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EBT's and Other Loan Scheme Companies

HMR&C has recently published draft legislation in The Finance Bill 2011 that effectively closes any loopholes which previously allowed users to avoid paying the correct levels of tax and National Insurance through EBT’s and other Loans Scheme companies. The legislation comes into force on 06th April 2011 - http://www.hmrc.gov.uk/budget-updates/autumn-tax/wms-aa.pdf.

“… the Government is introducing legislation to tackle arrangements involving trusts or other vehicles used to reward employees which seek to avoid or defer the payment of income tax or National Insurance Contributions (NICs).”

The legislation also includes anti forestalling measures that mean from 09th December 2010 any income received through such schemes must be taxed as full income (PAYE).

“In addition, anti-forestalling provisions apply to the payment of sums (including loans) and the provision of readily convertible assets for the purposes of securing the payment of sums (including loans) where the sum is paid or the asset is provided between 9 December 2010 and 5 April 2011 where, if paid or provided on or after 6 April 2011, they would be caught by the legislation.”

An Umbrella Company does not fall under the remit of an EBT due to the fact that it processes payments to its employees through PAYE. Umbrella Companies therefore continue to remain an excellent option for contractors who don’t wish to set-up their own limited company.

If you would like to discuss registering with ContractorUmbrella you can contact one of our expert advisors on 01206 713680 or email us at info@contractorumbrella.com.

Why Choose ContractorUmbrella?

ContractorUmbrella is the hassle-free, straight talking umbrella company that provides umbrella employment for UK based contractors and freelancers. Independently voted as the best umbrella company by the readers of Contractor UK.

As one of the most trusted umbrella companies in the UK, we guarantee our employees peace of mind, absolute compliance and complete security. We are one of the longest standing and most respected umbrella companies in the UK.

Benefits of working through ContractorUmbrella;

  • Fast and easy registration-  be ready to work in 24 hours, simply register online and we’ll take care of the rest.
  • Calculate your take home pay- use our online calculator to find out how much you could be taking home through ContractorUmbrella.
  • Same day payments- we offer same day payments as standard, for no additional fee.
  • Our Commitment Charter- is our guarantee that you will be looked after at every step of the way.
  • Flexible Limited Company accountancy- when you sign up to our sister company Dolan Accountancy, you can transfer to ContractorUmbrella when umbrella employment better suits or your assignment sits inside IR35.
  • Employee Benefits- at ContractorUmbrella there are many benefits available to you as our employee including Childcare Vouchers, our Employee Rewards Scheme, Group Pension Scheme, Foreign Currency Exchange, Contractor Accommodation, Contractor Mortgages and much more.
  • Personal Employee Liaison Officer- we believe in the personal touch, so you will have your very own dedicated Employee Liaison Officer during your employment with us. Read some of the glowing testimonials we've received about our lovely staff and the outstanding commitment they give to all our employees and clients.

If you’d like to find out more, call us on 01206 591 000 or request a call back by completing our online form.