IOM Employee

Get in touch

Prima

Can you please get in touch?

I am not sure about this board type messaging, but you can get me on 433356.

Thanks


JM

> Ignore Fiddle (for now), he has a different agenda!

You cut me to the quick

For what it's worth I'd suggest you contact the poster/accountant just above me - that's what I'd be doing if it is possible (and I've no idea if it is but certainly we are in discussion with an IOM company who just bill the end user on your behalf and send you a cheque for the lot less their % so UK companies can engage IOM companies to do work for them without problems).

IOM Employee

I think you're best option would be to go through an Isle of Man company as an employee. If it's only a six month contract you could take a few trips back to IOM to stay under six month residency rules in UK and retain your IOM residency. You would pay full tax/NI in IOM but none in the UK. You could do this through your own company or through and umbrella company. I'm an IOM based accountant who could assist with either option if you want to take it further.

Ignore Fiddle (for now), he has a different agenda!

Probably a dumb question, but if you're an IoM resident, why don't you set up an IoM company and use your rather better local tax regime? Is there some legal reason not to do so? After all, EBTs are merely a dodgy way of moving money offshore to the UK - and I thought the IoM was a pretty effective UK offshore...

Don't ask us amateurs, speak to a local accountant first.

And failing all else, if it's only for the short haul and you have to use UK based companies, use a good (i,e, large, well established, etc.) umbrella. This is not a good time to set up a new UK company.

Mant EBT's including the one I promote on www.************.co.uk are based in the IOM and offer a low tax alternative regardless of what the contract conditions may be.

Wait to see what 4contractor's salesman of the month Gordon Brown has to say in the budget - it's on Wed 17 March. If you don't like his options look to an alternative.

I currently work as a PAYE employee in/on the wonderful Isle of Man.

I have recently won a 6 month contract in the UK, and as far as I can tell have a number of options open to me;

Stay as an employee of that company, and cut a deal as to the new hourly rate, and expenses, ER, EE, NI etc. This would probably give me the highest take home pay.

Use an umbrella company, and claim like a MOFO everything and anything that I can relate to my contract.

Form my own LTD, and claim 5% as expenses, (5 blooming percent!!!)

I believe I will be captured by IR35 and sent to tax hell, so am looking for advice on the legality of option A. In the IOM I pay a maximum of 18% tax. I will retain a IOM residence, and wish to remain an IOM resident.


Any help, will be appreciated.

Thanks

JM