Originally posted by lucozade
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Previously on "New contractor needs advice on best scheme"
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best advice I can give is - DO NOT TOUCH ANY SCHEME WITH A BARGE POLL. It's not worth the hassle for what may happen later.
Even if you think you are operating within the law, HMRC can, and have, come along later and used retrospective law changes to catch people. See here if you don't believe me:
http://forums.contractoruk.com/accou...ct-2008-a.html
Start up your own limited company, be nice, pay what's due on time and operate through a good accountant.
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Originally posted by dezze View PostTo the unknowing, you can see how easily it is to get sucked in though. Insurance, clever QC's, 'approved' by HMRC, tested and won in court etc.... For many, the first time they know there's a problem is when the brown envelopes start dropping on the doormat.
Not that I'm saying this scheme is anything like that of course - please don't sue me.
Beats me why any contractor would want to trust their hard earned cash to a company of such little visible substance without some very tangible guarantees in return.
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To the unknowing, you can see how easily it is to get sucked in though. Insurance, clever QC's, 'approved' by HMRC, tested and won in court etc.... For many, the first time they know there's a problem is when the brown envelopes start dropping on the doormat.
Not that I'm saying this scheme is anything like that of course - please don't sue me.
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Originally posted by cojak View PostOh no, you read too much into their very carefully worded statement. It states that HMRC recognises that they are not a tax avoidance scheme. That isn't the same as being approved (although I'm sure that TS won't stop you from thinking that they're the same thing).
As I said in my 1st post, I'd get written proof that this is the case. It won't stop HMRC from coming to get you, but it might make you feel better if the lawyers get involved...
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Originally posted by LisaContractorUmbrella View PostBeg your pardon your Cojakness missed that on their site - think I was blinded by tears after cracking up at the 'HMRC approved' '90% take home'
As I said in my 1st post, I'd get written proof that this is the case. It won't stop HMRC from coming to get you, but it might make you feel better if the lawyers get involved...
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Originally posted by cojak View PostThe OP is being reasonable - TS offer LTD entry into their scheme.
A newbie wouldn't know the difference or why it would raise suspicions.
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The OP is being reasonable - TS offer LTD entry into their scheme.
A newbie wouldn't know the difference or why it would raise suspicions.
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Originally posted by fullyautomatix View PostWould it be something to do with promoting a dodgy scheme in a stealth way so as to not raise suspicion?
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Originally posted by MPwannadecentincome View PostUmbrellas are LTDs aren't they?
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Originally posted by LisaContractorUmbrella View PostThen I have to ask - why were you looking at Tandem when you knew that your client would only allow you to work through a PSC
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Scheme definition:
Make plans, esp. in a devious way or with intent to do something illegal or wrong.
When your first post asks for the best "scheme" and you quickly retreat with some made up "My client only accepts Ltd's" when the gist of the forums responses become clear, I think you should politely be invited to grab your coat, get on yer bike and cycle back under your troll bridge until you can come up with a better question.
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Originally posted by ITGirl1985 View Postthanks I cant go down the umbrella route my client only accepts LTDs so I'll go down that route
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