MANHATTAN INTERNATIONAL LLC
Registered in Wyoming USA with Limited Liability No 27152
REGISTERED OFFICE:
1912 Capital Avenue
Cheyenne WY 82001 USA
ADMINISTRATIVE OFFICE:
Edificio Marina Forum
Avenida Arriaga 77 3rd Andar, Sala 305
9000 Funchal Madeira Portugal
UK REPRESENTATIVE:
Ronald G Dangerfield Ltd
10 Queens Drive West, Ramsey,Isle of Man IM8 2JD
Tel:01624812574 Fax:01624814558 email: dangerfieldtenqdw@manx.net
Please address all replies to the UK Representative
Dear Sir/Madam
Our contract establishes you to be an employee, you are engaged by the Company to work in the same way that you do now. The above Company would be responsible for paying your salary, you would therefore be unaffected by any action now, or in the future regarding your Employment Status.
Form a new UK Company with the Shareholders named:
RONALD GEORGE DANGERFIELD and MARGARET MARY DANGERFIELD both of 10 Queens Drive West, Ramsey, Isle of Man.
The above Company as your Employer would contract you to the newly formed UK Company where you will act as Director whilst performing in your chosen discipline. You would continue to obtain your assignments in the way that you operate now, trading with the UK AB Company in accordance with the operating proceedure.
The income that you earn through this arrangement is fully accounted to the Revenue in such a way that you will retain more of your present tax accounted money, in our employ you will pay less Tax, minimal National Insurance and receive Tax Free Business Expenses together with a Tax Free lump sum payment every two years that would otherwise be paid to the Taxman.
You would work through the above Company for a minimum of 2 full tax years at a declared basic salary which is less than the Single Persons Tax Allowance but more than the threshold level for paying National Insurance Contributions, the remainder of your TAXABLE income is received as Interim Dividend Payments paid against a non-voting share issued on commencement, and relinguished at end, of Contract.
Continuity is obtained by alternating your employment between two Companies receiving Redundancy Payments on cessation of employment with each Company. A Contract of Employment is raised to cover each period of engagement.
Dividends do not attract National Insurance Contributions (NIC) therefore you pay minimal NIC in order to qualify for all benefits and you also enjoy Tax Deferment until the end of the Calender year following the end of the Tax year. The above Company not having a place of business in the UK does not have to pay the Employers share of the National Insurance Contributions, see DSS leaflet (NP16)CA65.
All income that is salary and dividend payment received by the individual is taxable income and is required to be declared.
A retention of 17.5% deducted from the gross income contributes to the final payment which is made as payment in accordance with the Income and Corporation Taxes Act 1988 which states the first £30K of a redundancy payment is Tax Free providing the two year requirement is satisfied, if that condition is not met the payment would be taxable although depending on when it was paid, Tax deferment could be extended. The Revenue’s Statement of Practice 1/94 confirms their agreement of this.
Your Faithfully
Ronald G. Dangerfield