Help - The umbrella i work through is not paying me and has closed down !

[geoff from contracta IOM]

I'm not involved with Tract but I believe they were using the ol' devaluing currency FX transaction scheme. Given the somewhat questionable character of the management, I doubt that they ever transacted any FX trades, so it is likely that the whole scheme was one huge elaborate scam.

This would of course leave the participants in even more of a precarious position.

I would have to issue a strong warning to all of Tract's former clients, given the nature of the scheme and the fact that it was not even close to legally compliant it is probably best if you don't contact HMRC or stick your head above the parapet too much, in terms of personally trying to track the directors down I wish you nothing but the best because it sounds like they have effectively just stolen your hard earned.

[Bestosan]

Serious Fraud Office

NOTE: We have now made contact with the serious fraud office. Please let us know if you are doing the same so we can combine efforts.

joelipol...please keep us up-to-date on your correspondence with the serious fraud office. I am very interested to hear what they have to say. As soon as companies house have been informed that the company is dissolved, I will request the name and contact details for the liquidator and will post them here if nobody else has done so. We can then state our individual claims directly to them even though I would exect the turnaround, if any, to be very slow as expected.. Still, worth a shot..

[Londongal76]

HI all,

the addresses of the directors from 192.com are here. All public information in the directors report. May be of some use to the serious fraud squad.
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[The Cleaner]

For ever action there is a reaction

Hi All...I am keen to go and pay these people a visit and discuss the error of ther ways.

I found there home addresses, as this is in the public domain I can't see a problem sharing it with everyone.


<snip>

[davejay00]

best alternative

i hope all of us can get together and sort these guys out in some way (maybe not golf clubs)... i am 3k down as well.

in the meantime who would you recommend as an umbrella company to use for the best return?

dave

[SueEllen]

i hope all of us can get together and sort these guys out in some way (maybe not golf clubs)... i am 3k down as well.

in the meantime who would you recommend as an umbrella company to use for the best return?

dave

I suggest you use the search functionality on this forum.

You would notice that any umbrella company representative who has posted over the years doesn't run a scheme.

Also if you are serious about contracting you are better of starting your own limited company and doing everything yourself that way there is less chance of someone running off with your money. Depending on who your clients are you can take home a decent amount and off-set some your expenses as business expenses.

[geoff from contracta IOM]

many thanks for your reply sueellen, have you heard of x at all, or can anyone else offer any advice or previous experience with this company?

dave

If you search this forum you will find someone has already done the background digging !

[Steven@Parasol]

i hope all of us can get together and sort these guys out in some way (maybe not golf clubs)... i am 3k down as well.

in the meantime who would you recommend as an umbrella company to use for the best return?

dave

True umbrella companies don't work like that. It’s not the umbrella who decides what tax you pay, its HMRC.

The only differentiator between true umbrella companies is their fee. Otherwise everything should be the same. If the umbrella company is offering you something that appears too good to be true, then it is too good to be true.

I know I am not impartial but it tends to be the tax led service providers who end up making a mess of things (or being downright dishonest) and leaving everyone in a situation such as this.

You should have a full contract of employment with the umbrella with full access to statutory employment rights and HR support.

We've been getting a lot of calls from former Tract contractors today so it looks like a lot of people have been hit by this.

[Steven@Parasol]

many thanks for your reply sueellen, have you heard of x at all, or can anyone else offer any advice or previous experience with this company?

dave

Just as a general rule of thumb. In light of the recent Finance Act 2011 and the forthcoming Agency Workers Regulations please be very very careful if looking at offshore schemes.

if you are willing to take the risk then go for it but please go into it with your eyes wide open.

[karun2011]

many thanks for your reply sueellen, have you heard of x at all, or can anyone else offer any advice or previous experience with this company?

dave

I just spoke to Geoff at Contracta and he explained to me how they work. Give them a call and see how you go.
If there are enough of us joining we could get a low fee