Payeworx

[lucyclarityumbrella]

CBP deduct around 2% from the larger payment as a fee, and a further 19% which they claim is Corporation Tax (CT). However, the rate of CT in the IOM is 0%. The scheme users are expected to distribute the alleged dividend amount as they see fit.” That’s some margin! Now that they’ve made a HMRC’s list, they’ll no doubt go into administration shortly, leaving their clients over the last many years holding the bag.

[eek]

I'm sure I posted a while back about some firms offering a 70-75% return because it caught / tricked a different type of contractor - one who knew that 90% was impossible but something closer to 50-60% you get via PAYE seemed plausible.

[sreed]

I'm sure I posted a while back about some firms offering a 70-75% return because it caught / tricked a different type of contractor - one who knew that 90% was impossible but something closer to 50-60% you get via PAYE seemed plausible.

Madness isn’t it. If they taken “only” a 5-10% margin, they’d struggle to sell the proposition, but soon as they bump it up to 20%+, it’s all good! Compared to the average brolly provider, the money they’d have minted through this fudge is mind-boggling.

Out of interest, I sent them an enquiry form for this scheme through their website yesterday, and as per the response that I got today - they’re still offering it! God only knows if the grunts at Payeworx even know about the HMRC list.