Reply to: Which offshore scheme provider?

[cojak]

Thats 80% cash in your hand is it?

No I didn't think so.

In that case I don't think we can help you Connie. Good luck with your search though.

[Connie]

I don't think anyone here is admitting to using a "scheme" these days though there are plenty who did use one and possibly wishing they didn't now. A few years ago when IR35 was new and not well understood and the schemes hadn't got themselves into HMRC's radar, perhaps it was a reasonable decision, but not now.

Most people here stick with a LTD company - you can get over 80% of your rate by operating as a LTD so why people would bother with the "take home 85%+" schemes where you pay zero tax to HMRC and the other 15% of your income goes to the scheme provider is beyond me....

Thats 80% cash in your hand is it?

No I didn't think so.

[Wanderer]

I don't think anyone here is admitting to using a "scheme" these days though there are plenty who did use one and possibly wishing they didn't now. A few years ago when IR35 was new and not well understood and the schemes hadn't got themselves into HMRC's radar, perhaps it was a reasonable decision, but not now.

Most people here stick with a LTD company - you can get over 80% of your rate by operating as a LTD so why people would bother with the "take home 85%+" schemes where you pay zero tax to HMRC and the other 15% of your income goes to the scheme provider is beyond me....

[northernladuk]

I have skimmed through a couple of the sebt's threads unfortunately there is a lot of, what shall I say, arguing going on that puts me off reading them in full.

Might be a bit of an 'out there suggestion' but have you even tried google?

Using the term Benefits Trust Scheme Contractor you get..

benefit trusts scheme contractor - Google Search

Just that search alone should be enough to put you off.

[Old Greg]

I have skimmed through a couple of the sebt's threads unfortunately there is a lot of, what shall I say, arguing going on that puts me off reading them in full.

Have a look at the Employee Benefit Trusts link on the right hand side. Then make your mind up. I doubt we can help more than that.

[Connie]

that is what you will end up owing if the scheme goes pear shaped of HMRC decide to come visiting.

Hence this thread.

[Connie]

This forum is quite self explanatory.

Have a look at some of the stickies at the top and read the threads on "No to retro taxation" and "Loans EBT".

I have skimmed through a couple of the sebt's threads unfortunately there is a lot of, what shall I say, arguing going on that puts me off reading them in full.

[Platypus]

Anything about paying less tax should be ringing alarm bells IMO

Yep, it's still you

[LisaContractorUmbrella]

Is there any other reason to use these schemes.

Just make sure that you put away the equivalent of the difference between tax paid via SEBT and owed via PAYE and then put away that amount again and then add 8% to the total as that is what you will end up owing if the scheme goes pear shaped of HMRC decide to come visiting.

Your decision but you should be fully aware of the risks

p.s. do all of the above for 10 years just to be on the safe side

[northernladuk]

Is there any other reason to use these schemes.

But have you looked in to why you wouldn't. Anything about paying less tax should be ringing alarm bells IMO, particularly with all the celebs being plastered over the news recently.

I'm sure that the OP has done this already and decided that the risk is worth it.

We are all grownups around here.

I don't agree. We have so many newbies jumping in to things they clearly don't fully understand or researched properly I think it is a valid question, particularly in the current climate.

[SueEllen]

Which scheme was you with?
Is there a thread, can you provide a link if so.

This forum is quite self explanatory.

Have a look at some of the stickies at the top and read the threads on "No to retro taxation" and "Loans EBT".

[stek]

Is there any other reason to use these schemes.

Have you considered the reasons not to?

[Connie]

What exactly helped you decide to do this? Did you do some research in to it first or just like the figures.

Is there any other reason to use these schemes.

[Connie]

If you want the worry of having HMRC having you in their sights, go right ahead. As someone caught up in the BN66 offshore solution, my advice is steer well clear and go limited. The worry isnt worth it.

Which scheme was you with?
Is there a thread, can you provide a link if so.

[Old Greg]

I'm sure that the OP has done this already and decided that the risk is worth it.

We are all grownups around here.

I'm not.