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Umbrella Company
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Would it be cheaper to start a company and have my wages paid into it instead as I could then claim back travelling expenses at the end of the tax year? What loopholes exist for what can only be described as a tax scam from the HMRC (IR35).
Ltds are normally more tax efficient that using an umbrella but how much benefit you get will depend if you are inside or outside of IR35, your rate etc. Unfortunately there is no way to know which you are and so if you decide you believe you are outside you are taking a bit of a gamble that HMRC wont come a knocking saying you owe them back tax, interest and fines.
Those offering the greatest retention of income are the offshoring options but they are all too high risk for my tastes and never believe their claims that they have top former HMRC solicitors/ accountants that certify it as 100% kosher etc0
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