Closing an account with a umbrella company and collecting all holiday funds

[nickmc]

Hi I am new to the forum and have just come out of my first contract. The umbrella company I was with took a certain amount of money from my account as "holiday" or "sick" money which I could claim if I was not at work. My contract was only for 4 months and I still have holiday money left with my umbrella company. The question is can I get it all back by closing my account without getting stung by a fee of some kind?

Thanks!

[MrsGoof]

I cant see why they wont pay it tou you as salary. But check your contract.

BTW have you asked them for it?

[ASB]

Hi I am new to the forum and have just come out of my first contract. The umbrella company I was with took a certain amount of money from my account as "holiday" or "sick" money which I could claim if I was not at work. My contract was only for 4 months and I still have holiday money left with my umbrella company. The question is can I get it all back by closing my account without getting stung by a fee of some kind?

Thanks!

Duuno, what did they say when you asked them?

[mictech]

A contractor friend of mine had similar issues, by the time the umbrella charged him a large fee, an up front set-up fee, holidays and sick. He was luck to 50% of his gross.

We compared some other brollies and managed service companies (most do not keep your money in funds at all) and ditching his current brollie he started making money straight away.

If you haven't completed there tie in period up will loose you set-up deposit if paid and holiday funds.

The stuff coming out of my brollie mean you will need a limit company in future if you still want to claim expense after april. I will be switching in april.

[BrollyBabe]

A contractor friend of mine had similar issues, by the time the umbrella charged him a large fee, an up front set-up fee, holidays and sick. He was luck to 50% of his gross.

Are you kidding me? If thats the case I dont know whether this whole umbrella set up is right for me. I didnt know they charged a set up fee as well as weekly fees

[jh0711]

very few brollies do charge a set up fee

try the PCG (QU) brolly if you want to be safe an secure!

[mictech]

If your looking at brollies now. I can say the new tax rule mean my brollie will not allow the home to work expenses. Even at about £3-5000 of mileage claims over the year and I haven't done many long journeys this year.

The tax you save on the £3-5000 you would pay yourself via milage instead of having to pay as PAYE, you will have the money to pay the acountacy bill for the limited company.

Unless my brollie can find a ligit way around the new rule, as I have said I will be moving back to a limited set-up. Even if all my cotracts are caught by IR35 and I pay myself PAYE.

[MrsGoof]

If your looking at brollies now. I can say the new tax rule mean my brollie will not allow the home to work expenses. Even at about £3-5000 of mileage claims over the year and I haven't done many long journeys this year.

The tax you save on the £3-5000 you would pay yourself via milage instead of having to pay as PAYE, you will have the money to pay the acountacy bill for the limited company.

Unless my brollie can find a ligit way around the new rule, as I have said I will be moving back to a limited set-up. Even if all my cotracts are caught by IR35 and I pay myself PAYE.

at least with LTD inside IR35, you still get the 5% allowance to spend on toys and courses plus you can get a few quid extra from the FLAT RATE scheme, oh and it's almost certainly cheaper to pay an acountant rather than a brollie.