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Composite company -- not worth the risk!

NET 85% OF YOUR INCOME: http://www.tarpon-uk.com/contractor-salary-calculator/WT.mc_id=ON_V_YouTubeTop20 0845 643 1580Composite Companies -- you will be in the taxman's spotlightWork through a composite company is generally regarded as a tax avoidance process. And the Finance Act 2004 means any tax avoidance schemes have, by law, to be reported to HM Revenue and Customs.Added to this, in the March 2006 budget Chancellor Gordon Brown specifically stated that composite companies will be investigated in order to establish their true function -- are they genuine limited companies or just setups to avoid tax.So, by contracting through a composite company you are now highlighting to the taxman that you are avoiding tax and are likely to fall under IR35 legislation. And, with the recent addition of a second HM Revenue and Customs′ specialist office investigating composite companies and their members, chances are extremely high that you will be investigated.The way a composite company works is that you and lots of other contractors own the equity in the composite company, with varying classes of shares. The company bills your clients and receives your fees on your behalf.Then you get paid a nominal salary, along with all the other contractors, and pay minimal tax and National Insurance Contributions (NICs). The bulk of your earnings, and those of your fellow shareholding contractors, is paid out as dividends depending on the class of shares you own, with much lower tax liability and no NICs. Clearly, this is something the taxman is not going to be happy about.Some of the benefits of working through a composite company include:Tax efficiency (where this can be proved to be legal) Shared costs of administering the composite Admin support, eg issuing and chasing invoices Tax allowances for business expenses.Unfortunately, with IR35 and related legislation, working through a composite company has some major downsides:To HM Revenue and Customs tax efficiency through a composite = tax avoidance You will almost certainly fall under IR35 and have reduced earnings because of IR591 If a tax case is won against one of your colleagues in the composite company, you all are liable for the back tax plus any penalties You personally will fall under the spotlight of HM Revenue and Customs Following the Finance Act 2004, your chances of a full-blown HMRC investigation are very high.So, perhaps working through a composite company is not so advantageous after all.To speak to one of our tax experts call 0845 643 1580Information taken from: http://www.tarpon-uk.com/information/composite-companies/?WT.mc_id=ON_V_YouTubeEmployment benefits company.Tarpon have revolutionized the industry by being the first company to introduce an exclusive employment benefits package for contractors, coupled with, an over-arching employment contract that will ensure you remain IR35 and MSC compliant at all times.We pride ourselves with our unrivalled quality service through personal business managers who will make sure that you don't have to worry about any administration, tax returns or expensive accountants. We'll also give you £20million worth of professional insurances for total peace of mind.Calculate your salary: https://www.tarpon-uk.com/contractor-salary-calculator/?WT.mc_id=ON_V_YouTubeTagsComposite company worth the risk tarpon umbrella company tarpon-uk contractor contracting hmrc ir35 compliance

Author: TarponLtd
Keywords: Composite company worth the risk tarpon umbrella tarpon-uk contractor contracting hmrc ir35 compliance
Added: August 20, 2008

