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Just starting a contract that's inside IR35, (public sector) and been advised by the agency that I need to contract through an Umbrella Company. Previously always been outside IR35 and gone via my own PSC.
I'm been approached by an Umbrella company that has said that via an agreement with a Trust, it will allow me to receive funds by way of a Fiduciary Advance which is non taxable.
The advice is that I "will become an employee of the preferred Umbrella Company. As an employee, IR35 just isn't applicable so this is something you needn't worry about.
They will pay you a salary and pay all Tax and NIC's due on your behalf. "
With this in mind I can take home about 84% instead of approx 60%.
This is all new to me. Anyone else done this and is it legit???
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