Pending contract offer but must opt out and accept withholding day rate

[seanraaron]

Do you think none of those are an issue to you as you don't have a clue what you are doing? You are a new contractor but you appear to have a very clear stance on stuff that unfortunately you don't seem to understand. Most new guys listen and learn, you seem to be too big to do that.

Contracting with this level of ignorance to what is going on around you must be absolute bliss.

Aren't you on your first and only gig with your umbrella by the way?

You're talking about a single tick box, I'm not seeing a lot of nuance here. If you've got actual advice let's hear it then. I can't see anything clear-cut on the topic one way or another.

I did my listening already; I'm not trying to avoid tax so I don't need as much advice as some people seem to. Yes it's my first gig, fingers crossed for the future.

[northernladuk]

You're talking about a single tick box, I'm not seeing a lot of nuance here. If you've got actual advice let's hear it then. I can't see anything clear-cut on the topic one way or another.

Riiiiiiiight.... Lets see what happens when you have a couple of gigs under your belt and handcuffs become a problem. Nothing is an issue.... until it becomes and issue.

I did my listening already; I'm not trying to avoid tax so I don't need as much advice as some people seem to. Yes it's my first gig, fingers crossed for the future.

You are aware of what's happening to T&S post Apr for umbrellas and the effect on the one and only client you have now becoming permanent so no T&S can be claimed since you started?

P.S. NOT trying to avoid tax should be a crime. It's your god given right. Evading tax is what you don't want to be doing.

[MrMarkyMark]

You're talking about a single tick box, I'm not seeing a lot of nuance here. If you've got actual advice let's hear it then. I can't see anything clear-cut on the topic one way or another.

I did my listening already; I'm not trying to avoid tax so I don't need as much advice as some people seem to. Yes it's my first gig, fingers crossed for the future.

Good post here
http://forums.contractoruk.com/busin...-2003-act.html

but my agency stated up front my getting paid isn't linked to them getting paid.

Do I believe everything they say, where am I legally?
What if a client / agency goes bust, where are you then?

These are the sorts of questions you should be asking yourself, when dealing with agencies / trying to interpret the regs.

[seanraaron]

Do I believe everything they say, where am I legally?
What if a client / agency goes bust, where are you then?

These are the sorts of questions you should be asking yourself, when dealing with agencies / trying to interpret the regs.

I'm screwed, either way, aren't I? In my case I actually had ticked the opt-in box only to get a call from my umbrella saying the agency wanted that changed or my gig wasn't going forward. When I asked what it meant I got the stuff about not getting paid if the client goes bust, but otherwise not important; given who the end client was I didn't consider that likely.

I'll read the thread in question...having read much of the thread it appears opt-in is the better choice, though I expect a palaver with the agency around it. Very annoying this even exists.

@Northern Lad I had considered that possibility which is part of the reason I stopped claiming travel expense and never bothered with subsistence; figure in the unlikely event of an audit I'll be out a couple hundred quid.

I don't see the value in avoiding tax until I win millions in the lottery and then the only tax man I'll have to dodge is Uncle Sam.

As long as the handcuffs are fur-lined I'm cool.

[Bluenose]

The recruitment agency contact said he'd never heard of this before in the period he's worked as the internal recruiter for the bank. Quote "Apparently it's the norm with this business unit"

I did find an article a while back about RBS considering implementing this back in 2013.

To their credit Lorien at RBS did understand Opt/in/out because they had to absorb lots of contractors from other agencies who were already at the bank. My first stint through Agency 1 was Opt-out when I transferred to Lorien I was Opt-in.

There was no pressure placed upon me by Agency 1, Lorien or RBS to Opt-out on either gig.

This was 2012 to 2014.

If the gig is through one of the bigger agencies then retainer sounds a bit dodgy. If the retainer is because gig is via a consultancy and there is commercial risk involved to the consultancy then 'yes' I have seen it personally in the field. However, if retainer is now part of the deal and this was not clear during the application or the interview process I would consider how big the rate was and adjust my rate according to the risk I was exposing myself to.

For example of the retainer is attached to payment milestones within a big bank then there is risk placed upon you which really, thats what the consultancy is supposed to be doing.

If the retainer is simply to ensure you finish the gig and do not leave after a month or so then this could simply be because they have a high turn over rate and I would view the gig with a bit of suspicion.

Then again, on that basis its only for 3 months what could possibly go wrong. This is not a financial risk per-se more one of personal well-being i.e. is my desk in the basement? or is it located directly in the middle of a broker trading floor with lots of coked up men shouting at each other for 10 hours a day? *

I must caveat this statement and state that said companies in this post and further related commentary regarding working conditions are in no way connected.

P.S - SJD Accountancy still recommend Opt-Out as being the best approach, given the choice.

[seanraaron]

To their credit Lorien at RBS did understand Opt/in/out because they had to absorb lots of contractors from other agencies who were already at the bank. My first stint through Agency 1 was Opt-out when I transferred to Lorien I was Opt-in.

There was no pressure placed upon me by Agency 1, Lorien or RBS to Opt-out on either gig.

This was 2012 to 2014.

I think I got my job at RBS (perm) through Lorien. They seemed pretty together.

[northernladuk]

I think I got my job at RBS (perm) through Lorien. They seemed pretty together.

Useful input. If I need to go for a perm gig I'll bear that in mind.

[seanraaron]

Useful input. If I need to go for a perm gig I'll bear that in mind.

I think I got my perm gig with JP Morgan through Hudson IT if that helps too.

[NigelJK]

I'm screwed, either way, aren't I? In my case I actually had ticked the opt-in box only to get a call from my umbrella saying the agency wanted that changed or my gig wasn't going forward

Admittedly only read from page 3 but if they wanted you to opt out they should have told you BEFORE being introduced to the end client, they can't enforce it latterly.

[MrMarkyMark]

When I asked what it meant I got the stuff about not getting paid if the client goes bust, but otherwise not important; given who the end client was I didn't consider that likely.

Have you heard of Enron, Lehman Brothers, I thought you would, seeing as you are from the US.
Icelandic banks?

and <Watch this Space Placeholder>

No one is too big to fail.