Best Umbrella Company to use?

[DiscoStu]

You don't say!

My mistake.

If you're going to spam at least have the decency to do so under the name of the company you represent rather that trying to palm it off as a contractor's opinion.

WHS. Abour 2/3rds of ANSOF's posts have been blatant Danbro promotion.

[Contractor1010]

Parasol

Parasol - assuming they've sorted themselves out after their systems upgrade fiasco. Don't touch P4 whatever you do.

I've just looked at the small print of the Parasol contract and you end up handing over all future Intellectual Property Rights to them. Not something that I want to do.

[BolshieBastard]

I've just looked at the small print of the Parasol contract and you end up handing over all future Intellectual Property Rights to them. Not something that I want to do.

Just say 'No!' to brollies.

[Fred Bloggs]

Just say 'No!' to brollies.

Often, sound advice that.

[DiscoStu]

Just say 'No!' to brollies.

Except when it rains. They're quite useful then.

[Numpty]

I've just looked at the small print of the Parasol contract and you end up handing over all future Intellectual Property Rights to them. Not something that I want to do.

They say something weird about expenses too:

1. I understand that this equipment can not be used for private use and any personal benefits gained will be minimal.
2. I understand the above assets will remain the property of Parasol on approval of the related claim.
3. I further agree to pay a security deposit equivalent to 10% of the purchase price.
4. I understand that I am able to purchase the above assets from Parasol after a qualifying period.

Fair enough for number 1, but numbers 2, 3 and 4 sound dodgy.

Also, for a mileage claim using your own car, you have to provide petrol receipts for the whole cost of the mileage claim. So they don't allow for wear and tear, oil, servicing etc. only the cost of the petrol.

[NotAllThere]

2. I understand the above assets will remain the property of Parasol on approval of the related claim.
3. I further agree to pay a security deposit equivalent to 10% of the purchase price.
4. I understand that I am able to purchase the above assets from Parasol after a qualifying period.

Not dodgy - makes perfect sense. If you work for Parasol you are an employee.

2. If you buy a PC and claim the cost of it as an expense from your employer, then it belongs to them - not you. Otherwise it's not an expense.

3. Part of Parasol's assets are now in your care. They want to make sure they get it back, if you change employer (umbrella company, go ltd, go permie). Hence the 10% deposit.

4. It's not your PC. If you take ownership of it, without payment, it will be taxed as a Benefit In Kind.

When you work through a brolly, (or a ltdco), you are not self-employed.

[Numpty]

Not dodgy - makes perfect sense. If you work for Parasol you are an employee.

2. If you buy a PC and claim the cost of it as an expense from your employer, then it belongs to them - not you. Otherwise it's not an expense.

3. Part of Parasol's assets are now in your care. They want to make sure they get it back, if you change employer (umbrella company, go ltd, go permie). Hence the 10% deposit.

4. It's not your PC. If you take ownership of it, without payment, it will be taxed as a Benefit In Kind.

When you work through a brolly, (or a ltdco), you are not self-employed.

So if I buy a laptop, or software, that I need to do the gig, it belongs to the brolly?

Sod that!

Thinks: that means the claim they all make about claiming expenses to get the tax back cannot be true if you cannot claim for the expensive stuff.

[malvolio]

So if I buy a laptop, or software, that I need to do the gig, it belongs to the brolly?

Yes. Dur....

Sod that!

So it's finally sinking in?

Thinks: that means the claim they all make about claiming expenses to get the tax back cannot be true if you cannot claim for the expensive stuff.

You only claim expense to recoup earned income spent on business costs. It's nothing at all to do with taxes, maximising income, or making a profit. If anyone tells you different, they are telling porkies.

[Wanderer]

So if I buy a laptop, or software, that I need to do the gig, it belongs to the brolly?

Yes, BUT you can buy it off them at 10% of the ticket price. So:

Laptop 1,000 pounds, you claim it on expenses then buy it off Parasol for 100 pounds. Does that make sense?

As opposed to your LTD buys a laptop for 1,000 then it belongs to the LTD not you. After a few years, I think you can write the value off though?