Choice Premier

Q1: Why is the Choice Premier facility complex? A: We all prefer simple solutions but they do not always work.  Due to the complexity of UK tax legislation, the facility has been designed in order that any problems associated with past cases and relevant anti avoidance legislation have been taken into account.  This necessarily requires that some degree of complexity is present.

Q2: Does the facility have a fixed term duration with any conditions attached?A: No, nor is there necessarily a minimum number of participants required for us to continue to operate.  We intend to continue to provide the facility whilst it is in our member's best interests to do so.

Q3: Are costs likely to vary? A: The costs are levied in order to cover administration and finance expenses.  There is no intention to subject participants to rising costs over which they would have no control.

Q4: Is there a minimum period that I have to commit to when becoming employed by Choice Premier? A: No, although it would not be worthwhile for either of us if you only intended to stay for a few weeks.  We however find that most members, in the absence of unforeseen circumstances, stay with us for a length of time which makes it beneficial for all parties concerned.

Q5: If I introduce a friend to Choice Premier do I benefit? A: If you recommend our facility to a third party, you may be eligible to receive a referral fee of up to £1,000.  A payment of £750 would be made three months after they join us, provided that they remain a participant for that period and the value of the contract under which they provide services is at least £70,000 per annum and £1,000 if the value of the contract is at least £100,000 per annum.

To refer somebody simply email us their contact details and we'll send them an information pack.

Q6: What happens if the contract on which I am presently working has some time to run? A: Contracts should not be broken by yourself and the circumstances will have to be considered on a case by case basis.  Also it may mean that you would not be able to join us immediately but at a later stage when a new contract commences.

Q7: Will the contract under which my services would be provided be acceptable? A:The customers/agency contracts, are perused and any detrimental clauses are questioned.  The contracts with clients or their agents will only be signed if they have been perused and, in our view, found to be reasonable. However, we cannot guarantee this and would make you aware of any potential problems.  We believe that some parties just sign the relevant documentation without question and consider that such practices would not be in your best interests.

Q8: Is professional indemnity insurance required? A: To minimise any potential liabilities that could be levelled against the Company for participants work, the company and each participant will be covered by £1m cover of professional indemnity insurance, arranged at no cost, as part of the benefits available to you. Public and Employers’ liability insurance is also provided at no cost to yourself (£1m of PL cover and £10m of EL cover).

Q9: Are there any provisions for employing a spouse/partner? A: No – in order to maintain the integrity of the facility such a provision is not available.

Q10: Some arrangements involve part of the amounts paid to participants being transferred directly into an offshore bank account to be withdrawn without deduction of UK taxation at a later date. A: For members who remain resident in the UK for tax purposes such arrangements could assist in facilitating tax evasion.  Our facility does not involve making payments to participants’ offshore bank accounts in circumstances which could give them the false impression that such amounts are not chargeable to UK taxation.  It is not our intention to facilitate any breaches of UK legislation.

Q11: What would happen if the law changes? A: We would assess any implications and modify the facility as appropriately as may be practically possible.  If any immediate action is necessary then steps will be taken to safeguard the best interests of our members.

Q12: Are any guarantees provided that the HM Revenue & Customs cannot challenge the status of the funds received by the participant with the result that it suffers more tax and NI than has been suggested by the proposal? A: HMRC have enquired into our arrangement/transactions many times with our previous companies operating foreign currency gains, and all have been successfully resolved/defended without any additional income tax, NI, or Corporation Tax being due/paid. This is important legally, as it sets precedence, and obligates HMRC to act/find consistently in any future enquiries it opens with ourselves.

Q13: How do your services differ from other EBTs that the HMRC is currently targeting? A: Choice Premier does not use EBTs or Trusts at all.

Q14: How do you remain compliant with the draft legislation and how are the loans repaid? A: Choice Premier make loans direct to its members using a devaluing currency (compared to UK sterling), the foreign exchange broker is able to purchase a relatively cheap forward buy of the devaluing currency to repay the foreign currency loan (one year after the loan is issued). Choice Premier and the foreign exchange broker costs/fees are covered by the devalued loan repayment.

Q15: Are the 80-82% Forex gains, shown in the online calculator results, guaranteed? A: Yes the gains are guaranteed, as the foreign exchange broker will not execute the transactions unless a gain of at least 82% can be achieved.

Q16: Which broker do you partner with and what currency do they deal with? A: We use International Corporation as our Forex broker. They are based in the Seychelles. The currency is selected at the time of processing the loan (dependant on market rates), but International Corporation recently used the Dominican Peso (currency of the Dominican Republic).

Q17: Do I have to use a UK bank account to get paid? A: No. You don’t have to use a British bank account to get paid.

Q18: How do I secure a competitive mortgage as a contractor? A: Contractor Mortgages Made Easy are experts in finding Mortgages For Contractors. They can help contractors find the right Contractor Mortgage and make it as easy as possible by doing everything they can to simplify the process for you.