Contractor Umbrella companies

[arabianights]

I hope I'm as lucky as you in the future. I couldn't imagine landing a 6 figure job that gives so much freedom I'd have enough time to troll forums during the day. Must be a blast.

Become a trader then you fool

 

[trendie]

it would be so funny, if after all this advice, I didnt get the contract.

 

[Technically Fundamental]

Become a trader then you fool

Cant get a job and I'm not earning enough to build up my own pot yet.

 

[Technically Fundamental]

it would be so funny, if after all this advice, I didnt get the contract.

Just do like arabian said and go speak to an accountant (free initial consultation only of course ) but make sure you ask him about my idea. He might try to sell you a load of balls. I've seen it done before. "Don't ask the barber if you need a haircut"

 

[pedro01]

I hope I'm as lucky as you in the future. I couldn't imagine landing a 6 figure job that gives so much freedom I'd have enough time to troll forums during the day. Must be a blast.

Anyway you have issues if you take the fact that I don't agree with your opinion of what would be best for trendie overall as a personal attack on you. You really need to chill out.

Reading your posts, I can't imagine you landing a 6 figure job at all.

When I first went offshore, it was as an independent contractor, self employed. I did have a LTD company in the UK at the time but decided to go with a specialist in the field & drop the LTD company as I did not intend to return.

Tennessee -> Netherlands (just after the Dutch clamped down on offshore contractors in the mid 90's) -> Denmark -> Japan -> Thailand.

All of this was as an independent IT contractor. At that point, I was offered a directorship which whilst not as lucrative as contracting did give me a chance to live permanently in Asia. Later I became MD of a subsidary of a Japanese MNC & I am currently spending all day writing this post to you from my chair in Singapore whilst waiting for a chap to take me to a networking meeting in Boat Quay.

So - I have experience as both contractor, employer & employee. The expat community is a large one and there are thousands of people doing what I do, it is very common & legitimate.

Fact is - if you can leave for a few years, this is the best way to do it. You may disagree but I have yet to see you make one point to counter the legality of this type of arrangement.

As an aside - can I ask what your experience is of working offshore ?

You are after all advising people to avoid handling offshore work in the best possible way.

Also note that you do not "Register to live in the UK" - you either spend enough days there to be taxable or not. You can't 'opt out'. It's not Readers Digest...

 

[Technically Fundamental]

No I'm not I'm advising people to go to an accountant and giving my opion of something he should consider.

Also as I said YOU ARE NOT REGISTERED AS LIVING IN THE UK SO EVERYTHING YOU SAY IS IRRELEVANT. And he said it's a 6 month contract. Get it through your head.

I've got better things to do than I-argue with a fake ceo who likes to come on forums to stroke his own inflated ego.

Did anyone ask for your life story?

 

[pedro01]

MD, not CEO

Anyway, it seems that you actually have no experience in this area TF.

Getting back to what is really required. From someone that has been there, done it & still doing it. A regular accountant will not be able to help you as this is a very specialised field.

Albany can help and there are others that can help too. A regular accountant will be out of their depth here.

And once again - you do not register as living in the UK - it is about days spent in country.

Pete

 

[Technically Fundamental]

MD, not CEO

Anyway, it seems that you actually have no experience in this area TF.

Very little as I said earlier on. You are a master at pointing out the obvious.

Getting back to what is really required. From someone that has been there, done it & still doing it. A regular accountant will not be able to help you as this is a very specialised field.

Sounds like it. Can you imagine how few people are working abroad in this day and age of "MNC"s and would not like to pay UK tax on their earnings? What a niché! I'm surprised the firm you are using can keep afloat! Do they give you a special ring so you can tell other members. I'll have to tell all my clients who have foreign income and/or work overseas to get in on it so they can network and attend the secret meetings.

Albany can help and there are others that can help too. A regular accountant will be out of their depth here.

No they wont. Anyone professional account who has done all their CPD will have knowledge on this subject but certain firms will specialize. Others wont want to deal with bell ends like you.

And once again - you do not register as living in the UK - it is about days spent in country.

OMG how pedantic can you get? You do not live in the UK. He does. He's not moving to Singapore. You are classed as non-domiciliary but he isn't and doesn't want to be which makes your whole stance and viewpoint on how his income should be treated absolutely redundant. ? What if the amount of days he's out of the country crossed the tax year end? He'll be f-ed. Should he sell his house in the UK so he can save a little tax on a 6 month contract? Maybe he should ask the company to put him on the payroll like you instead of contracting him and he can pay a little less tax on some of his money. For six months.

Pete

I've seriously had enough of you. You obviously think you're the bees knees because you know a bit of terminology which I honestly don't feel like using.

You can go troll somewhere else now.

 

[pedro01]

I've seriously had enough of you. You obviously think you're the bees knees because you know a bit of terminology which I honestly don't feel like using.

You can go troll somewhere else now.

Sorry I'm a little late today, long lunch in the China Club - stunning views over the bay, eh ?

