Starting limited company with similar advantages as joining an Umbrella company

[subwayslim]

Hi

I've been contracting for few months and I've used Parasol Umbrella company to start with, i've heard that I could be more lucrative if I started my own Limited company. what I like about Parsaol that it's easy to use, hassle free and I don't have to do paperwork for it or not that much. they called me and proposed me to join their Limited company service Clearsky. has anyone used it? is it any good?

basically I'd like to find a company which pretty much does anything for me, i want to carry on paying taxes p/month and have advice on the phone whenever i need it. I'm really bad at paper work so I want something hassle free which more or less work as an umbrella company.

are there are any other companies (better) than Clearsky?

thanks in advance!

[FrontEnder]

I'm really bad at paper work so I want something hassle free which more or less work as an umbrella company.

You probably need to stick with an Umbrella the, if that's what you want. They're fundamentally different, so I don't see how operating your own limited can 'work like an umbrella company'.

Having said that it's not terribly difficult to run your own Limited company. From a quick look at the clearsky site, they're just an accountant, so I doubt they do much different to any other contractor specialist accountant.

So just do your research on different ones and have a search through the threads on here. Once you've found an accountant you think you like, get in touch with them and get them to talk you through what they offer, maybe do this with more than one if you're not sure then make a decision when you're comfortable with everything.

[DaveB]

Hi

I've been contracting for few months and I've used Parasol Umbrella company to start with, i've heard that I could be more lucrative if I started my own Limited company. what I like about Parsaol that it's easy to use, hassle free and I don't have to do paperwork for it or not that much. they called me and proposed me to join their Limited company service Clearsky. has anyone used it? is it any good?

basically I'd like to find a company which pretty much does anything for me, i want to carry on paying taxes p/month and have advice on the phone whenever i need it. I'm really bad at paper work so I want something hassle free which more or less work as an umbrella company.

are there are any other companies (better) than Clearsky?

thanks in advance!

What you are describing is an Umbrella Company. You sacrifice income for ease of use.

Umbrella's should all be the same. Given the same income and expenses the only difference in what you take home should be the Umbrella Co. fees.

The Clearsky service is a standard Ltd Co. accountancy service. They will manage all the paperwork around completing your tax returns, annual accounts etc. but you will still be responsible for supplying them with Invoices, bank statements, expenses info etc. You will still be responsible for paying the tax bills on time and will be accountable for your companies finances and signing off the annual returns and accounts.

You wont be paying tax on a monthly basis, you will be submitting a Self Assessment at the end of each year and paying on account every 6 months. It will be up to you to manage your finances to make sure you hold back enough cash to pay the taxman. Clearsky will advise you on what you should be allowing for this, but it will be up to you to do it and pay it when the time comes.

You will be a director of a Ltd company with all the responsibility and accountability that implies.

[subwayslim]

thanks!

[pr1]

I'm really bad at paper work so I want something hassle free

you're in the right place using an umbrella

[VillageContractor]

Hi
"I'm really bad at paper work so I want something hassle free"
thanks in advance!

Stay as an umbrella

[northernladuk]

Sounds like you are angling for an MSC type setup which the Government has clamped down on so that isn't going to work.
Stay brolly...

I'd seriously recommend you dump Parasol and go to Contractor Umbrella. Lisa, the MD and Lucy, the tea lady both post on here and do a lot of work with the Government and the like. Can't go wrong with them.

[Cirrus]

Such natural talent !!!

Subby

You don't need to do contracting at all.

In fact you don't need to do your current job, which is some sort of sales role for some umbrella company - which one we'll possibly see as the thread progresses.

No, you're blatant and amoral enough to get your BMW brochure and become ...a recruitment agent!

[SlipTheJab]

Subby

You don't need to do contracting at all.

In fact you don't need to do your current job, which is some sort of sales role for some umbrella company - which one we'll possibly see as the thread progresses.

No, you're blatant and amoral enough to get your BMW brochure and become ...a recruitment agent!

Is the OP after 90% retention as well as no paperwork...

[northernladuk]

Subby

You don't need to do contracting at all.

In fact you don't need to do your current job, which is some sort of sales role for some umbrella company - which one we'll possibly see as the thread progresses.

No, you're blatant and amoral enough to get your BMW brochure and become ...a recruitment agent!

What?