Agency mandated umbrella company list

[JazzMAN808]

Hi All,

I've just joined the contracting scene for IT Project Managers and just landed my first contract. As a n00b and to test the waters I've chosen to go through the path with an umbrella company until I can find my feet as a contractor going foward.

The agency with whom I got the job offered the below list of agencies is there a decent agency in terms of earnings that is quite favourable?

Orange Genie, iBalance, Danbro, Parasol, Giant

I read some reviews about Giant and Orange Genie on the forums here and considered writing those two off. I was then thinking about Parasol but I heard they take a 13% cut as employer NI (or margin) which leaves iBalance and Danbro.. any guidance would be much appreciated.

Thanks

Jazz

[LondonManc]

I've used Parasol and they were fine. I wouldn't worry about your cut, just get up and running as a limited company at the start of your next contract.

[TheFaQQer]

The only difference in your take home pay will be based on the umbrella fee - if anyone tells you anything differently then they are lying since they must all operate the same NI and PAYE rates.

The only way they can differ is to have varying rules / understanding of how to treat expenses. Of course, if they aren't correct in how they deal with your expenses, then you are the one who will get hammered by HMRC.

Finally, if this is going to be your only contract through the umbrella company, then you will not be able to legally claim travel and subsistence expenses because the workplace cannot be classed as temporary.

[DiscoStu]

Hi All,

I've just joined the contracting scene for IT Project Managers and just landed my first contract. As a n00b and to test the waters I've chosen to go through the path with an umbrella company until I can find my feet as a contractor going foward.

The agency with whom I got the job offered the below list of agencies is there a decent agency in terms of earnings that is quite favourable?

Orange Genie, iBalance, Danbro, Parasol, Giant

I read some reviews about Giant and Orange Genie on the forums here and considered writing those two off. I was then thinking about Parasol but I heard they take a 13% cut as employer NI (or margin) which leaves iBalance and Danbro.. any guidance would be much appreciated.

Thanks

Jazz

The only difference between any (correctly operating) umbrella companies is the weekly or monthly fee they take. They all deduct employer's NI.

Fee aside, your take home should be the same no matter which company you use.

Further reading here.

[Sausage Surprise]

Go Ltd now...just as easy.

[northernladuk]

Go Ltd now...just as easy.

I don't agree and looking at some of the problems newbies have been getting in to on the forums recently I don't think it's a bad thing to go Umbrella for a short time. Saying that we have people getting in to trouble through Umbrellas as well so

[LondonManc]

Going umbrella for a year or two makes sense, especially to see if contracting is for you. If not, it's an easy transition back into perm as you have a P45, reference, etc. at hand. If it is, then you've not got much to do to switch over and you're used to the lifestyle and it's a gradual step up in income rather than instant giddiness

[jmo21]

I don't agree and looking at some of the problems newbies have been getting in to on the forums recently I don't think it's a bad thing to go Umbrella for a short time. Saying that we have people getting in to trouble through Umbrellas as well so

It's easy if you do your reading and are not a complete moron who just starts treating the company bank account like your own mini lottery win.

Definitely start brolly IF you are testing the waters with contracting and are not sure if you will do it the medium to long term.

[JazzMAN808]

Thanks All

for your constructive feedback, as I mentioned I am just testing the waters.. probably not the best time as I heard the market goes slow around about Xmas to March but hopefully I'll see how this contract pans out.

I will look into a Limited Company once I get a fully year under my built and build my contacts

Cheers all!