NoLongerLimited, Prosperity 4

[paul-a-274]

Parasol / ASMG

Agree. Parasol are a touch more expensive, but it's fairly easy and a standard "umbrella" service. They've just passed 10,000 clients (I think) so you're fairly assured with them....

While I'm on though - any further news on anyone using ASMG (based in Barbican, London). Seen a few threads about them. Was wondering whether anyone was getting on well with them.

Cheers, Paul

[bluemonkey71]

Heard through the grapevine that they charge 12% of the gross invoice value for fees....A bit steep?

[kookachoo]

P4 completely ****ed me over in 2003 and said there was a minimum fee of £1500 and at the end of my contract when I left them for being so pants, they took a chunk to cover this fee.

I never did go through it all and sort it out. Still makes me mad to this day, but I guess it's too late to moan.... wish I'd have sued their asses before now.

[freshblue]

U Sure?

£11 per week??? They charge % so the more you bill the more you pay them,

"For those contracts falling within IR35 we charge 2% of gross income, while contacts falling outside IR35 are charged a 5% fee, (e.g. if you are deemed self employed)."

I smell and the agency will be putting them forward cos they get cash methinks, they offer up to £150 a referral!

[expat]

6 posters on this thread with less than 10 posts, including 3 first posts, jumping in to slag other umbrellas. Very funny. Now stop it.

[mcquiggd]

Zeitghost, a typo - you said 'slagged'.....

P.S Im not suprised it folded up on you

[Alf W]

Parasol cost about £55 per month (gross equivalent) and if you take advantage of their pension scheme you can trouser about 69% and be pretty much IR bullet-proof.

I could probably screw more out of my billings if I wanted to invest the time and sail a bit closer to the wind but it's worth it to me to just let them take care of everything.

For the record I tend to get longer contract runs (18-24 months with renewals) of the type IR35 was designed to hit.

Anyone who encourages you to claim expenses you haven't incurred is likely to get you shafted at some point down the road.

[tim123]

Parasol cost about £55 per month (gross equivalent) and if you take advantage of their pension scheme you can trouser about 69% and be pretty much IR bullet-proof.

How can putting money in a pension scheme put more money in your pocket?

Pension contributions are dead money, you never see it again, all you get from it is draw an income from it once you are 65.

I'm not saying that making pension contributions are a bad thing, but you can't add the contribution onto your take home and say "this is the bit I keep".

tim

[Alf W]

Go and see a Financial Advisor - now!

[absoft]

Is Pension a good idea?

How can putting money in a pension scheme put more money in your pocket?

Pension contributions are dead money, you never see it again, all you get from it is draw an income from it once you are 65.

I'm not saying that making pension contributions are a bad thing, but you can't add the contribution onto your take home and say "this is the bit I keep".

tim

I agree with Tim, pension money is dead money. Ok you can eventually get a quarter back but that still leaves 75% which can only buy an annuity and if you snuff it early you won't even see that.
I had an illustration from Parasol Financials. Supposedly the only charge was a 1% management fee but for some reason it said that if I paid in £1,000 per month, then £9,000 would be applied to my fund in the first year and £12,000 the second year. Where does the £3,000 disappear to in the first year? Maybe this was just a misprint. The other thing that puts me off is the £3,400 agents commission on the deal. £3,400 for a five minute phone call; its obscene !!! Anyone else care to comment on the Parasol Pension; on the face of it it looks good as far as pensions go because you save N.I. as well as tax but only while with Parasol.