Reply to: Am i paying too much Tax?

[sweetandsour]

I've heard of a scheme where you can retain about 115% of your gross income. What you do, but keep this to yourself, is set up a ltd co and register it for VAT. Don't pay VAT, CT, PAYE etc to HMRC just keep it all to yourself. Its a risky strategy and its not for everybody but it depends on your risk profile!

You used to be able to keep 117.5% of your income doing this.

Bloody government lowering taxes.

[Alan @ BroomeAffinity]

I am not sure you are genuine. Can you confirm you do operate out of a PO Box account in a tax haven without any reciprocal extradition treaty with the UK? (Anything less and I will not think you have a really good scheme.)

Meh. Sorry for delay - I had to ask "Uncle" Ronnie if i can give out the address. I can't but we're in Brazil and I have a hotmail account and a mobile phone number if that helps convince you I'm for real. And Carlos says I'm a stand up guy.

[RichardCranium]

I suppose so but the interest rate would be high and the repayments would have to be in cash.

I am not sure you are genuine. Can you confirm you do operate out of a PO Box account in a tax haven without any reciprocal extradition treaty with the UK? (Anything less and I will not think you have a really good scheme.)

[Alan @ BroomeAffinity]

I'm interested in this 115% scheme too. Can you promise not to disappear when HMRC come knocking?

I can certainly promise that. But my scuples are such that I may not be able to keep that promise. All I can say is that I'll try.

[DiscoStu]

I'm interested in this 115% scheme too. Can you promise not to disappear when HMRC come knocking?

[Alan @ BroomeAffinity]

I would prefer some arrangement where you lend me my own money. Is that possible?

I suppose so but the interest rate would be high and the repayments would have to be in cash.

[Pondlife]

I'm just trying to gain your confidence so that when you sign up I can convince you to "invest" 25% of your income into our Never See It Again Savings Plan.

I would prefer some arrangement where you lend me my own money. Is that possible?

[Alan @ BroomeAffinity]

I'm amazed you're giving out this wonderful information for free.

Why not email me an NDA first and then give me the hard sell over the phone without illustrating any of the risks.

I'm just trying to gain your confidence so that when you sign up I can convince you to "invest" 25% of your income into our Never See It Again Savings Plan.

[Rupert Matthews]

Personally I am wary of anything that requires counsel's opinion in order to justify the artificially low tax rates created.

Especially when HMRC / Government have made it clear that restrospective taxation is something they are quite prepared to implement (BN66).

Working through your own limited company with an IR35-friendly contract is likely to be the best solution for the majority of mid-earning contractors.

The remainder should consider carefully whether the extra few percent is worth the additional risk.

[Pondlife]

I'm amazed you're giving out this wonderful information for free.

Why not email me an NDA first and then give me the hard sell over the phone without illustrating any of the risks.

[Alan @ BroomeAffinity]

Sounds great.

As an aside, do HMP provide wi-fi these days?

Probably. You can get Sky TV and a private shower so I don't see why not.

[RichardCranium]

I've heard of a scheme where you can retain about 115% of your gross income. What you do, but keep this to yourself, is set up a ltd co and register it for VAT. Don't pay VAT, CT, PAYE etc to HMRC just keep it all to yourself. Its a risky strategy and its not for everybody but it depends on your risk profile!

It's worked for plenty of Australian contractors over the years. Do two years and go home.

[Pondlife]

I've heard of a scheme where you can retain about 115% of your gross income. What you do, but keep this to yourself, is set up a ltd co and register it for VAT. Don't pay VAT, CT, PAYE etc to HMRC just keep it all to yourself. Its a risky strategy and its not for everybody but it depends on your risk profile!

Sounds great.

As an aside, do HMP provide wi-fi these days?

[Alan @ BroomeAffinity]

I've heard of a scheme where you can retain about 115% of your gross income. What you do, but keep this to yourself, is set up a ltd co and register it for VAT. Don't pay VAT, CT, PAYE etc to HMRC just keep it all to yourself. Its a risky strategy and its not for everybody but it depends on your risk profile!

[Meades & Co]

I'm quite happy with the return I get from my Ltd company. I'm curious as to why you won't give us a brief overview of how it works without calling you?

It's simply because there are various options available according to the requirements of an individual. I also have to be aware of legal issues, NDA's, intellectual property rights and advertising on this site.