Take a look at this : Make the most out of your contract - Albany - at least do some due diligence on the company you are slagging off.

You may not like me, you may think I am a 'bell end' but Albany provide a top notch service. I do not get any referral, fees - these people have literally saved me hundreds of thousands of dollars.

Give them a call, find out for yourself but stop giving out advice & saying things are 'dodgy' until you know the facts.

I eagerly anticipate your well-worded reply from your bedsit in St Reatham.

 

[Technically Fundamental]

Sorry I'm a little late today, long lunch in the China Club - stunning views over the bay, eh ?

Take a look at this : Make the most out of your contract - Albany - at least do some due diligence on the company you are slagging off.

You may not like me, you may think I am a 'bell end' but Albany provide a top notch service. I do not get any referral, fees - these people have literally saved me hundreds of thousands of dollars.

Give them a call, find out for yourself but stop giving out advice & saying things are 'dodgy' until you know the facts.

I eagerly anticipate your well-worded reply from your bedsit in St Reatham.

I never said Albany was dodgy I said the one he was thinking of using was dodgy. I said I dont think he needs to use albany because he is a uk resident and he will not be employed but contracted by an eu member state which negates VAT and he will be able to claim all expenses whilst staying abroad which will probably make the difference in tax payable negligible. I havent 'slagged' the company off once. how about "Pedro's masturbation thread"?

What is is you're trying to achieve here? If you're just trying to find a way to keep saying over and over again that you earn a lot of money then we should at least change the thread title. How about "Pedro's masturbation thread"?

 

[pedro01]

What is is you're trying to achieve here?

Nothing more than winding you up to be honest. It's been fun but I fear you are going to pop a valve if I keep it up.

That, plus the obvious advice to the IT guy (I'm an IT guy too):

- Stay away for more than 6 months. Your first contract may be 6 months but don't plan on coming back straight away. As expat life goes - 6 months is a mere toe dip & it is very unlikely that you will be wanting to come straight back. That plus the obvious fact that in my experience as an IT contractor when I was younger - contracts generally get extended. \

- if the job doesn't last long enough for you to legitimately be tax free, go & sit on Koh Phangan or Koh Samui for 6 months & spend the tax money there.

- Get advice from a specialist in the area. Look for accountants that say "mush" instead of "much" - they seem really on ze ballon.

- Go to British Chamber of Commerce 'networking nights'. It will open your eyes to just how many Brits are working overseas. Last night in Harrys in Boat Quay there were a **** load & that was a logistics event, not a general one. Free beer doesn't hurt either.

- Look at a split salary arrangement - for that you WILL need the help of a tax consultant, especially if you are going to convince a US company to pay you a local & offshore salary. For specific details on that - PM only, I'm not putting it on the board.

Also - take much heed from people with opinions vs experience - I am sure they know best... :whistling

 

[Robdesenelstun]

First of all it's $300 a month, not sterling.

Second, I've been offshore for 14 years - working for names you will undoubtedly of heard of. Heard of Ericsson for instance ?

Do you honestly think I'd be on here discussing this if I wasn't 100% above board ?

There is nothing 'stinky' about it. The UK does not tax you on your worldwide income, you arrange a split salary agreement with the company you work with. You have a team of international tax consultants behind you to keep you on the straight & narrow & voila... all legal. I even pay schedule d national insurance contributions of something silly like 7 quid a week.

There is nothing to 'arrange' to get offshore status - you just need to leave. OK - there's a form to fill in, which most don't but you get offshore status by not being resident. You say you don't have 'mush' experience then go on to say it must cost more than 300 quid. FFS.

There is no knife edge in what I suggested - it is merely the life of a very ordinary expat. Lots of people do this but to the uninitiated (i.e. YOU), it sounds extraordinary.

Now - on the other hand - this loan/trust business does sound dodgy.

Hi Pedro,

I am looking to start a contract in Luxembourg for a year at least. I used your url from earlier in the post and it doesn't link to anything. I am keen to investigate your option as I'm currently paying 15% in the UK using loan scheme and want something akin to this in lux without using the UK umbrella...help pretty please.

Rob

 

[Robdesenelstun]

it would be so funny, if after all this advice, I didnt get the contract.

Hey trendie...did you manage to sort this out? i might be heading to lux in a couple of weeks for a year contract. i currently use a local UK umbrella that pays 85% return and i'm looking to get a similar umbrella in lux to avoid the 183 day rule...

Any tips advice would be welcome...

Rob

 

[trendie]

Hey trendie...did you manage to sort this out? i might be heading to lux in a couple of weeks for a year contract. i currently use a local UK umbrella that pays 85% return and i'm looking to get a similar umbrella in lux to avoid the 183 day rule...

Any tips advice would be welcome...

Rob

really old thread!
currently, on a 3-monther.
Good exposure to new skill of Sharepoint, so skills updated somewhat.

Went with a limited company for simplicity rather than all that umbrella nonsense.