Reply to: PayScheme+

Re: My scheme

Fairy snuff.

Just from a previous conversation I thought you were using a scheme which invested in an EIS (qualifying you for relief upto 100k) and then unwound the EIS a way down the track to generate your income.

Still, listening properly has never been my strong point.

Re: My scheme

What's EIS?
I am still with Payscheme+

My scheme

Bex,

What went wrong with the EIS approach (or am I confused again?)

I

Re: Offshore Loans

Hi,

No, we will always complete your VAT and PAYE for you.

I can understand how some of these schemes are so tempting, but remember the Dignatio fiasco?

Re: Offshore Loans

Simon

Thanks for your reply. I will drop you an email over the weekend.

I may have got the monthly figure wrong. But is it your expectation that I sould be filling out my own vat forms, and PAYE/NIC books? I don't have a major problem with your service it just appears that all other contractors are doing is sending in a copy of each monthly invoice and everything is handled. When things like Payscheme+ are mentioned with talk of 90% take home and no admin - the eyes do light up.

Re: Offshore Loans

just normal accountants - owned by Simon Dolan i think. Standard Self-Employed scheme - ie they do very little.

Re: Offshore Loans

who's SJD and what scheme have they got for you?

Re: Offshore Loans

Hi Underscore,

I was surprised to read what you said. We charge £80 a month, not £85, and do the VAT returns, PAYE, payroll etc as part of the package. You don't have to do it yourself.

Please do drop me an email re the other advice as is not something we would say ordinarily.

simon@sjdaccountancy.com

Offshore Loans

who's SJD and what scheme have they got for you?

Firm of accountants, similar to us. No scheme as such, just a standard limited company set up.

We looked at these schemes and their conditions and concluded that they were very risky and wouldn't stand up to an indepth enquiry.

Re: Offshore Loans

I'm actually with SJD - who get 85 per month from me and appear to do very little for that. I have to fill out all my VAT returns, my quart PAYE/NIC, and they tell me to hold on to 40% of my cash "just incase" they can't get the tax bill down? It just doesn;t fill me with confidence - I should be able to pay these people tell them what I'm pulling in and leave it all to them.

It is dodgy but the odds may mean you don't get looked at and get away with it. I think these schemes came into existence for City types who are dealing in much bigger numbers, have more cash to fight it when they are caught and are not doing it long term so risk it.

Offshore Loans

I seem to recall that these types of scheme were torn to shreads by both myself & Simon Dolan approx 12 months back. :x

In addition, they were specifically mentioned in the finance bill last year as schemes that are being identified and shut down. The comments on the tax web link I think indicate someone else's opinion on these in a similar way.

It must be dodgy. They reckon I can take home 90%. Why aren't all contractors doing this.

yes I went with it and as rootsnall said, it's OK as long as the interpretation of non-employment-related loans doesn't change - because basically that's what makes it tax-free

Have a look at www.taxationweb.co.uk/forum/discuss.php?id=5775. It doesn't sound too bad but its like other schemes, its OK if you don't get investigated and lose.