I have used ContractorUmbrella for ages now and have never had a problem - otherwise Parasol have always had a good rep (well, up to the last couple of months anyway)
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My best advise would be to speak to as many as you can, they all suit different people in different ways.
If your 100% sure your outside IR35 (Check IR56 on IR website) - Then find a composite company giving the highest return paying in dividends, that promises 1 point of contact in the accounts department (Not the sales number) and try an actually get through!
If your inside IR35 or fear you may be in the future - Then use an umbrella company. They will pay you PAYE but offset your business expenses to make you more tax efficient.
Giant are good if your outside IR35
Prosperity4 seem to be very good these days if your inside IR35, - (one point of contact, your own business manager)
Liberty Bishop are good if you want a Limited company run for you.
I haven't used any of these company's but I do receive a lot of up to date feedback from clients. Where as a lot may have used these company's years ago.
They all have there ups and downs,
Do your research
Do a credit check
Hope this is some help - Vague I know.
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Largely inaccurate as well, sadly. Oh well...Hope this is some help - Vague I know.Blog? What blog...?
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I believe this to be spectacularly bad advice. In the current investigative climate composites should be avoided at all costs.Originally posted by Money Money Money
As with most others here, I recommend your own Ltd and a specialist accountant.I'm Spartacus.Comment
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Yes I agree LTD is a good option, but it also isn't for everyone!
As I stated "If your 100% sure you are outside IR35" then use a composite.
Looking at the IR56 very few people will be outside.
These are the questions they use to determine.........
Employee (Inside IR35)
If you can answer 'Yes' to all of the following questions, you are probably an employee.
Do you have to do the work yourself?
Can someone tell you at any time what to do, where to carry out the work or when and how to do it?
Do you work a set amount of hours?
Can someone move you from task to task?
Are you paid by the hour, week, or month?
Can you get overtime pay or bonus payment?
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Self-employed (Outside IR35)
If you can answer 'Yes' to all of the following questions, it will usually mean you are self-employed.
Can you hire someone to do the work for you or engage helpers at your own expense?
Do you risk your own money?
Do you provide the main items of equipment you need to do your job, not just the small tools many employees provide for themselves?
Do you agree to do a job for a fixed price regardless of how long the job may take?
Can you decide what work to do, how and when to do the work and where to provide the services?
Do you regularly work for a number of different people?
Do you have to correct unsatisfactory work in your own time and at your own expense?
Again this is only my understanding of it.Comment
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Complete and utter horsesh*t. Anyone with the brains to use a search button will find that they are nowhere near being any good at anything except fleecing gullible contractors.Originally posted by Money Money MoneyComment
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Sorry, mate, your grasp of the situation is basic at best. In the current climate a composite is bad advice for anyone, whether they're in, out or shaking it all about.Originally posted by Money Money Money
The IR35 pointers you have here are HMCR's pointers, which are highly selective and many of which have been successfully challenged in court.I'm Spartacus.Comment
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Ltd
My advice, unless it's a fixed term project don't assume it'll only be 3 months, I have never had a contract that hasn't been extended, my last 6 monther turned into 23 months.
I went with Parasol because my present contract was only 2 months and I'd been out of the market for 4 years abroad. (I cannot exactly recommend them at the moment, still waiting to be paid for April.)
Anyway, I should have known better because my contract has been extended and I'd have been much better off setting up a ltd.
My old accountant was a gem and did everything for about £600 a year including mine and my wifes tax returns. Look into IR35 etc, employers NI and tax on company dividends as well as VAT reclaim before you take the brolly option. Oh and by the way, you may even enjoy being your own boss, I did.Comment
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Prosperity4 seem to be very good these days if your inside IR35, - (one point of contact, your own business manager)
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Seconded, and Money's advice is, sadly, worse than useless. IR56 has nothing to do with IR35. It is the test for self employment.Originally posted by Spartacus
If you are an IT contractor, you cannot be treated as self-employed , as clients will not do business with you. You must be employed by (or a director) of a limited company.
So, ignore IR56, as it's utterly irrelevant.
The best guide to determining your IR35 status is provided by the PCG, which is both comprehensive, backed by case law and (if the stats are anything to go by), substantially more reliable than anything our friends in HMRC can provide.Comment
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