question for tax guru`s or accountant or FA or Lawyer
11 July 2003, 11:40 PM
#1
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Im embarking on a new contract. The supply chain at present is as follows, I am taxed via the umbrella company (Brooksons)-
ME - UMBRELLA COMPANY (UK)- AGENT (UK) - COMPANY A (UK) - CLIENT (DUTCH CORPORATE)
The contract is overseas to be specific Dubai. Now Im wondering if I replace the Umbrella company with my own offshore company and keep profits in offshore bank as below
ME - OFFSHORE LTD COMPANY (IOM)- AGENT (UK) - COMPANY A (UK) - CLIENT (DUTCH CORPORATE)
Now I will definetly be paid in Sterling - but my company is working overseas - would I be able to keep the profits tax free - or am I likely to get caught out??
Cheers in advance (anyone else who does this mail me offline if more appropriate)
ME - UMBRELLA COMPANY (UK)- AGENT (UK) - COMPANY A (UK) - CLIENT (DUTCH CORPORATE)
The contract is overseas to be specific Dubai. Now Im wondering if I replace the Umbrella company with my own offshore company and keep profits in offshore bank as below
ME - OFFSHORE LTD COMPANY (IOM)- AGENT (UK) - COMPANY A (UK) - CLIENT (DUTCH CORPORATE)
Now I will definetly be paid in Sterling - but my company is working overseas - would I be able to keep the profits tax free - or am I likely to get caught out??
Cheers in advance (anyone else who does this mail me offline if more appropriate)
12 July 2003, 12:40 AM
#2
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How long is the contract for?
If it is more than 6 months, would the client be prepared to pay you directly?
Would the agent accept a finders fee instead of ongoing % salary?
What has compay A got to do with it?
If set up correctly you should be able to pay 0% on the approx first 35k. You need to be paid and working from outside UK for more than 6 months and then work somewhere else within a year (to avoid dutch taxes)
I'll give you a more comprehensive answer after the beer runs out
If it is more than 6 months, would the client be prepared to pay you directly?
Would the agent accept a finders fee instead of ongoing % salary?
What has compay A got to do with it?
If set up correctly you should be able to pay 0% on the approx first 35k. You need to be paid and working from outside UK for more than 6 months and then work somewhere else within a year (to avoid dutch taxes)
I'll give you a more comprehensive answer after the beer runs out
13 July 2003, 11:45 PM
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Unfortunately wont be out there very long,
It is based upon a 60 day on 30 day off rotation - so 30 days back in the UK (and being paid per day during that time)
I think I am on a loser and dodgy ground. I am interested in one of the IOM companies if anyone can recommend.
Yes it is a shame I cant go direct to the dutch company - my rate is being loaded by both the agent and the sub-conatractor (Company A)
It is based upon a 60 day on 30 day off rotation - so 30 days back in the UK (and being paid per day during that time)
I think I am on a loser and dodgy ground. I am interested in one of the IOM companies if anyone can recommend.
Yes it is a shame I cant go direct to the dutch company - my rate is being loaded by both the agent and the sub-conatractor (Company A)
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