Umbrella/accountant for 3 months High rate

[stelio]

Hi there,
what do you think about the RACS GROUP solution?
(I already posted about Consultant Technologies, but your opinion on their schema was not very good....)

it seem convenient, at least a little bit more than classical Umbrellas....

I am going to be on contract surely for 3 months, at an high rate...
what's your advice? to open a LTD company and suspend/close it after 3 months? I'd like a solution to get more than the classic 63%-65% of mostly Umbrella company...

have you any accountant/company to reccomend for short time contractors?

[Sockpuppet]

Go umbrella.

Technically if you're only one the one contract then you shouldn't claim travelling expenses etc.

[Danbro]

Danbro Accounting Ltd

Hi Stelio,

I would take some advice about this, depending on how high your income is and if your contract falls outside IR35 then it would be more beneficial to become a Limited Company, most of the hassle of this approach will be bourne by your accountant.

Also, income splitting hasnt been introduced yet so you could still benefit from splitting your income with a spouse, salaries etc.

Most accountants will charge a minimum fee for preparing accounts etc.

Thanks

Neil Ormesher

[Alan @ BroomeAffinity]

For a 3 month contract, go umbrella. If you go ltd you might have 12 months fees to find for 3 months work.

[TheFaQQer]

Go umbrella.

Technically if you're only one the one contract then you shouldn't claim travelling expenses etc.

Legally, if you're only one the one contract then you cannot claim travelling expenses etc.

HTH.

[stelio]

any suggestion?!

the contract is out of IR35... and the rate it's between 50-60 per hour.
what kind of solution?!?! I have no high expanse!

[Danbro]

Danbro Accounting Limited

Hi Stelio,

If we go with £60 per hour for 3 months with a £10k salary pro rata for 3 months and 4 months accountancy Fees, based on no other income in the tax year 08/09

Stelios

Income Figures
3 months
Limited Company - Dividend route

Sales 39000

Expenses
Salary 2500
E'ers NI 154
Accountancy Fees 520
Other Expenses Estimate 1000


Total Expenses 4174

Profit Before Tax 34826

Corporation Tax @ 21% 7314

Profit after tax 27513


Take Home Pay

Net Sales 39000
Personal Tax 0
Corporation Tax -7314
Accountancy Fees -520

Take Home Pay 31166
Take Home percentage 80%

Thanks

Neil Ormesher
Danbro

[Alan @ BroomeAffinity]

no high expanse, eh? I own a bit of land on the top of a hill. Interested?