- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: Ir35 take home 85% under umbrella.
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "Ir35 take home 85% under umbrella."
Collapse
-
We can but hope that it puts pay to referrals and helps to push the business in the right direction to compliant brollies!
-
As of the 30th September 2017, recruitment agencies will need to be 100% confident with the companies they recommend to contractors, as new laws come into force. In an unusual turn the government has suggested that any consultants receiving kick backs for referrals, even not in monetary form, could find themselves caught up and potentially prosecuted for criminal tax evasion if they recommend a tax avoidance scheme.
Take a look at this for more details...
Leave a comment:
-
Originally posted by SenigPAY View PostTrue but there are some new rules coming out in September that will mean the recruitment agencies will need to be more careful over the umbrella companies they have 3rd party hire agreements with. Which is great news for the Umbrella companies that play by the rules.
Am I missing something?
Leave a comment:
-
Originally posted by SenigPAY View PostTrue but there are some new rules coming out in September that will mean the recruitment agencies will need to be more careful over the umbrella companies they have 3rd party hire agreements with. Which is great news for the Umbrella companies that play by the rules.
Leave a comment:
-
Originally posted by Fred Bloggs View PostOne very worrying trend though is the abuse of the term "umbrella company". Reputable companies must be sick to death of tax scams calling themselves umbrella companies. How this is tackled, I don't really know.
Leave a comment:
-
Originally posted by Fred Bloggs View PostSo, it is not really HMRC's role to act as a policeman in the commercial tax adviser market place. All their spot light announcements are aimed at potential and actual customers of tax advice schemes. There is no way HMRC are going to target scarce resources engaging in a "whack a mole game" where they are guaranteed to always be behind the curve. The emphasis (rightly in my view) is on targeting individuals to make sure they meet their legal obligations (and no more). Obviously, public education is a big part of this and here, CUK serves an invaluable purpose since its search engine results seem amazingly good for topics like this. The community here helps massively too. If education is important, maybe HMRC should make a point of much more high profile campaigns in the media instead of low profile search light bulletins on their website. One very worrying trend though is the abuse of the term "umbrella company". Reputable companies must be sick to death of tax scams calling themselves umbrella companies. How this is tackled, I don't really know.
These scheme promoters are IMHO doing pretty much the same thing. The fraudsters were taking their cut and leaving the unwitting pension members with tax bills in just the same way as the scheme operators are here.
Leave a comment:
-
Take home via a true umbrella is more likely to be in the region of 52-56% for most locums. Anything more and I would, as everyone else has said, run a mile!
Leave a comment:
-
Originally posted by malvolio View PostMaybe so, but at the end of the day you are personally responsible for paying the correct taxes. Being advised how much is due is fair enough, and so is leaving it to someone else to do the donkey work.
But when the result is a net income much over 75% of your gross after fees paid to your advisor, then alarm bells should be ringing.
That's why HMRC aren't involved. It's not their problem, it's up to you to get proper, accurate advice.
Having been stung personally I would like to try to warn as many others as possible.
Leave a comment:
-
Originally posted by SenigPAY View PostTrue but there are some new rules coming out in September that will mean the recruitment agencies will need to be more careful over the umbrella companies they have 3rd party hire agreements with. Which is great news for the Umbrella companies that play by the rules.
But when the result is a net income much over 75% of your gross after fees paid to your advisor, then alarm bells should be ringing.
That's why HMRC aren't involved. It's not their problem, it's up to you to get proper, accurate advice.
Leave a comment:
-
Originally posted by malvolio View PostWhy would they? It's up to you to pay the correct taxes...
Leave a comment:
-
Originally posted by SueEllen View PostNeeds to get more media attention before there is even a chance of HMRC going after the pushers.
Leave a comment:
-
Originally posted by BrilloPad View PostA discussion for general. However for a drug trade to exist requires pushers and users. I agree with what you say, however I would like to see both ends tackled.
Leave a comment:
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: