Umbrella companies -URGENT

Experts and All

What are the precautions to be followed while a joining Umbrella company ? what are the important questions to be raised ?

I need this info urgently. Please advise me immediately.

If you have good referrals,send me private message.

Your help is highly appreciated.

Thanks

you looking for companies who manages accounts or for WP?

timefactor & all

I am looking for companies that manages account. If you working with one please let me know, share your experience. (Questions, pre-cautions etc).

If you would like to refer a company, send me email techy0405@yahoo.com

thanks for your help.

Sorry but what this term means "Umbrella companies" ?

Ignorance is not always bliss

Hi tech-
I have friends who swear by umbrella companies. I also have friends who prefer to go it on their own (Ltd.) and just pay an accountant to do the paperwork. Seems like 6 on one hand, half dozen blah, blah, whatever that cliche is. I'm trying to work out which is best for me at the mo also. I think the big issue you need to consider is IR35 and then evaluate your risk-adverseness & how these companies deal with it. Some have really high fees that don't seem to be justified, some low fees that sound a bit dodgy. A great site that may answer your questions, or point you in the right direction is: www.contractoruk.com. Another is www.namesfacesplaces.com (i think, not sure if this one is a .co.uk). Good luck and let me know which direction you choose...

marr1a

Thanks for your reply. I have reviewed all the avaliable info and trying to contrast & compare them. I am sure there will be subtle differences in their operating procedures which i won't able to figure out unless i work with them for resonable amout of time.

For IT contractor (mostly likely inside IR35) . if you any specific suggestions/recommendations. let me know.

If you have any specific company referral(s), send me e-mail at techy0405@yahoo.com Once I make a decision, if you like, I would be more than happy to refer you for some referral cash .

An umbrella company manages your services while you are self employed. One major advantage of an umbrella company is that the taxman wont chase you down with IR35 norms if you are an IT services consultant. Basically, when opting in for an umbrella company you agree to pay them a major share of your billing. (some upto 35%). In return they will takecare of your billing and account management with the client. Some of them operate in style that you don't even have to file your tax during the end of year !. (you know what I mean ?)

vin123 wrote:Some of them operate in style that you don't even have to file your tax during the end of year !. (you know what I mean ?)

Yeah and some of them are total cons - if you have to do tax return (more than 1 job, high band tax payer etc), then you have to have tax return submitted either on your own or using someone to represent yourself.

I'd advise people on here to be extremely careful with umbrellas - their sole purpose in life is to minimise tax and your actions might not be looked upon lightly even if they are perfectly legal - just look at what IR is doing against usage of perfectly legal schemes! Think twice - as a foreigner you are in worse position than any local citizen.

All

It seems to me PAYE option is safest and least lucrative option. The advantage is that it is simple and less likely to attraction from tax authorities than so called "schemes".

Please post your comments. your help is appreciated.

Thanks
Tech