IT Contracting - european administrative services

dev.stuff

Hi all,

I'm a new contractor and of course looking at all my options for handling my tax etc.
I've come across a company e-adminservices . eu

They are doing "tax schemes" to give me 80% retention on my wages.
Anyone used anything similar?

They have told me that all the liability is on them, which to me is horse s**t.

But rather than throwing away money I'd love to know have people used a similar or even more importantly THIS service.

Please only reply with experience not opinions.
I want to know just how risky it is here in Dublin to use a service like this.

Thanks

John_Mc

dev.stuff wrote: »

Hi all,

I'm a new contractor and of course looking at all my options for handling my tax etc.
I've come across a company e-adminservices . eu

They are doing "tax schemes" to give me 80% retention on my wages.
Anyone used anything similar?

They have told me that all the liability is on them, which to me is horse s**t.

But rather than throwing away money I'd love to know have people used a similar or even more importantly THIS service.

Please only reply with experience not opinions.
I want to know just how risky it is here in Dublin to use a service like this.

Thanks

I'm contracting since Oct 2012 and I'd be very surprised if that can be legally true.

The only way to get it out of the company is through wages, pension or expenses, and Revenue have seriously clamped down on contractor expenses and have been doing audits nationwide focusing on this area.

That stuff about liability is BS as well. You sign the accounts off as director/submit your income tax return and you are completely responsible for their contents.

14ned

dev.stuff wrote: »

I'm a new contractor and of course looking at all my options for handling my tax etc.
I've come across a company e-adminservices . eu

They are doing "tax schemes" to give me 80% retention on my wages.
Anyone used anything similar?

You'd have to take no more than €33,800 in personal income for this year and feed the rest to your pension to reach 80% retention (well, 80.79% in 2017). And that's not including their fees.

That's the sole "tax scheme" available in Ireland. There aren't tricks here like in other countries where you can pay yourself dividends in addition to salary to reduce your tax. Here all personal income is taxed together. No ability to roll liabilities forwards or backwards. Nice and simple, if painful for cash flow management.

dev.stuff wrote: »

I want to know just how risky it is here in Dublin to use a service like this.

I'm sure they comply with the law. But Ireland has one of the simplest tax systems in the OECD. It's easy to master and do all your own accounts and taxes. Do pay an Accountant to check your work and do the end of year, shouldn't cost you more than €600 ex VAT if you shop around.

Niall