Reply to: Newbie - offshore scheme question

[malvolio]

So what is a "fair share" of tax/nic on £100k?

• 50%
• 45%
• 40%
• 35%
• 30%
• 25%

I bet there aren't many contractors on CUK, other than those working through brollies, who are earning 6 figures and are in the top half of this table. I doubt you'd find many nurses, teachers who would regard this as fair.

Oh FFS, there is no "fair" share: that's a myth dreamt up by New Labour and the Dim Prawn to justify Brown's inane socialist fiscal policy (that's the one that's nearly bankrupted us all, btw).

I pay all the taxes I'm required to, and that is all that you need to do. My last full year of trading that amounted to £47k going into HMRC's coffers - roughly the cost of employing a full time nurse. I'm quite relaxed that I'm making my contribution to society.

[DonkeyRhubarb]

20% is taking the piss IMHO and nurses, teachers are right to think it less than a fair share.

So what is a "fair share" of tax/nic on £100k?

• 50%
• 45%
• 40%
• 35%
• 30%
• 25%

I bet there aren't many contractors on CUK, other than those working through brollies, who are earning 6 figures and are in the top half of this table. I doubt you'd find many nurses, teachers who would regard this as fair.

[singhr]

Let's say a contractor, operating a Ltd Co outside IR35, was earning £100k and paying 20% tax/nic.

Would a nurse, teacher etc. think this was a fair share?

20% is taking the piss IMHO and nurses, teachers are right to think it less than a fair share.

[singhr]

Wow, I was only after a bit of advice dude - surely part of the point of a forum like this?
Thanks for all the responses on this everyone!
D

The dude abides

[ChimpMaster]

...........

Thank god I didnt do much work through the scheme else I'd be near suicidal right now. I've been fortunate to stay in work these last 4 years but now find Im going to be benched in November. Im seriously thinking of just paying up and ******* the whole bad trip down to a bad experience.

Why not just cash your chips in and run away to paradise?

[BolshieBastard]

Never thought I'd hear you say that, BP!

I dont think any right minded person who's involved with BN66 would ever have considered schemes like MP's if they knew how it would turn out.

But, we are the ones likely to lose most because its relative to each individual if things go in hMRC's favour.

I keep hearing, reading and being told MP stand to lose a lot if they lose. I dont agree. They've already ditched the 'original' scheme and doing something else.

I never see or hear of them lobby MP's or getting this whole issue in the public eye and educating the general public what this issue is all about.

In fact, I've had the odd 'aggressive' response from MP which I think is pretty appalling.

Thank god I didnt do much work through the scheme else I'd be near suicidal right now. I've been fortunate to stay in work these last 4 years but now find Im going to be benched in November. Im seriously thinking of just paying up and ******* the whole bad trip down to a bad experience.

[BrilloPad]

Wow, I was only after a bit of advice dude - surely part of the point of a forum like this?

I thought the only point of this forum was to hurl insults?

[Fred Bloggs]

Next one I'm going to make sure I'm doing work for a couple of other co's at the same time and make sure I'm as IR35 proof as I can be.

That doesn't really work, because you can run two concurrent contracts but each one is assessed on its own merits. So, you can be caught and not caught at the same time on the two contracts.

[Fred Bloggs]

Why is IR35 not mentioned in that link?

I can't see famous presenters getting the BBC to accept a valid substitution clause, and I'm sure the hours/place of work are set in stone...

Anyone who can afford to pay top lawyers is outside of IR35 for sure. HMRC will attack the contractor every time over highly paid TV personalities because the contractor cannot afford those expensive top lawyers.

[fatsuperman]

Cough up like the rest of us law abiding contractors on CUK and pull your weight.

Wow, I was only after a bit of advice dude - surely part of the point of a forum like this?
Thanks for all the responses on this everyone!
D

[BrilloPad]

Never thought I'd hear you say that, BP!

I am limited these days.

The offshore stuff will be hanging over me for many years to come......

[TheFaQQer]

Dont do it. Go Limited.

Never thought I'd hear you say that, BP!

[BrilloPad]

Hi everyone,

Next week I'm starting my first contract for a decade, I'm currently with a 'generic umbrella' and have been speaking to a friend who is also contracting.

From what I can tell, he has a very cavalier attitude to tax and for around 12 months I believe he was self-employed and didn't bother paying tax (he says he'll "pay the bill 9 months after year-end"). Recently he told me "he's offshore now" and recommend I get involved.

Clearly this is someone I shouldn't be taking advice from, however I thought I'd have a browse here for info on these schemes - couldn't turn up much. Can anyone give me an overview of how these work and the risks involved?

Much appreciated!
Fats

Dont do it. Go Limited.

[Robot]

Why is IR35 not mentioned in that link?

I can't see famous presenters getting the BBC to accept a valid substitution clause, and I'm sure the hours/place of work are set in stone...

Maybe they’re under IR35 on the BBC contracts but outside IR35 on their other income they receive as journalist...

[Maslins]

Why is IR35 not mentioned in that link?

I can't see famous presenters getting the BBC to accept a valid substitution clause, and I'm sure the hours/place of work are set in stone...