the gap between your day rate and your net take home being rather less than your marginal tax rate should be a bit of a clue...

[TestMangler]

No, but the gap between your day rate and your net take home being rather less than your marginal tax rate should be a bit of a clue...

Not 'mine' in this case as I never used anything other than a ltd co when contracting. The point is, people selling these things are seen by some people as 'professionals' and the type of people that should be reached out to for advice. To suggest that everyone who got involved did it through greed is frankly bollocks.

You might have only encountered people who are completely clued up about everything when they get into contracting for the first time, but not everyone is. Maybe stop being such a condescending prick though.

[AtW]

You discuss your take home with other contractors ?

Given how high taxation is in this country it would not take a genius to realise something is not right if you suddely get 90% take home from the level where people paid 40% income tax. People who took part in it were not old senile pensioners who were taken advantage of by the scheme providers, had it been the case the scheme providers would have taken 40-50% of take home, but they only gone for 10% or around that level.

[malvolio]

Not 'mine' in this case as I never used anything other than a ltd co when contracting. The point is, people selling these things are seen by some people as 'professionals' and the type of people that should be reached out to for advice. To suggest that everyone who got involved did it through greed is frankly bollocks.

You might have only encountered people who are completely clued up about everything when they get into contracting for the first time, but not everyone is. Maybe stop being such a condescending prick though.

A condescending prick who was trying to point out the risks and general inadvisability of these schemes 12 years ago...

HTH. BIDI

[Fred Bloggs]

See, that's just bollocks. I personally know two people, who, on being made redundant, applied for jobs only to be contacted by agents about contracts (a subject they knew lass than nothing about). Agent secured them contracts and basically just told them, to get paid you just have to sign this form with our preferred umbrella company. That umbrella company was Bedouin. As far as they were concerned, they were being advised by professional on a subject that they needed advice on.

I agree some people have been sold the idea on the basis of greed, but equally, a lot were sold it believing their advisor to be an expert in the subject.

There is truth in there of course and I am sure a minority of users would fit that description. Unfortunately, and this is where my sympathy stops, in the UK we run a self assessment tax system. A system where the individual is responsible for ensuring his income and tax is correct as per the lawful tax code of the country. Even if you use an expert adviser, it is still incumbent on the individual to ensure their tax is in order. And that is largely how the scheme promoters manage to get away with it. Not saying it is right, just how it is.

[NotAllThere]

It's called greed.

See, that's just bollocks

Not entirely. It's certainly the greed of the agency and scheme provider.