Contractor Insurance cover, complete cover offered by Tarpon

NET 85% OF YOUR INCOME: http://www.tarpon-uk.com/contractor-salary-calculator/WT.mc_id=ON_V_YouTubeTop20 0845 643 1580Contractor Insurance cover, complete cover offered by Tarpon Attitudes to insurance vary. Some believe it to be a 'necessary evil' whilst others believe insurance provides their business protection.An insurance policy is a legal contract promising to provide compensation for an event that may not happen. Adequate insurance provides peace of mind, and reassurance for the client and contractor The most common types of business insurance taken out by contractors are:• Employers Liability• Public Liability• Professional IndemnityMost employers are required by law to hold Employers Liability Insurance to insure against liability for injury or disease to their employees arising out of their employment. Employers Liability Insurance covers your business if an employee is injured or falls ill at work and will meet the cost of compensation for any injuries or illnesses sustained to your employees, whether caused on or off site.By law an employer must be insured for at least £5 million, however most insurers automatically provide cover of a minimum of £10 million. You must display a copy of the certificate of employers' liability insurance where employees can easily read it and keep copies for at least 40 years or risk a fine. These certificates may also need to be made available to health and safety inspectors on request. Public liability insurance covers claims made against your business, if its owners, directors or employees are shown to be responsible for personal injuries to a third party or damage to property. Public liability insurance is a core cover of many types of insurance; in fact you are usually unable to buy employers liability cover without it. Public liability covers the Business to a specified limit of indemnity, usually £1m, £2m or £5m and occasionally £10mPublic liability insurance would cover accidental damage, for example if you were at a client's site and you accidentally knocked over a cup of coffee damaging a computer beyond repair. Public liability insurance would cover any claim from the client.Professional Indemnity Insurance protects your business against legal costs or compensation sought by a client if you have made mistakes or are found to have been negligent in any services provided. One important point to bear in mind when considering professional indemnity insurance is that you need to be covered both at the time of the event and when the claim is made. This is because there is often a long delay between an event and a subsequent claim.So, in summary, whether you are setting up your own limited company or using the services of an umbrella company always ensure that you have adequate cover for the nature of your businesstax code hmrc employed tarpon tarpon-uk umbrella company uk ir35 dispensation contractors contracting IT contract job

Author: TarponLtd
Keywords: tax code hmrc employed tarpon tarpon-uk umbrella company uk ir35 dispensation contractors contracting IT contract job
Added: May 30, 2008

Contractor no sick pay? Become an employee of Tarpon Ltd

NET 85% OF YOUR INCOME: http://www.tarpon-uk.com/contractor-salary-calculator/?WT.mc_id=ON_V_YouTubeTop200845 643 1580info@tarpon-uk.comTarpon is an Employment Benefits Company which offers contractors anemployment contract and a fully compliant HMRC approved tax-efficientpayroll service. Tarpon are the first Umbrella Company / LTD Company tointroduce a full range of employee benefits for contractors.Why contractors are compliant working through TarponTarpon will give you HMRC employee statusTarpon will give you Holiday & Sickness payTarpon will give you a HMRC approved expenses dispensation.We are experts at giving impartial tax advice. We'll claim up to 100% of your expenses back for you. And we'll provide you with a personal business manager to handle both your admin and your invoicing. Plus many additional benefits making contracting more rewarding.Employee benefits, contractor expenses, employment status, contractor tax, employment benefits, employee payroll, ltd co set up, ,simply names, set up ltd co, contractor payroll, umbrella service, umbrella co, HMRC contractor, HMRC umbrella, HMRC employed, Salary sacrifice, freelance work, freelance payroll, contractor mortgage, contractor pension, Contracting, payroll, Umbrella Payroll, IR35, advice, compliant, compliance, PAYE, employee management company, dispensation, Saving money in contracting, Consultant Technologies, IR35 solutions, Benefits of being a contractor, Contractor payments, good net pay in contracting. umbrella company tarpon payroll tarponltd ltd paye advice salary pay tax employee benefits agency contractor contracting.Tax. IR35. Confused about the implications? Or just confused about what it is?Leave it all to us. We′re specialists in both tax and IR35 and can give you impartial, straightforward advice on both. With Tarpon, you′ll have your own personal business manager to keep you tax-efficient and to reclaim up to 100% of your business expenses, tax-free. (Your business manager will even call you at a convenient time to take down the details of those expenses, which means you won′t need to do this online each week.) And to ensure you maximise your tax and national insurance savings we also offer a childcare voucher scheme and a personal pension through salary sacrifice. Enjoy cheaper travel. With Tarpon, you can claim back 100% of your travel expenses when travelling to and from work by public transport. Or, if using your own car, motorbike or bicycle, you can claim 40p, 24p or 20p per mile, respectively. No receipt required. Car rental costs can also be claimed, as can the lowest airline fares. And it's all HM Revenue & Customs-approved. Claim up to £24 a day for food, tax-free, without receipts. Covering your breakfast, lunch and evening meal, that works out at £5,760 a year. If away from home on business, you can claim up to £18 a night for food and drink. Even if you′re staying with friends rather than at a hotel, you′ll get £25 a night for accommodation and food. And it′s all HM Revenue & Customs-approved. If the taxman comes knocking, it won′t be on your door. As far as HM Revenue & Customs are concerned, the buck stops with us, not with our contractors. So, unlike some umbrella companies, we don′t need to provide legal fees to cover possible investigations. We′ll keep you IR35-compliant, supply you with a P60 and employ an expenses policy approved by HMRC themselves. Stay on a friend′s sofa,and there′s £25 in it for you. Working away from home? Staying with friends or family? Then claim £25 a night to cover food and accommodation. Or, if shunning them all by staying in a hotel, you can claim up to £95 a night (receipts required), with £18 for food and drink and £5 for daily expenses (no receipts required). All HM Revenue & Customs-approved. Your laundry bills needn′t come outof your own pocket. If you′re staying in a hotel while away on business, you′re entitled to £5 for personal expenses every night. (Or £10 if abroad.) This covers laundry, personal calls, newspapers, alcoholic drinks and videos. And you needn′t keep receipts. You can claim back business-related phone calls (and the VAT) on both landlines and mobiles. Postage, too. And all HM Revenue & Customs-pproved.Rediscover evenings. Rediscover weekends. And, in the process, rediscover your family. Simply fill in a weekly timesheet and leave the rest of your admin to your own personal business manager, courtesy of Tarpon. We′ll also give you a P60 every year. And you may not even need to fill in a tax return. It′s no accident that we provide £20m of insurance cover.Make a slip-up at your place of work, and you could land -- with a painful bump -- in court. So we provide our contractors with £20m of cover, comprising £10m employers′ liability, £5m public liability and £5m professional indemnity. That′s far more than our competitors offer, and should be sufficient for all but the most epic of catastrophes.

