Regarding Umbrella companies

[Gibbo]

Hey guys, new poster here wanting to pick your brains with regards to umbrella companies.

So my firm went bust (as they do when directors buy golf courses etc etc) and a major international firm have kindly agreed to keep me on as a permanent contractor. It's a bit of a complicated scenario, but here's how it's going to work

Firm A (major international player) - Pays firm B (local contracting firm working for Firm A) - Pays me.

So firm B gave me an option to go Ltd company (no interested), Paye, or umbrella company. I googled around for umbrella companies and found 100's promising you the earth and stars. I don't have the patience and savvy to cut through the BS and need to know from you guys which company is the best to go for. I've found quite a few good writeups for www.goumbrella.co.uk .

I guess I wanna know how much I would earn through them if my weekly gross was around £600. They charge 3% across the board. Does that include tax and NI ?

Sorry, got this dumped on me an hour ago and have to get it sorted before monday.

thanks

Gibbo

[Cowboy Bob]

Hey guys, new poster here wanting to pick your brains with regards to umbrella companies.

So my firm went bust (as they do when directors buy golf courses etc etc) and a major international firm have kindly agreed to keep me on as a permanent contractor. It's a bit of a complicated scenario, but here's how it's going to work

Firm A (major international player) - Pays firm B (local contracting firm working for Firm A) - Pays me.

So firm B gave me an option to go Ltd company (no interested), Paye, or umbrella company. I googled around for umbrella companies and found 100's promising you the earth and stars. I don't have the patience and savvy to cut through the BS and need to know from you guys which company is the best to go for. I've found quite a few good writeups for www.goumbrella.co.uk .

I guess I wanna know how much I would earn through them if my weekly gross was around £600. They charge 3% across the board. Does that include tax and NI ?

Sorry, got this dumped on me an hour ago and have to get it sorted before monday.

thanks

Gibbo

Staying in the same job as you were when you were permie but as a contractor = automatic IR35 caught.

You'd be better off going PAYE or you're opening yourself up to a whole world of hurt with the taxman.

[Ruprect]

They charge 3% across the board. Does that include tax and NI ?

ROFL

3% would be nice

[chef]

I dont know the umbrella co. your refer to but im almost certain the answer is No, they'll take 3% as management fee's as well as NI and all the usual taxes dictated by our fond friend Mr Brown (i.e employers and employees taxes)

[Lue Paes]

Guys, I've been using a company called Highfordgroup for about five months now. They explained to me that no two contractors are the same and that we all fall into one of the three solutions, based on our own personal circumstances, the options were an Umbrella PAYE, Composite & a personal Limited Company. In the end I went for the Limited company option. (The main issue I was told was IR35). I was lucky seing that I am working from home, I am working on two contracts, and I am not working through a recruitment company. Hence I am not see as being employed. I am truly sefl employed. My retention is 85%, this slightly fluctuates based on my expenses. I have not had a problem up to now with payments, I fax a timesheet and promptly get paid direct into my account, and I receive an emailed payslip. All this for £30 per week. And they didn't charge me any set up charges for the company. (Gret Deal) What do you think???????

[Captain Jack]

, and more (again).

Scotspine, can you please sort this guy out? He even admits he works for this company in another thread.