Typically when setting out in a career of contracting most people will use either PAYE or set up their own limited company. Whilst both these methods are completely satisfactory at the start, regular reviews should be conducted as the business develops and changes.

Earning over £50k
Once a contractor reaches £50,000+ income per annum there can be better options available. At this level it starts to become viable to look at alternative solutions. These will offer contractors the opportunity to maximise their "spendable" income, whilst still meeting all the current UK tax legislation.

In reviewing providers of these schemes Shout99 has decided to partner with Consulting Overseas.

The decision to have Consulting Overseas as our chosen partner has been based on a number of factors: -

• Their solutions offer contractors alternative ways of operating, with better retention.
• They have an established track record and history in the market.
  
• They understand the issues and fears of contractors.
  
• Their solutions are designed to protect the contractor.
  
• They have their own in house qualified legal and accountancy team.

Consulting Overseas
Consulting Overseas was established in 1999. They have advised over 3,000 contractors saving them in the region of £60 million. The business has been built through personal introductions from their existing contracts and has, to date, been 'one of the best kept secrets in contracting'.

Despite the company name, the service is not restricted to overseas contractors. The company offers specialist advice to all UK based contractors. They have a number of schemes available and, based on your personal situation, recommend the most appropriate for you.

Section 660 and IR35
Consulting Overseas has also taken into account IR35 and Section 660 by providing solutions which allow you to continue to legitimately operate outside of both IR35 and Section 660 as well as provide higher retention rates. This is of particular relevance following the recent Special Commssioners decison in favour of the Revenue which could see tens of thousands of small family owned businesses under increased threat.

The solutions are approved by and are being insured by Qdos against either an Inland Revenue scheme review or an Inland Revenue personal IR35 review.

What to do next?
If you are earning in excess of £50,000 per annum, it could be well worth your while contacting them to see what they can do for you.

You can use their online earnings calculator to find out how they can help you based on your personal circumstances.

Consulting Overseas will look at your personal situation and suggest the most tax efficient solution, giving you a high retention rate.

For more information and to find a solution tailored to your needs, click on:
Consulting Overseas

Earnings calculator
To use the earnings calculators, click on:
Earnings Calculator

Section 660 Earnings Calculator

If you know any freelancers who are in this position and could benefit from Consulting Overseas' services, you can email this article to them by using the 'Mail this to a Friend' box below.

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Comments - (edited October 22, 2004)
Since announcing the Consulting Overseas offer, I have received an email from a freelancer who has had experience of working with Consulting Overseas.

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Geoff Dixon writes: "I understand from your website that you are promoting Consulting Overseas. I'd like to add a personal recommendation. I have no connection to the company apart from being a member of its Actinium Scheme.

"I've been an IT contractor for seven years and have been with Consulting Overseas for two and a half years. In that time I've had nothing but good service. Payments are always on-time, documentation is always provided and the staff are extremely helpful and accessible.

"Most importantly, the retention rates have always been high, in-line with the information provided on their website.

"I have previously used other schemes, but Consulting Overseas stands out due to the professional way in which it is operated and the high standard of advice provided."

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