BEWARE!! Paystream2000

[Lucifer Box]

How did an umbrella 'resolve' your IR35 issues?

Now, now, Pondlife. You're asking a question the answer to which will make him seem foolish. Be nice to the newbies.

[MarillionFan]

" I have never received VAT owed"

Why would you be owed VAT?

[t0bytoo]

Gordon... Nice first post

[gj.simmonds]

How did an umbrella 'resolve' your IR35 issues?

Most high street accountants specialise in small businesses, shops, and in my area, farmers. Contractors are not a significant part of any accounting practice.

Working in a contracting environment, you get to know a lot of ins and outs (and myths) about various regulations. Personally, my old accountant never imbued me with any sense of confidence in his understanding of IR35. In reality, I think I knew more than he did!

Paystream on the other hand provided a questionaire which asked all the right questions. Depending on how you answered the questions, you (and they) could establish whether you were inside or outside IR35.

Furthermore, there is a question of credibilty. An accountant with a good track record with the IR, and dedicated to working with contractors, has far more credibilty in assessing individual status, than some back street book-keeper.

I would humbly suggest that accountants are a necessary evil and that few offer value for money, its just that some offer more than others. I also suspect that contractors are never entirely happy with their accountants, its just a question of degree.

One thing is certain, don't wait for your first IR investigation to find out you've been given the wrong advice.

Regards.
Gordon.

PS. As is the way with contractors, everybody knows someone that did things better, cheaper, faster, but can never quite remember the details, so beware the false prophet.

[gravesendboy]

Agency

Horby ? whos the recommended ageny as I would like to avoid them?

[djdangle]

I have used many umbrella companies in my time.

Not one of them have ever come close to Paystream who I have now been with for 2 years. I have had no problems with them at all.

Which can't be said for people like Giant etc.

[BrilloPad]

Can I ask which agency please?

PAYSTREAM 2000 are promoted as a reccomended preferred supplier by a large Recruitment agency and a lot of people get railroaded into using them for the supposed ease of use.

Can I ask which agency please?

[boredsenseless]

Most high street accountants specialise in small businesses, shops, and in my area, farmers. Contractors are not a significant part of any accounting practice.

Working in a contracting environment, you get to know a lot of ins and outs (and myths) about various regulations. Personally, my old accountant never imbued me with any sense of confidence in his understanding of IR35. In reality, I think I knew more than he did!

Paystream on the other hand provided a questionaire which asked all the right questions. Depending on how you answered the questions, you (and they) could establish whether you were inside or outside IR35.

Furthermore, there is a question of credibilty. An accountant with a good track record with the IR, and dedicated to working with contractors, has far more credibilty in assessing individual status, than some back street book-keeper.

I would humbly suggest that accountants are a necessary evil and that few offer value for money, its just that some offer more than others. I also suspect that contractors are never entirely happy with their accountants, its just a question of degree.

One thing is certain, don't wait for your first IR investigation to find out you've been given the wrong advice.

Regards.
Gordon.

PS. As is the way with contractors, everybody knows someone that did things better, cheaper, faster, but can never quite remember the details, so beware the false prophet.

Obviously this is were you are wrong.

Granted a BoS contractor needs to be aware of IR35 and so does their accountant but only because they are almost guaranteed to need to pay it. However if you operate as a real company then your accountant doesn't need to know about it as it doesn't affect you.

Conversly many large firms with 'good reputations' as you put it are staffed by two knowledgeable guys at the top and a load of trainees plowing through the figures. Small accountancy firms are staffed by knowledgeable guys who like some independence in their work (hmmm sound like a group of people close to our own hearts) and as they've been round the block more than a few times are generally known personally in the local HMRC circles and therefore their judgement is respected.

You are confusing size with ability. Turnover with integrity.

Oh and since no-one else bothered I'll answer pondlifes question (although we all know he already knew the answer)

Umbrellas solve your IR35 issues by turning you into an employee therefore you can no longer be classed as a business and so IR35 does not apply. You are of course hammered for tax and NI unless its one of the composite umbrellas and then you really are setting yourself up for a whole amount of sh1t very soon.

[Waldorf]

I lloked at these once, they keep hold of your money (& the interest) charge a fortune and even charge extra if you submit expenses, stay clear is my call

[lilelvis2000]

I got recommended PAYSTREAM2000 once as I was having a bit of trouble getting a business account setup.

They couldn't answer some of my questions regarding asset purchase: ie: laptop, desk, chair, use of part of house as office. etc... They are built for attempting to avoid IR35 for pure consultants.

I decided not to use them and use my own Ltd. Co. an accountant. A bit more hassle but much more flexible with the books (ie: dodgy accounting) in the long run.

I would never recommend anyone use a umbrella ever.