Author: TarponLtd
Keywords: umbrella company tarpon payroll tarponltd ltd paye advice salary pay tax employee benefits agency contractor contracting
Added: January 31, 2008

Contractor Insurances

NET 85% OF YOUR INCOME: http://www.tarpon-uk.com/contractor-salary-calculator/?WT.mc_id=ON_V_YouTubeTop200845 643 1580 Info@tarpon-uk.comInsurancesWhy do I need insurance cover?Attitudes to insurance vary. Some believe it to be a 'necessary evil' whilst others have a strong belief in the protection of their business, which insurance affords. An insurance policy is a legal contract which must be expressed in relatively complex legal terms. It is a promise to provide compensation for something which may never happen. Any contractor, without adequate insurance, risks the success of his business.Types of insurance availableThere are various types of business insurance available, the most common types to contractors are:• Employers Liability• Public Liability• Professional IndemnityEmployers Liability InsuranceMost employers are required by the law to insure against liability for injury or disease to their employees arising out of their employment. Employers Liability Insurance covers your business if an employee is injured or falls ill at work. Employers' Liability Insurance will meet the cost of compensation for injuries sustained to your employees (or illnesses), whether caused on or off site. By law, an employer must have and be insured for at least £5 million. Most insurers automatically provide cover of at least £10 million. When you take out a policy you will receive a certificate of employers' liability compulsory insurance. You must display a copy of this where employees can easily read it and keep copies for at least 40 years or risk a fine. You need to make these certificates available to health and safety inspectors on request. Public Liability InsurancePublic liability insurance covers claims made against your business, if its owners, directors or employees are shown to be responsible for personal injuries to a third party or damage to property. Public liability insurance is a core cover of many types of insurance; indeed you are usually unable to buy employers liability cover without it. Public liability covers the Business to a certain limit of indemnity. This is usually £1m, £2m or £5m and occasionally £10m• Example: Whilst at a customer's site, you accidentally knock over a cup of coffee, and the contents pour down the back of a computer, damaging it beyond repair. Public liability insurance would cover any claim from the customer.Professional Indemnity InsuranceThis protects your business against compensation sought by a client if you have made mistakes or are found to have been negligent in some or all of the services that you provide for them. Professional indemnity insurance will also cover any legal costs. Without Professional Indemnity Insurance companies would expose themselves and run the risk of being sued for all sorts of claims. One important aspect to bear in mind when considering professional indemnity insurance is that you need to be covered both at the time of the event and when the claim is made. This is because there can often be a long delay between an event and a subsequent claim.• Example: A negligent act, or error made during the course of your duties So, in summary......whether you are setting up your own limited company or using the services of an umbrella company always ensure that you have adequate cover for the nature of your businessEmployee benefits, contractor expenses, employment status, contractor tax, employment benefits, employee payroll, ltd co set up, ,simply names, set up ltd co, contractor payroll, umbrella service, umbrella co, HMRC contractor, HMRC umbrella, HMRC employed, Salary sacrifice, freelance work, freelance payroll, contractor mortgage, contractor pension, Contracting, payroll, Umbrella Payroll, IR35, advice, compliant, compliance, PAYE, employee management company, dispensation, Saving money in contracting, Consultant Technologies, IR35 solutions, Benefits of being a contractor, Contractor payments, good net pay in contracting. umbrella company tarpon payroll tarponltd ltd paye advice salary pay tax employee benefits agency contractor contracting

