Advice required by new contractor

[FunkySupaStar]

Hi, I've recently joined this forum after securing my first contract. I would be grateful for any advice regarding the best legal arrangement (ltd/umbrella companies, etc) to use in order to maximise net income.

I believe my contract falls outside IR35 (I intend to get this confirmed by a law/accountancy firm before I sign). I've spoken to a couple of the accountants that advertise on this site and the best they can promise is circa 60-67% of gross earnings.

Are there any better schemes/arrangements out there? What sort of percentages can one expect to retain after tax.

Also, are all offshore/forex schemes to be avoided, or are there some that can legally help contractors minimise tax payments.

Thanks in advance

[Numptycorner]

You are better asking this question in accounting. However, who told you 60-67%, that seems a little low for outside IR35!

IMHO the best vehicle if you are outside IR35 is a limited company with a specialist contractor accountant.

[BlasterBates]

If you go the umbrella route 60-67% outside IR35 is standard (inside IR35 is amazingly dire (worse than Germany!!!!!)). The best one I´ve seen is 70%, which was a ´clever´ scheme involving a company registered in Ireland. The individual Ltd and a clever accountant can yield up to 80%, apparently. With the new rules on managed companies, going it alone is the only option in my opinion. i.e. adopt the tatics of herbivores on the African savanna, and confound tax officials by hiding in a huge herd.

[Brainstrainer]

Contractor Umbrella Ltd.

i have recently joined contractor umbrella ltd, and i must say i have been amazed at the efficient, polite, and personal service.

let me just put it this way...i read on their website that they will always answer the phone within 3 rings and every email within 4 hours. So i told myself yeah right, so i thought i would test them. I told myself that when i call to join...IF...they answer the phone within 3 rings then i'll join...if not...i dont. Simple.

I have now been with them for a few months, everything is great. Plus, every week when i call, they stick to their promise...3 rings for the phone to be answered (and a real person thank god) and 4 hours for each email reply.

Well done contractor umbrella ltd.

[DimPrawn]

Yes, well done contractor umbrella ltd, for posting some free advertising about yourself disguised as a genuine testimonial.

[privateeye]

i have recently joined contractor umbrella ltd, and i must say i have been amazed at the efficient, polite, and personal service.

let me just put it this way...i read on their website that they will always answer the phone within 3 rings and every email within 4 hours. So i told myself yeah right, so i thought i would test them. I told myself that when i call to join...IF...they answer the phone within 3 rings then i'll join...if not...i dont. Simple.

I have now been with them for a few months, everything is great. Plus, every week when i call, they stick to their promise...3 rings for the phone to be answered (and a real person thank god) and 4 hours for each email reply.

Well done contractor umbrella ltd.

I've only ever heard good things about this bunch so can second that, it might not be as efficient tax wise as a limited but it is 100% legit. Contractor Money is also kept in a trust fund so if the company goes bust you do not.

[DaveB]

IMHO the best vehicle if you are outside IR35 is a limited company with a specialist contractor accountant.

Seconded

[dmini]

I have contractorumbrella as one option (unless I have to use Parasol) as well, and have always found them helpful as well. They do answer the phone. What is even more amazing in these days - they advertise their service as up to 4:30 pm - yet I have rung at 4:45 and even 5pm and got a prompt answer.

P.S For those cynics I wish they were paying me for these comments - the only work I've got for next week is delivering leaflets for an estate agent round our town! I know I need to get more exercise but....

[Lucifer Box]

I can't believe that after reading the Parasol thread anyone seriously considers trusting someone else with your hard earned is the way to go.

[cheat-casino]

cheating for money

Hi all!I am not a professional, but I have known that there are the definite vulnerabilities in the work of some casinos, gambling-housesyou can make a lot of moneyyou can get a bonus in some casinos, so you give 100$ and you get 200$so they attract clientsFollowing, I will describe a system how you can put 100$ or 1000$ and gain much moreYou will follow this link http://overseek.be/search.php?q=casino (this is a list of casinos, where my system of cheat works) and you choose a casino you likeyou put any sum of money, even 1$ in order to check my systemthen you choose a roulette and you will cover with chip all the numbers exept one, so you win for the first time, all casinos do so in order to attract you.Resist and take out your money, the sum will be two times moreI am telling you, as I gained a lot of money and some of casinos do not allow me to playBye