Which umbrella - OrangeGenie vs Parasol

[malvolio]

Balls to you too, with bells on. I don't understand why, if you are so puffed up with the achievement of running your own Ltd, you are always underselling the complexity of doing so. You would imagine you'd want to make it look harder than it is, instead of telling everybody what a breeze it is.

20 mins a week for maintenance accounts possibly, but you spend a lot more than that at year end time.

No I don't. I pay an expert accountant to do that for me. I just have to make sure the numbers line up which, since I take care to be accurate and cross check spreadsheet to bank accounts to expenses tracking workbook, they always do. GIGO avoidance, it's called.

Five times a year I sign a form and write a cheque. It's hardly onerous. You're giving away several thousands a year unnecessarily for the sake of a quiet life. I find that incomprehensible myself, but to each their own.

[original PM]

The one thing which nevers seems to be mentioned when talking about LTD's is that if you are caught by IR35, or fear you may, be the returns from a LTD diminish.

In addition to this the costs of insurances are rarely included when people talk about the benefits of a LTD company - with a decent brolly you get all insurances to a decent level also included in the price.

I also imagine that like anything running a ltd company becomes easier the more you do it - so initially when you are trying to get started as a contractor you may not want the added headache of running a Ltd company.

My view - use a brolly (up to you which one if you operate legally with regards to expenses the only difference in take home pay is the fee they charge) when you are comfortable being a contractor and wish to commit to the lifestyle look at a LTD and see if you fancy it.

[DaveB]

Balls to you too, with bells on. I don't understand why, if you are so puffed up with the achievement of running your own Ltd, you are always underselling the complexity of doing so. You would imagine you'd want to make it look harder than it is, instead of telling everybody what a breeze it is.

20 mins a week for maintenance accounts possibly, but you spend a lot more than that at year end time.

Have to agree with Mal on this one. Been ltd since I started contracting, I have wife + kids etc and it really isn't a lot of hassle and Mal certainly isnt under selling the complexity. There is no puffed upness involved, LTD really is the best way to go for most contractors and advising them to do so is the best advice we can give. Yes, if you are uncertain about sticking wth contracting, or you are so far caught by IR35 that you can't get out of it then maybe an umbrella is the best solution. Otherwise running a ltd really is no hassle.

Half an hour a month to draw up invoices, fill in a spread sheet and keep the accountant up to date. A bit more effort, but not much, maybe an extra half hour every six months to deal with SA and CT returns but thats just double checking the figures from the accountants and signing the forms. Easy.

[ft101]

The one thing which nevers seems to be mentioned when talking about LTD's is that if you are caught by IR35, or fear you may, be the returns from a LTD diminish.

In addition to this the costs of insurances are rarely included when people talk about the benefits of a LTD company - with a decent brolly you get all insurances to a decent level also included in the price.

I also imagine that like anything running a ltd company becomes easier the more you do it - so initially when you are trying to get started as a contractor you may not want the added headache of running a Ltd company.

My view - use a brolly (up to you which one if you operate legally with regards to expenses the only difference in take home pay is the fee they charge) when you are comfortable being a contractor and wish to commit to the lifestyle look at a LTD and see if you fancy it.

Can't say fairer than that - thats my approach too. It strikes me as strange why some of the Ltd and brolly folk are so fierce in defending their corners. Who gives a toss which way poeple manage their finances/contracts? To each their own, depending on circumstances.

I myself am just about to start (hopefully, not signed yet) contract in the UK and i'm going brolly for now. I have a significant permie opportunity that if pays off could net far more in three years than any amount of contracting, and to that end, a brolly will keep my options open.

Insurance is also a good point, and I would be interested to know if the contractor idustry/skills play a part in the premium (i'm guessing: yes!).

regards

[TheBigYinJames]

I pay an expert accountant to do that for me.

I rest my case.

[TheBigYinJames]

Can't say fairer than that - thats my approach too. It strikes me as strange why some of the Ltd and brolly folk are so fierce in defending their corners. Who gives a toss which way poeple manage their finances/contracts? To each their own, depending on circumstances.

It's the implicit "you're stupid for using a brolly" that I get that get in my nipple ends.

[ft101]

It's the implicit "you're stupid for using a brolly" that I get that get in my nipple ends.

Oh me too, and in general I am usually suspicious when people are very vocal about imposing their decision (which after all is very personal, based on circumstance) in a blanket fashion.

[rootsnall]

It depends what your priorities are, I've been contracting for 15 years, both as a Ltd and with a brolly, and my priorities these days with a growing family is low risk and no-hassle, which makes a brolly the best option for me. .

I think you are defo introducing risk by involving a 3rd party umbrella into the mix. They sometimes go bust.

[TheBigYinJames]

I think you are defo introducing risk by involving a 3rd party umbrella into the mix. They sometimes go bust

Exceptions, agents go bust too, as do ClientCos.

[blacjac]

I pay an expert accountant to do that for me.

I rest my case.

????
An accountant is far cheeper than a brolly.

So you have just proved his point.