Author: TarponLtd
Keywords: umbrella tarpon payroll tarponltd insurances paye advice salary pay tax employee benefits agency contractor contracting
Added: January 30, 2008

Contractor Insurances

NET 85% OF YOUR INCOME: http://www.tarpon-uk.com/contractor-salary-calculator/?WT.mc_id=ON_V_YouTubeTop200845 643 1580 Info@tarpon-uk.comInsurancesWhy do I need insurance cover?Attitudes to insurance vary. Some believe it to be a 'necessary evil' whilst others have a strong belief in the protection of their business, which insurance affords. An insurance policy is a legal contract which must be expressed in relatively complex legal terms. It is a promise to provide compensation for something which may never happen. Any contractor, without adequate insurance, risks the success of his business.Types of insurance availableThere are various types of business insurance available, the most common types to contractors are:• Employers Liability• Public Liability• Professional IndemnityEmployers Liability InsuranceMost employers are required by the law to insure against liability for injury or disease to their employees arising out of their employment. Employers Liability Insurance covers your business if an employee is injured or falls ill at work. Employers' Liability Insurance will meet the cost of compensation for injuries sustained to your employees (or illnesses), whether caused on or off site. By law, an employer must have and be insured for at least £5 million. Most insurers automatically provide cover of at least £10 million. When you take out a policy you will receive a certificate of employers' liability compulsory insurance. You must display a copy of this where employees can easily read it and keep copies for at least 40 years or risk a fine. You need to make these certificates available to health and safety inspectors on request. Public Liability InsurancePublic liability insurance covers claims made against your business, if its owners, directors or employees are shown to be responsible for personal injuries to a third party or damage to property. Public liability insurance is a core cover of many types of insurance; indeed you are usually unable to buy employers liability cover without it. Public liability covers the Business to a certain limit of indemnity. This is usually £1m, £2m or £5m and occasionally £10m• Example: Whilst at a customer's site, you accidentally knock over a cup of coffee, and the contents pour down the back of a computer, damaging it beyond repair. Public liability insurance would cover any claim from the customer.Professional Indemnity InsuranceThis protects your business against compensation sought by a client if you have made mistakes or are found to have been negligent in some or all of the services that you provide for them. Professional indemnity insurance will also cover any legal costs. Without Professional Indemnity Insurance companies would expose themselves and run the risk of being sued for all sorts of claims. One important aspect to bear in mind when considering professional indemnity insurance is that you need to be covered both at the time of the event and when the claim is made. This is because there can often be a long delay between an event and a subsequent claim.• Example: A negligent act, or error made during the course of your duties So, in summary......whether you are setting up your own limited company or using the services of an umbrella company always ensure that you have adequate cover for the nature of your businessEmployee benefits, contractor expenses, employment status, contractor tax, employment benefits, employee payroll, ltd co set up, ,simply names, set up ltd co, contractor payroll, umbrella service, umbrella co, HMRC contractor, HMRC umbrella, HMRC employed, Salary sacrifice, freelance work, freelance payroll, contractor mortgage, contractor pension, Contracting, payroll, Umbrella Payroll, IR35, advice, compliant, compliance, PAYE, employee management company, dispensation, Saving money in contracting, Consultant Technologies, IR35 solutions, Benefits of being a contractor, Contractor payments, good net pay in contracting. umbrella company tarpon payroll tarponltd ltd paye advice salary pay tax employee benefits agency contractor contracting

