Contractors

Priorswood Consultants Limited

Priorswood Consultants Limited was set up in the late 1990’s in a response to requests by agents in the IT industry. Priorswood Consultants Limited is a properly constituted offshore company having been registered in the Bahamas. The company is fully compliant with all international rules, codes and protocols. The company was set up by Professional Directors in order to make available to contractors in the IT industry a suitable vehicle for consultants to take advantage of the offshore tools available.

Broadly speaking the relevant consultants fall into three main categories. These are: -

1.  Foreign to foreign consultants. This would include Australians, New Zealanders, South Africans, Americans, etc. who come to Europe for the purposes of contract work and who succeed in obtaining a contract in a European country other than the UK. Priorswood Consultants Ltd (PCL) would arrange for a local salary to be paid in the country where the work is executed and will also arrange for a local paying agent who would deal with payroll deductions etc. in the proper manner. Such persons have no obligation to UK tax nor does any liability arise in any other jurisdiction.

2.  UK to foreign consultants. In this case a UK national leaves for the purposes of a foreign contract and succeeds in obtaining a contract in (say) Berlin. In these circumstances, similar to those at 1 above, we would arrange for the gross income to be paid to PCL by the agent with a salary paid locally through German paying agents.

3.  UK nationals working in the UK. PCL is probably not the appropriate vehicle for such work, although other facilities may be available. Please contact Priorswood Consultants regarding this matter.

Each individual’s circumstances will be different and in every case residents domicile, etc. will have to be taken into account. Further, contracts can vary in length from a matter of weeks to a matter of years. As a result of this the above is intended as a general guide only and individuals should consult with either Professional Consultants or any of the UK agents on the subject in advance of taking any action.

In many instances it may be possible for individuals to set up and run their own foreign corporation, however as a result of this such a corporation would probably fail in tax terms as a result of the residence of the person administering it. For instance, in terms of UK law if a contractor were resident and ordinarily resident in the UK and they were actively running and managing a foreign corporation, then such a company would become fiscally resident in the UK for UK tax purposes and it would be improper for the company not to file accounts etc. in the UK and account for its obligations as appropriate. The alternative is to have foreign administrators, however, it is necessary to ensure that at all times the code ordinances, protocols and legislation mentioned above is being adhered to.

PCL has appointed agents locally in most countries in Europe and these bureaux are used to administer local payroll.

PCL has a number of associates/agents throughout the world and in the first instance any queries regarding them should be directed to Professional Consultants.

PCL has local agents to whom you may speak regarding the operation of the company, possible tax scenarios and consequences, etc.

PCL is appropriate in the circumstances envisaged above for one contract, successive contracts, multiple contracts in more than one location, etc. Further, PCL can continue to be useful where the relevant contract has been terminated.

Whilst PCL is primarily involved in the IT industry, it is not restricted to that industry. PCL has associates and sister corporations covering other industries and sectors.

PCL can also introduce consultants and contractors to agents and customers. PCL can arrange introductions to local agents in most instances, who will be more than happy to assist with payroll, but also to assist with filing for local taxes and available for tax advice and assistance.

PCL IS SAFE, CERTAIN, EFFECTIVE AND ECONOMICAL.