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  1. #21

    More time posting than coding

    lucycontractorumbrella's Avatar
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    Quote Originally Posted by eek View Post
    There is no such thing as an "enhanced Tax efficient umbrella" what there is are normal umbrellas and smooth talking scam artists who will take 10-15% of your money and leave you with a blooming large tax bill 1-5 years away and a long term black mark in your records within HMRC...
    This sounds like a normal day in the office for me - same old conversation, I have this is on repeat!
    Just watching what I say

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  2. #22

    More time posting than coding

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    Quote Originally Posted by Brummie View Post
    One thing I learned during the process, is that few umbrella companies said that I can claim expenses etc upon submission of receipts. But they also said, I need to workout and tell them a fixed number as an expense ahead. This number is fixed and cannot be changed. That fixed amount will be deducted and any balance will be kept by the umbrella. For e.g. if you project your monthly expense as 1000, umbrella will deduct this and pay you based on your receipts. If your receipts are worth 400, you will be deducted 1000, you get paid 400, the balance 600 would be taken by them. I guess they call it as fixed expense model or something. But I felt it was bit fishy, so didn't go with that option.
    As far as our legal support was concerned, operating in this way meant that if they tried to repay the expenses, it could be deemed an unlawful deduction of earnings, hence they are not paid back - in my mind completely wrong and the contractors are even worse off
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  3. #23
    eek
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    Quote Originally Posted by lucycontractorumbrella View Post
    This sounds like a normal day in the office for me - same old conversation, I have this is on repeat!
    I just wish I knew what the solution was. Holding agencies responsible for any lost tax feels like just about the only option.
    merely at clientco for the entertainment

  4. #24

    More time posting than coding

    lucycontractorumbrella's Avatar
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    Quote Originally Posted by eek View Post
    I just wish I knew what the solution was. Holding agencies responsible for any lost tax feels like just about the only option.
    HMRC providing some definitive guidelines and approval for umbrella's might be a start, rather than a "sorry we cannot advise on whether this way of operating is compliant or not" answer - but then again pigs have a better chance of flying!
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  5. #25
    eek
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    Quote Originally Posted by lucycontractorumbrella View Post
    HMRC providing some definitive guidelines and approval for umbrella's might be a start, rather than a "sorry we cannot advise on whether this way of operating is compliant or not" answer - but then again pigs have a better chance of flying!
    Now may be a good time to start pushing for that as the Taylor review officially condones the work umbrellas do....
    merely at clientco for the entertainment

  6. #26

    Nervous Newbie


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    Quote Originally Posted by lucycontractorumbrella View Post
    Happy to have a chat and explain it to you kysto.
    Hey Lucy,

    Thanks, As i said nothing is on concrete yet but should it be, I'll be in touch.

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