Author: TarponLtd
Keywords: umbrella tarpon payroll tarponltd insurances paye advice salary pay tax employee benefits agency contractor contracting
Added: January 30, 2008

Contractor Insurances

NET 85% OF YOUR INCOME: http://www.tarpon-uk.com/contractor-salary-calculator/?WT.mc_id=ON_V_YouTubeTop200845 643 1580 Info@tarpon-uk.comInsurancesWhy do I need insurance cover?Attitudes to insurance vary. Some believe it to be a 'necessary evil' whilst others have a strong belief in the protection of their business, which insurance affords. An insurance policy is a legal contract which must be expressed in relatively complex legal terms. It is a promise to provide compensation for something which may never happen. Any contractor, without adequate insurance, risks the success of his business.Types of insurance availableThere are various types of business insurance available, the most common types to contractors are:• Employers Liability• Public Liability• Professional IndemnityEmployers Liability InsuranceMost employers are required by the law to insure against liability for injury or disease to their employees arising out of their employment. Employers Liability Insurance covers your business if an employee is injured or falls ill at work. Employers' Liability Insurance will meet the cost of compensation for injuries sustained to your employees (or illnesses), whether caused on or off site. By law, an employer must have and be insured for at least £5 million. Most insurers automatically provide cover of at least £10 million. When you take out a policy you will receive a certificate of employers' liability compulsory insurance. You must display a copy of this where employees can easily read it and keep copies for at least 40 years or risk a fine. You need to make these certificates available to health and safety inspectors on request. Public Liability InsurancePublic liability insurance covers claims made against your business, if its owners, directors or employees are shown to be responsible for personal injuries to a third party or damage to property. Public liability insurance is a core cover of many types of insurance; indeed you are usually unable to buy employers liability cover without it. Public liability covers the Business to a certain limit of indemnity. This is usually £1m, £2m or £5m and occasionally £10m• Example: Whilst at a customer's site, you accidentally knock over a cup of coffee, and the contents pour down the back of a computer, damaging it beyond repair. Public liability insurance would cover any claim from the customer.Professional Indemnity InsuranceThis protects your business against compensation sought by a client if you have made mistakes or are found to have been negligent in some or all of the services that you provide for them. Professional indemnity insurance will also cover any legal costs. Without Professional Indemnity Insurance companies would expose themselves and run the risk of being sued for all sorts of claims. One important aspect to bear in mind when considering professional indemnity insurance is that you need to be covered both at the time of the event and when the claim is made. This is because there can often be a long delay between an event and a subsequent claim.• Example: A negligent act, or error made during the course of your duties So, in summary......whether you are setting up your own limited company or using the services of an umbrella company always ensure that you have adequate cover for the nature of your businessEmployee benefits, contractor expenses, employment status, contractor tax, employment benefits, employee payroll, ltd co set up, ,simply names, set up ltd co, contractor payroll, umbrella service, umbrella co, HMRC contractor, HMRC umbrella, HMRC employed, Salary sacrifice, freelance work, freelance payroll, contractor mortgage, contractor pension, Contracting, payroll, Umbrella Payroll, IR35, advice, compliant, compliance, PAYE, employee management company, dispensation, Saving money in contracting, Consultant Technologies, IR35 solutions, Benefits of being a contractor, Contractor payments, good net pay in contracting. umbrella company tarpon payroll tarponltd ltd paye advice salary pay tax employee benefits agency contractor contracting

