Originally posted by Joeo
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Previously on "Umberella company for Luxembourg IT contract"
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You have a problem that you need to split into 2 bits
For your WFH work in the UK you need a UK umbrella who will accept Euros - I know Clarity does so speak to Lucy next week.
When you start work in Luxemburg you then need a local umbrella for that work and will be paying tax in Luxemburg not the UK. You shouldn't then need to pay UK tax as tax credits should resolve the issue.
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Umberella company for Luxembourg IT contract
Hi everyone.
I have a potential contract for Luxembourg, wfh in the UK until covid situation changes.
I had a psc, but dissolved it and my last UK contract was umbrella.
I have a quote from a Lux umbrella but their margin is 8% compared to paystream taking less than 1 pc in my previous contract. All in all they are quoting 29% before any income tax, including a mandatory 8% govt pension which I do not need. I believe I will pay 40pc tax in UK for the remainder of the year on the remain 71pc so not very attractive.
I got a quote from a company called Bradford Jacobs for a scheme similar to a psc with a basic salary and dividend payments from shares I would be issued. All taxes would be paid in Luxembourg first but need to be declared as foreign earnings in the UK is my understanding.
I know such a scheme might not be a good idea in the UK. I wondered if anyone had any experiences or knowledge about how viable it is in EU? Would it be open to a challenge in the uk when I declare?
Or anyone know another option such as a UK umbrella that can accept euros?
Regards,
JoeTags: None
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