We have recently had the depressing visit to the accountants for our annual signings and corporation tax forms etc.. and discovered that a new scheme has been developed for reducing the tax liability of consultants earning £50k or more to 14% in total. The scheme has been registered with HMRC and the company have obtained Counsel’s opinion. Already up and running with a large number of users, the benefits are obvious to anyone currently paying rather a lot of their earnings in tax.
In a nutshell this is via a Trust based offshore, and suitable for anyone classed as a contractor, consultant or self-employed. It would not work for sole practitioners or equity partners, but I understand that it would be applicable for salaried partners, solicitors working as consultants or solicitors switching to working on a self-employed basis, which is becoming increasingly common as it assists firms with cashflow.
The scheme is corporation tax deductible, which means it benefits the employer as well as the consultant. Users of the scheme also benefit from inclusive professional indemnity insurance cover.
If you would like to receive further information by email or telephone on this scheme, please contact us via cv@ten-percent.co.uk and we will put you in touch with our accountants who can send you an information pack.