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The company in question operates a "Contractor Benefit Trust" which guarantees an 85% return of your Gross fee instead of the typical umbrella company 65% return.
How it works, on a Monthly Gross fee of £7000:-
1. The tax & NI are deducted from the 1st Payment (£916.67), the retainer amount and we pay it over to the HMRC on your behalf
2. The 2nd payment(£5033.33) which is the loan payment does not attract any tax because it is an interest bearing loan.
3. The trustees pay out to you as soon as we receive funds in from your agency/end client.
4. This is a Contractor Benefit Trust paid in the form of a commercial loan.
Is this all too good to be true? I've read some bad things regarding payment by offshore loan methods!
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pinxos
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