Contractor Benefit Trust-CBT

[LisaContractorUmbrella]

What is a CBT?

Is it just another loan scheme etc based in the isle of man etc

These are usually just for the greedy, the brave, or stupid, perhaps all three!

Along these sort of lines:

You will be engaged as a self-employed contractor and will agree to supply your services to the company operating the scheme who will make an onward supply of your services to its clients. In exchange, you will receive a set monthly retainer which you will have to pay NIC and tax on; any additional income arising will be retained by the scheme operator and will be paid to a Contractor Trust from which you and your family may apply to for loans from time to time.

So same idea as an EBT but with the word contractor replacing the word employee

[Waldorf]

What is a CBT?

Is it just another loan scheme etc based in the isle of man etc

These are usually just for the greedy, the brave, or stupid, perhaps all three!

[cojak]

Many contractors end up personally bankrupt if it is found not to work. If you did end up bankrupt then you probably wouldn't be able to work in finance or possibly areas requiring security clearance.

Now there's a quote that should give people pause for thought...

[BlasterBates]

These schemes where you pay hardly any tax are highly risky. It might work or it might not, and no-one can say for sure. What you have to be clear about is whether you could handle it if it goes wrong, and this isn't an insignificant probability. Many contractors end up personally bankrupt if it is found not to work. If you did end up bankrupt then you probably wouldn't be able to work in finance or possibly areas requiring security clearance.

[northernladuk]

If it is another version surely you have already be forwarned? There are more then enough high profile threads on EBT's in general.

[contractor55]

Obviously it is just another version of EBT, anyone been approached, currently involved, feedback etc

Thanks