Lenny 7:40 Wed Jul 11
Umbrella Companies
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Hi Fellow WHO'ers
I am looking to go contracting shortly and am currently researching Umbrella Companies and I thought that plenty of you guys on here probably use Umbrella firms.
Therefore if any of you good people could name drop the companies they use I would be most grateful.
I am looking to set up my own company in the future however as I have not contracted before I thought this was the best route until I am comfortably settled in.
Cheers in advance.
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Replies - Newest Posts First ( Show In Chronological Order)
Charlie Potatoes
11:53 Wed Jul 11
Re: Umbrella Companies
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I used to be a contractor and for the most part I personally hated it.
I'd avoid Giant Group - I can't recall ever getting paid on time, poor customer service and I to this day reckon they were a rip off.
I also used an Umbrella company called DASA and they were the total opposite. Look into them.
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Billy Blagg
11:51 Wed Jul 11
Re: Umbrella Companies
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Lenny, are you really going contracting? REALLY going contracting? Think about it...if the answer is 'Yes, I bloody am' then DO NOT GET AN UMBRELLA COMPANY. Get a name, incorporate yourself and get on with it.
There is no point in bedding in or any other crap, just get your company and start tomorrow. It really is very, very easy.
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mentor
9:43 Wed Jul 11
Re: Umbrella Companies
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It depends what they do for you. I've got two businesses and pay £1400. So probably upwards of £700. All tax deductable.
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Cheezey Bell-End
9:34 Wed Jul 11
Re: Umbrella Companies
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So what does the accountant charge?
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mentor
9:09 Wed Jul 11
Re: Umbrella Companies
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I've been jobbing for 32 years mostly in recent years as a Ltd Co. There's no need to touch umbrella companies. They are only there to take your money. Get an accountant, make sure you meet the criteria for IR35 and off you go. Much, much better than being permie.
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Cheezey Bell-End
9:07 Wed Jul 11
Re: Umbrella Companies
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If you're contracting, you need a company of some kind. Agencies won't do it. The financial rewards of contracting make it well worth it.
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Nicey
9:05 Wed Jul 11
Re: Umbrella Companies
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It doesn't sound worth it to me, might as well be paid PAYE by the co you are working for.
Maybe things have changed since I used to manage a large team of temps but that was a few years ago and I guess the scam had to stop at some point
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Terrywait
9:04 Wed Jul 11
Re: Umbrella Companies
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Lenny, i've not read the other replies, but my advice would be dont touch them. Set up a LTD company, its easy to do.
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mentor
9:00 Wed Jul 11
Re: Umbrella Companies
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Brolliesforyou
All sorts there. I bought a really nice green one.
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Cheezey Bell-End
8:58 Wed Jul 11
Re: Umbrella Companies
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Maybe there's a different kind, but the one I recommended don't do that. You become an employee. They do all the admin and accounting . They know all the deductions and legal. In return, they keep 6% of your gross salary, but it's worth it.
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Lenny
8:54 Wed Jul 11
Re: Umbrella Companies
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Cheezey Bell-End 8:47 Wed Jul 11
Correct
Umbrella companies receive your fee/salary from the company/agency that you are contracting for,they take their cut then pay you the rest through PAYE at whatever tax rate you are in.
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Nicey
8:52 Wed Jul 11
Re: Umbrella Companies
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Cheezy you have lost me, with an umbrella company you become and employee and director of said company.
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bell
8:48 Wed Jul 11
Re: Umbrella Companies
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DANNY66 8:46 Wed Jul 11
Yep!
* nods at cholo*
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Cheezey Bell-End
8:47 Wed Jul 11
Re: Umbrella Companies
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Mate that is the point of an umbrella company - pay yourself minimum wage as an employee and pay your NI and PAYE and take the rest as dividends
Not in my experience. That's what the ltd company people do.
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Nicey
8:46 Wed Jul 11
Re: Umbrella Companies
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overbyyer 8:33 Wed Jul 11
Re: Umbrella Companies
Lenny wrote...
"Re: Umbrella Companies
I have been offered a contact of work which means I either need to join an umbrella company or set up my own company at companies house. I need to do this in order for my PAYE to be sorted and paid. What is so wrong with that."
Is that not a contradiction? Setting up a ltd company means you do not PAYE, unless you are going to double as the girl from payroll, give yourself a payroll number and send yourself a payslip each month.
Mate that is the point of an umbrella company - pay yourself minimum wage as an employee and pay your NI and PAYE and take the rest as dividends
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DANNY66
8:46 Wed Jul 11
Re: Umbrella Companies
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I'm with you Bell and then when that poster started having a pop i thought,this is a bit harsh considering he wants to start a company.Never too old too learn!!!
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On The Ball
8:43 Wed Jul 11
Re: Umbrella Companies
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I think rios has really got the wrong end of the stick.
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Cheezey Bell-End
8:43 Wed Jul 11
Re: Umbrella Companies
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I always use Lester Sybersolve. Very efficient.
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Lenny
8:42 Wed Jul 11
Re: Umbrella Companies
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riosleftsock 8:31 Wed Jul 11
I don't think you have really read my post have you.
I am not looking to dodge tax. I have been in work continually for over 20 years and have paid all my taxes just as many other people do.
I will be going under a umbrella and paying my Tax through PAYE just like anyone else.
It seems to me that you have some sort of chip on you shoulder which is very sad for you. All of which leads me to think that you are a bit of a cock, and a small one at that,
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Pseudonym
8:39 Wed Jul 11
Re: Umbrella Companies
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Overbuyer - A lot of people running ltd companies still use PAYE.
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overbyyer
8:33 Wed Jul 11
Re: Umbrella Companies
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Lenny wrote...
"Re: Umbrella Companies
I have been offered a contact of work which means I either need to join an umbrella company or set up my own company at companies house. I need to do this in order for my PAYE to be sorted and paid. What is so wrong with that."
Is that not a contradiction? Setting up a ltd company means you do not PAYE, unless you are going to double as the girl from payroll, give yourself a payroll number and send yourself a payslip each month.
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