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Recent content by TRON
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IT contract with US client: Is my Ltd an active or passive NFFE? (W-8BEN-E form)
I decided to go with the "Passive NFFE" option because in my situation (my Ltd doesn't have SUSOs) it's less work (because of the reasons mentioned in the article I linked in my first post).- TRON
- Post #10
- Forum: Accounting / Legal
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IT contract with US client: Is my Ltd an active or passive NFFE? (W-8BEN-E form)
This part is quite confusing. I'm not sure whether it refers strictly to the income of the Ltd or any income "produced" for its employees. Even if my Ltd is an Active NFFE: ticking the Passive NFFE box might be a simpler solution in my situation for the reasons mentioned in the article linked...- TRON
- Post #8
- Forum: Accounting / Legal
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IT contract with US client: Is my Ltd an active or passive NFFE? (W-8BEN-E form)
The definition of "Active NFFE" (copy-pasted from the W-8BEN-E form): The entity identified in Part I is a foreign entity that is not a financial institution; Less than 50% of such entity's gross income for the preceding calendar year is passive income; and Less than 50% of the assets held by...- TRON
- Post #5
- Forum: Accounting / Legal
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IT contract with US client: Is my Ltd an active or passive NFFE? (W-8BEN-E form)
Thanks for your reply. After searching for "closely held company" I found this page: Entities 5 | Internal Revenue Service Based on those descriptions I feel to be much closer to the "personal service corporation" than the "closely held corporation". I mentioned in my original post that...- TRON
- Post #3
- Forum: Accounting / Legal
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IT contract with US client: Is my Ltd an active or passive NFFE? (W-8BEN-E form)
Should I choose the "Active NFFE" or the "Passive NFFE" (Non-Financial Foreign Entity) option on the W-8BEN-E form? An NFFE is passive if more than 50% of its income is passive or more than 50% of its assets are held for the production of passive income. Most IT contractors in the UK (including...- TRON
- Thread
- Replies: 9
- Forum: Accounting / Legal
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Jumping to IT Contracting
I was active only on one forum in my whole life - long ago in my gaming era - and never found forum activity to be very useful. Now I questioned it's usefulness again. Real life talk or silence suits me more.- TRON
- Post #11
- Forum: Welcome / FAQs
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Jumping to IT Contracting
Thank you, I've already worked it out. Before I posted my thread I've tried to search the forum with its builtin search and it was terrible. Found nothing, and that's why I created the thread. I think everyone spots the builtin search feature of the site earlier than the recommended google...- TRON
- Post #9
- Forum: Welcome / FAQs
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Jumping to IT Contracting
Thanks for all of your replies! I didn't even expect my thread to appear because some of my stupid questions, and because the forum seemed a bit strange for me by showing permission errors on my own profile/inbox/etc pages... :D I think I'll sport my black jeans + black shoes (not sport shoes)...- TRON
- Post #6
- Forum: Welcome / FAQs
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Jumping to IT Contracting
Hey Guys! Just saying hello to everyone. I'm quite happy to find this forum where I can possibly get some buddies and/or useful advice from seasoned mercenaries. :cool1: I'm another permie who decided to jump to the IT contractor vagon. I should have done it much earlier (I'm allergic to...- TRON
- Thread
- Replies: 13
- Forum: Welcome / FAQs
