Reply to: Bedouin Tax Solutions

[malvolio]

I got an email. My replly was

So that’ll be the one where I give you all my money and you give me most of it back for a while then in another 20 years or so I get a six figure tax bill.
Think I’ll pass.. Don’t contact me again

[eek]

I hear Bedouin have shut down shop.
Does anyone have any details?

They seem to have rebranded slightly as I've just got an email from Bedouin Strategic Wealth Management offering me a fully HMRC compliant alternative to umbrellas or limited companies.

Looking at the main topic of conversations around this forum I don't think I'll take them up on the opportunity. I like having control of my own money and sleeping at night.

[porrker]

They are "under new management" company called Redstone. IOM as well funnily enough

They have just rebranded. However in light of the sudden actions of HMRC I wonder if they have done it to protect themselves from having to take action should any of their employees receive letters. They did it very suddenly late January just as the first letters were being received by other scheme users.

[thebear14]

I haven't heard that they've stopped trading, and gossip like that normally spreads around the IOM like wildfire.

They are "under new management" company called Redstone. IOM as well funnily enough

[Vallah]

I haven't heard that they've stopped trading, and gossip like that normally spreads around the IOM like wildfire.

[LisaContractorUmbrella]

I hear Bedouin have shut down shop.
Does anyone have any details?

Where did you hear that Hercule? not heard anything on the grapevine

[Hercule]

I hear Bedouin have shut down shop.
Does anyone have any details?

[LisaContractorUmbrella]

And I find it amazing that people still sign up to irresponsible tax schemes, even when the facts are staring them in the face.

Unfortunately most people won't go looking for the facts when there is a 95% take home staring them in the face

[jamesbrown]

Sorry, how does this work? I am a financial trader currently trading my own account, making a lot of money and looking to trade as a limited company to save tax. I spoke to an accountant about this just this week and he was of the opinion that my expectations for how much tax I can save are are unrealistic. I was thinking, tax on dividends is low so I save loads of tax but he pointed out to me that the company first has to pay corporation tax on the profits (what's that these days? 20-25%?) and then I pay cgt (20-25%?) on the divis that are paid to me. I can't see any mention of paying corporation tax on the limited company's profits in your figures. What am I missing? Surely when a contractor has a ltd co., the co. is paid, expenses are taken off, there's a huge amount of net profit and the co. has to pay tax on the profits before any divis are paid out?

Your accountant is probably talking about the differences in taxation between a trading company and an investment company. There are several differences.

[cojak]

My advice would be exit the scheme immediatley, go and see an accountant and get your tax affairs in order. You´ve lost the fees but you don´t want a loan, you want your income in your bank account.

I find it sad that people still recommend irresponsible tax schemes.

And I find it amazing that people still sign up to irresponsible tax schemes, even when the facts are staring them in the face.

[cheesy]

Jeesus effing Christ.

All that risk and only 81%

you can achieve 76% by going limited FFS! Nothing fancy. Just expenses and dividends.

Edumicate yourself before I slap you!

Contractor Calculator - Your Expert Guide to Contracting. For UK Contractors, Freelancers, and Consultants


Your Details Rate £250
Rate Type Daily
Hours per week
Days per week 5
Weeks per year 44
Salary £8,000
Legitimate section 98 expenses £3,000
Pension contributions £0
Other income £0
Tax code 810L
Dividend percentage 100%
Personal Income Net Annual Income £42,066
Net Monthly Income £3,505

Sorry, how does this work? I am a financial trader currently trading my own account, making a lot of money and looking to trade as a limited company to save tax. I spoke to an accountant about this just this week and he was of the opinion that my expectations for how much tax I can save are are unrealistic. I was thinking, tax on dividends is low so I save loads of tax but he pointed out to me that the company first has to pay corporation tax on the profits (what's that these days? 20-25%?) and then I pay cgt (20-25%?) on the divis that are paid to me. I can't see any mention of paying corporation tax on the limited company's profits in your figures. What am I missing? Surely when a contractor has a ltd co., the co. is paid, expenses are taken off, there's a huge amount of net profit and the co. has to pay tax on the profits before any divis are paid out?

[porrker]

"Start a thread"? I think you mean ask a question and just to illustrate how much a pleasure Bedouin are to deal with this is the response I got when I asked for some tax information "Can you please confirm why you require this information?". So you'll forgive me if I've burdened you by starting this thread however at no point was I aware I specifically asked for your 2 bob's worth. Cheers

You are not going to get a real understanding of other users satisfaction of working for Bedouin or information on how it operates on a public forum. Past and Present users of such schemes tend be under some form of NDA including yourself.

[thebear14]

I just find it odd that you don't appear to know the means by which Bedouin have been paying you for the last 6 months. And that rather than trying to find out, you've joined CUK to start a thread about EBTs, which may or may not be the way that they've been paying you. It's just looks a little bit peculiar.

"Start a thread"? I think you mean ask a question and just to illustrate how much a pleasure Bedouin are to deal with this is the response I got when I asked for some tax information "Can you please confirm why you require this information?". So you'll forgive me if I've burdened you by starting this thread however at no point was I aware I specifically asked for your 2 bob's worth. Cheers

[Vallah]

Yep, and it's been well documented on this thread that joining said scheme was far from my finest hour. Still, bigger losses at sea

I just find it odd that you don't appear to know the means by which Bedouin have been paying you for the last 6 months. And that rather than trying to find out, you've joined CUK to start a thread about EBTs, which may or may not be the way that they've been paying you. It's just looks a little bit peculiar.

[thebear14]

We don't operate an employee based scheme at all. But anyway, we were talking about you and the scheme you signed up to.

Yep, and it's been well documented on this thread that joining said scheme was far from my finest hour. Still, bigger losses at sea