Giant Do Not Touch Giant Msc /umbrellla /limited

[rawly]

Here's Giants latest Newsflash email

Quality press warn of dangers of operating your own limited company

Over the Easter Holiday period 3 quality newspapers (The Times, Daily Telegraph and Financial Times) published articles on the impact of the Budget for contractors operating through their own limited company. The links are:
http://www.telegraph.co.uk/money/mai...6/cntres06.xml
http://www.ft.com/cms/s/98345268-e6f...b5df10621.html
http://business.timesonline.co.uk/to...cle1624028.ece

The articles made the point that anybody operating through their own limited company, using a service provider like giant, (even one purporting to be a professional accountant) will be classed as a managed service company and all parties involved will face the frightening financial consequences. As such the newspapers have supported and vindicated giant's decision to withdraw from the provision of one-man limited company services, by closing our trailblazer product, to avoid exposing our clients to potential financial ruin.

With effect from 6th April we have transferred you to our award winning umbrella service, giant strongbox without the need for any administration by yourself. You will continue to enjoy all the service benefits you had with giant powerhouse (personal 24/7 portal, client service manager, free CHAPS, money back guarantees, free insurances etc.) at the lower fee of £28 per week. Along with all the business expenses you previously claimed, in addition you will soon be able to claim daily allowances of up to £21 with giant strongbox, without the need to submit receipts to giant. Details will be on your input "non - billable expenses" screen on your portal.

Those clients that have already formed a company under the trailblazer service and have not yet requested us to refund their £30 fee and close their company should do so promptly. This will avoid the need to submit numerous returns (even if some are nil), which will be necessary if the company remains registered. The cancellation form is in your "trailblazer" portal

[bangface]

Here's Giants latest Newsflash email

Quality press warn of dangers of operating your own limited company

Over the Easter Holiday period 3 quality newspapers (The Times, Daily Telegraph and Financial Times) published articles on the impact of the Budget for contractors operating through their own limited company. The links are:
http://www.telegraph.co.uk/money/mai...6/cntres06.xml
http://www.ft.com/cms/s/98345268-e6f...b5df10621.html
http://business.timesonline.co.uk/to...cle1624028.ece

The articles made the point that anybody operating through their own limited company, using a service provider like giant, (even one purporting to be a professional accountant) will be classed as a managed service company and all parties involved will face the frightening financial consequences. As such the newspapers have supported and vindicated giant's decision to withdraw from the provision of one-man limited company services, by closing our trailblazer product, to avoid exposing our clients to potential financial ruin.

With effect from 6th April we have transferred you to our award winning umbrella service, giant strongbox without the need for any administration by yourself. You will continue to enjoy all the service benefits you had with giant powerhouse (personal 24/7 portal, client service manager, free CHAPS, money back guarantees, free insurances etc.) at the lower fee of £28 per week. Along with all the business expenses you previously claimed, in addition you will soon be able to claim daily allowances of up to £21 with giant strongbox, without the need to submit receipts to giant. Details will be on your input "non - billable expenses" screen on your portal.

Those clients that have already formed a company under the trailblazer service and have not yet requested us to refund their £30 fee and close their company should do so promptly. This will avoid the need to submit numerous returns (even if some are nil), which will be necessary if the company remains registered. The cancellation form is in your "trailblazer" portal

Lower fee of £28 per week???? Blimey what was it before they lowered it? £28 per week is still daylight robbery if you ask me.

There are so many other companies out there offering the same if not better service for a third of that cost!! Some poor newbies getting tucked up there for sure...

They should be called Giant Rip off imo!!!

[AnotherIan]

"The articles made the point that anybody operating through their own limited company, using a service provider like giant, (even one purporting to be a professional accountant) will be classed as a managed service company and all parties involved will face the frightening financial consequences. "

Case closed

[bangface]

"The articles made the point that anybody operating through their own limited company, using a service provider like giant, (even one purporting to be a professional accountant) will be classed as a managed service company and all parties involved will face the frightening financial consequences. "

Case closed

Even so £28 per week is an absolute rip off

[rawly]

Lower fee of £28 per week???? Blimey what was it before they lowered it? £28 per week is still daylight robbery if you ask me.

There are so many other companies out there offering the same if not better service for a third of that cost!! Some poor newbies getting tucked up there for sure...

They should be called Giant Rip off imo!!!

It was £35 per week with their Powerhouse product. Their now defunct Trailblazer would have worked out about £75 a week when you added in all the extras they were going to charge!

I only still get these emails as I'm waiting for them to send me my P45. I moved from them last week into a Ltd.

[breakz187]

These people are arseholes.

They charge lots and do feck all. They dont call back and dont even pay the correct amounts. Charge you for stuff witout explaining that there will be a charge (bank holiday advances etc).

Question:

Can i move from Giant to an Ltd even though I'm two weeks into my contract? Can i just start up with Nixon Williams or SJD and start limited? Will this flag me up big time with the taxman etc???

I have to leave these people.

[Bluebird]

If you're with Giant then you are probably on PAYE moving from PAYE.

You can still set up you own Ltd co and go with one of the accountants you state.

What I'd be wary of doing is moving from PAYE to a Ltd Company Divi/Salary method to maximise your income for this contract - do that on the next one IF you're outside IR35.

If you do change you need to get a new contract sorted - speak to your agent they should be happy to do this.

[breakz187]

I have to endure another 2.5 months of there rape?

Hope this isnt true but thanks for you advice anyhow.

[Lewis]

I have to endure another 2.5 months of there rape?

Hope this isnt true but thanks for you advice anyhow.

I'm no expert but I don't see why you can't move. The steps would be something like the following (in rough order):

(1) create new Ltd company (via accountant would be easy)
(2) request new contract from agency with your new Ltd co name on it
(3) optionally get a IR35 contract review from somewhere like QDOS
(4) optionally take out IR35 insurance from somewhere like QDOS
(5) sign contract
(6) purchase employer liability and professional indemnity insurances (see other threads)
(7) open company bank account (see other threads)
(8) request P45 from Giant
(9) find accountant and off you go ...

I would be extremely surprised if either (a) Giant didn't let you leave asap or (b) your agency wouldn't draft a new contract, this sort of thing happens all the time.

I don't know about the IR35 implications of moving from PAYE to Ltd but if you can secure IR35 insurance you have nothing to worry about anyway.