Ir35 take home 85% under umbrella.

[BrilloPad]

@NotAllThere The question was actually for Brillopad to answer as other people aren't as socially inept/unaware as him.

@Brillopad next time you make a comment like that I may be tempted to get really nasty and personal.

I did answer it. In the correct place. General.

http://forums.contractoruk.com/gener...ml#post2452136

HTH BISDI

[piebaps]

There's an annuity based thread here http://forums.contractoruk.com/hmrc-...annuity-2.html Is this the same lot OP?

[BrilloPad]

There's an annuity based thread here http://forums.contractoruk.com/hmrc-...annuity-2.html Is this the same lot OP?

I expect there are several companies hawking this snake oil. I tried reporting one to the HMRC fraud line. They never came back to me. They seem quite happy to let these schemes roll then take draconian measures.

[Moumunne]

This what I've found so far:
''You'' are umbrella's employ and ''you'' take home minimum wage.
The rest of the money, they are going into an annuity found.
Apparently someone had called HMRC and said it is legal until 2019

I don't work for the public sector and I've kept my LTD.
I've tried to found out the name of the umbrella and the colleague I've spoken with, he's been reluctant to give away the name. He said it was the recruiting agency who's proposed this umbrella. The agency is Medacs

[BrilloPad]

This what I've found so far:
''You'' are umbrella's employ and ''you'' take home minimum wage.
The rest of the money, they are going into an annuity found.
Apparently someone had called HMRC and said it is legal until 2019

I don't work for the public sector and I've kept my LTD.
I've tried to found out the name of the umbrella and the colleague I've spoken with, he's been reluctant to give away the name. He said it was the recruiting agency who's proposed this umbrella. The agency is Medacs

Lets just say that someone has called HMRC(which I doubt) and HMRC say it is legal(impossible). In 2019 HMRC will deem all the "annuity" as a loan. There will then be many years of pain, misery and suffering.

Have a look at the De Graaf thread earlier on today. Though that is one of just hundreds of examples.

Recently I reported one of these schemes to HMRC. They don't seem to care. They seem happy to let people accrue lots of surcharges/fees/penalties.

[eek]

This what I've found so far:
''You'' are umbrella's employ and ''you'' take home minimum wage.
The rest of the money, they are going into an annuity found.
Apparently someone had called HMRC and said it is legal until 2019

Not quite true. Come 2019 HMRC will treat all income paid into that annuity as income within the year 2019-20 and tax you on it. So yes its legal but HMRC probably aren't revealing the full picture to those people as they are answering just question being asked. And HMRC know that they are going to get the money anyway so see little harm in providing tax evaders just the information they ask for nothing more

I don't work for the public sector and I've kept my LTD.
I've tried to found out the name of the umbrella and the colleague I've spoken with, he's been reluctant to give away the name. He said it was the recruiting agency who's proposed this umbrella. The agency is Medacs

Hardly surprising. I wonder what checks Medacs have made beyond £s commission.. That could come back to bite them..

[cojak]

Hardly surprising. I wonder what checks Medacs have made beyond £s commission.. That could come back to bite them..

Will Medacs be responsible for the shortfall eek?

And what happens to that shortfall if Medacs subsequently decide to close down?

(Actually thinking about it, if they do have a tax liability they wouldn't be allowed to close down...)

[Fred Bloggs]

Will Medacs be responsible for the shortfall eek?

And what happens to that shortfall if Medacs subsequently decide to close down?

(Actually thinking about it, if they do have a tax liability they wouldn't be allowed to close down...)

Makes no odds. The money will already be in Panama. The directors will be anywhere except in the UK.

[BrilloPad]

Makes no odds. The money will already be in Panama. The directors will be anywhere except in the UK.

And HMRC will not go after them.....

[malvolio]

And HMRC will not go after them.....

Why would they? It's up to you to pay the correct taxes...