Author: TarponLtd
Keywords: umbrella tarpon payroll tarponltd insurances paye advice salary pay tax employee benefits agency contractor contracting
Added: January 30, 2008

Contractor Insurances

NET 85% OF YOUR INCOME: http://www.tarpon-uk.com/contractor-salary-calculator/?WT.mc_id=ON_V_YouTubeTop200845 643 1580 Info@tarpon-uk.comInsurancesWhy do I need insurance cover?Attitudes to insurance vary. Some believe it to be a 'necessary evil' whilst others have a strong belief in the protection of their business, which insurance affords. An insurance policy is a legal contract which must be expressed in relatively complex legal terms. It is a promise to provide compensation for something which may never happen. Any contractor, without adequate insurance, risks the success of his business.Types of insurance availableThere are various types of business insurance available, the most common types to contractors are:• Employers Liability• Public Liability• Professional IndemnityEmployers Liability InsuranceMost employers are required by the law to insure against liability for injury or disease to their employees arising out of their employment. Employers Liability Insurance covers your business if an employee is injured or falls ill at work. Employers' Liability Insurance will meet the cost of compensation for injuries sustained to your employees (or illnesses), whether caused on or off site. By law, an employer must have and be insured for at least £5 million. Most insurers automatically provide cover of at least £10 million. When you take out a policy you will receive a certificate of employers' liability compulsory insurance. You must display a copy of this where employees can easily read it and keep copies for at least 40 years or risk a fine. You need to make these certificates available to health and safety inspectors on request. Public Liability InsurancePublic liability insurance covers claims made against your business, if its owners, directors or employees are shown to be responsible for personal injuries to a third party or damage to property. Public liability insurance is a core cover of many types of insurance; indeed you are usually unable to buy employers liability cover without it. Public liability covers the Business to a certain limit of indemnity. This is usually £1m, £2m or £5m and occasionally £10m• Example: Whilst at a customer's site, you accidentally knock over a cup of coffee, and the contents pour down the back of a computer, damaging it beyond repair. Public liability insurance would cover any claim from the customer.Professional Indemnity InsuranceThis protects your business against compensation sought by a client if you have made mistakes or are found to have been negligent in some or all of the services that you provide for them. Professional indemnity insurance will also cover any legal costs. Without Professional Indemnity Insurance companies would expose themselves and run the risk of being sued for all sorts of claims. One important aspect to bear in mind when considering professional indemnity insurance is that you need to be covered both at the time of the event and when the claim is made. This is because there can often be a long delay between an event and a subsequent claim.• Example: A negligent act, or error made during the course of your duties So, in summary......whether you are setting up your own limited company or using the services of an umbrella company always ensure that you have adequate cover for the nature of your businessEmployee benefits, contractor expenses, employment status, contractor tax, employment benefits, employee payroll, ltd co set up, ,simply names, set up ltd co, contractor payroll, umbrella service, umbrella co, HMRC contractor, HMRC umbrella, HMRC employed, Salary sacrifice, freelance work, freelance payroll, contractor mortgage, contractor pension, Contracting, payroll, Umbrella Payroll, IR35, advice, compliant, compliance, PAYE, employee management company, dispensation, Saving money in contracting, Consultant Technologies, IR35 solutions, Benefits of being a contractor, Contractor payments, good net pay in contracting. umbrella company tarpon payroll tarponltd ltd paye advice salary pay tax employee benefits agency contractor contracting

Author: TarponLtd
Keywords: umbrella tarpon payroll tarponltd insurances paye advice salary pay tax employee benefits agency contractor contracting
Added: January 30, 2008