85%? Surely not?

[MarkOD]

Lots of Umbrella companies will say you can get 85%*

*based upon £XXXX in expenses and xxhours a week and is for illustration purposes only.

No umbrella can get you any more than the next one unless your claiming more in expenses with one compared to the other but considering it's supposed to be expenses you're incurring a cost for then why would that be. The only other option on 85% would be some sort of EBT and we all know what most people here think about them

HTH

[ilovehr]

Totally agree

And I know they're not peddling an EBT or any other "planning structure"...I'm just pee'd off that they can send this sort of mailer out to exisiting users, especially when like me they're getting about 70%....

Make's me wonder if they're struggling and are trying to buy some business from the unwary.

[MarkOD]

why would you email someone who's already using your service and tell them they could be getting them more but then can't deliver on it? Surely that's just going to pi*s people off when they look in to calcualtions and they can't get you 85%.
Who's the company in question?

[BrilloPad]

Make's me wonder if they're struggling and are trying to buy some business from the unwary.

Well the do have to compete against loan schemes who genuinely offer 85%. As long as HMRC dont change the rules retrospectively.

[ilovehr]

Name and shame....

Who's the company in question?

It's Springboard....

[TheFaQQer]

Well the do have to compete against loan schemes who genuinely offer 85%.

[BrilloPad]

I know quite a few who have stuck with montpelier and their loan scheme.

Its far too risky for me : but some like adventure.

[MarkOD]

looks like springboard might be quite new, there's no way of getting a calculation and a lot of their website is still under construction etc. They say their fee works out at £12 after tax if you're a high rate tax payer however my umbrella say it's more like £14.50 and i'm sure they'd say it's lower if they could get away with it so sound more appealing.

[ilovehr]

looks like springboard might be quite new, there's no way of getting a calculation and a lot of their website is still under construction etc. They say their fee works out at £12 after tax if you're a high rate tax payer however my umbrella say it's more like £14.50 and i'm sure they'd say it's lower if they could get away with it so sound more appealing.

I think I'm paying £27.50 gross at the moment....

Anyone fancy mystery shopping them to find out what they're up to and how they reckon they can get you 85%? I think its going to be by making lots of assumptions about expenses. Maybe they are assuming full claims up to the amount of their dispensation...

In fairness, when the bloke did my registration he didn't make any assumptions and the amount I got in my payslip was pretty much what they quoted. They've been pretty good so far, not had any payment issues but I agree their website is a bit amateur! Their payslip is a nightmare to understand though. When I worked with Parasol it was really comprehensive - the only reason I can understand theirs is because I have worked with Parasol before and know what to expect.

Anyway, I'm glad I'm going Limited soon - I've come to the conclusion that Umbrellas are all the same.....

[GavinR]

maybe there is a way to get over 80% of what you earn...

Hi All,

I was speaking in person with an accountant today who believed he could get 82% for a contractor earning over £100k/annum and whose day rate excluded expenses (as in the client pays expenses on top). It was to do with an intermediary Isle of Man company and you subcontracted to that company who dealt with your client and due to the Double Tax Treaty they have with the UK mainland you can get 82% of what you earn.

The accountant seemed knowledgable regarding the areas I asked him on and the firm has been established in my home town for a while. I won't be using them yet (if ever) as I absorb my expenses into my day rate and run them through my ltd company account and besides, I don't earn enough anyway They only touch high earners.

Maybe I'll look into it in the future should the right contract comes along - but the entire point of my post being... maybe there is a way to get over 80% of what you earn by taking advantage of double tax treaties...

... although at what risk is another topic altogether.

Kind Regards,

Gavin