UMBRELLAS- Anyone heard of AML ?

[dave20]

It is legal at the mo, but for how long is anyones guess.

If you've been at the same client for 4 years, through the same agency, i would not use an umbrella. the length of time at the client site restricts your expenses and expenses are the only reason to use an umbrella.

Try to use an offshore invoicing service and be self employed. You'll get the higher limited rate but won't have the employers NI to cover. even without expenses you'd be better off.

[uksp]

AML Umbrella CompanyUMBRELLAS- Anyone heard of AML ?

The problem with asking a question like this is that you flush out all the opinionated and ill-informed people, hence the standard of many of the replies you've had is low.

AML are reputable, as reputable as many other Umbrella Companies, strictly speaking they are not an umbrella company, they use Employment Contracts instead, though many contractors simply regard anything that is not a Limited Company operation as 'Umbrella'.

AML are not under the scrutiny of HMCE, they are compliant.

Nor do AML utilise many of the 'fictitious' speculation methods that many of your replies mention, these are made-up by ill-informed people who haven't even looked at the AML website or had any dealings with the company.

Call AML and speak to them.
Ask them how they operate.
Ask them about their HMCE compliance.
Ask them about potential pitfalls and risks.

If in doubt have your accountant speak to them too.

Don't ask know-nothings, ask the company or people who have direct experience of them, most other replies should be ignored and treated with a pinch of salt.
You could miss out because someone who doesn't know tells you what they think and they could be wrong (and you could be out of pocket!).

I qualify to offer an opinion here as I have operated as a contractor under a limited company for 10 years, umbrella company for 3 years and now with AML for almost 2 years, this latter is the best option for me, HMCE compliance, higher take-home, low administration time for me.

Finally don't forget, if HMCE change the rules you simply change your Umbrella (or whatever) company to whatever is compliant then, you can leave as easy as you join. (just stay away from the known dodgy ones to avoid later liabilities)

Best of luck and do call them to make up your own mind.

[malvolio]

The problem with asking a question like this is that you flush out all the opinionated and ill-informed people, hence the standard of many of the replies you've had is low.

AML are reputable, as reputable as many other Umbrella Companies, strictly speaking they are not an umbrella company, they use Employment Contracts instead, though many contractors simply regard anything that is not a Limited Company operation as 'Umbrella'.

AML are not under the scrutiny of HMCE, they are compliant.

Nor do AML utilise many of the 'fictitious' speculation methods that many of your replies mention, these are made-up by ill-informed people who haven't even looked at the AML website or had any dealings with the company.

Call AML and speak to them.
Ask them how they operate.
Ask them about their HMCE compliance.
Ask them about potential pitfalls and risks.

If in doubt have your accountant speak to them too.

Don't ask know-nothings, ask the company or people who have direct experience of them, most other replies should be ignored and treated with a pinch of salt.
You could miss out because someone who doesn't know tells you what they think and they could be wrong (and you could be out of pocket!).

I qualify to offer an opinion here as I have operated as a contractor under a limited company for 10 years, umbrella company for 3 years and now with AML for almost 2 years, this latter is the best option for me, HMCE compliance, higher take-home, low administration time for me.

Finally don't forget, if HMCE change the rules you simply change your Umbrella (or whatever) company to whatever is compliant then, you can leave as easy as you join. (just stay away from the known dodgy ones to avoid later liabilities)

Best of luck and do call them to make up your own mind.

WHS.

And remember to ask them how they plan to deal with the outlawing of EBTs next year, and whether or not they will indemnify you against any tax losses you incur when their scheme turns out to be non-compliant. And what is their view on the wisdom of taking out a new EBT in the face of that impending legislation; existing users may have a case but probably not brand new ones.

And why has somneone ressurected a one-year old post out of thin air? Looking for extra business, perhaps?

And come to that I'm also competent to judge because I've studied the legislation and the various schemes out there and been a freelance for 16 years and don't use an offshore scheme.

HTH

[ibnul]

I am with one of those "Approved" company from IOM
got a shock few days ago to get a letter from them saying this is my "Tax avoidence Number" and I must inform HMRC. Whic I duely did. And now have to do all those P60, P11 and bankstatment to HMRC. At last I been to an accountant this morning, and going through the motion. I will update you on what would be the outcome. But now I will I just had my ltd and pay an accountant to do the job and sleep easy at night

[LisaContractorUmbrella]

UKSP - if you can explain how it is lawful for a UK resident, working in the UK and liable for UK taxes to avoid said taxes and 'take home 85% of their gross pay' I will recommend your company.

[uksp]

Doesn't matter if it's a year old thread or not, still relevant and on reading the thread it needs balance and not more speculative negativity

By all means ask them about EBT schemes and rulings, new and rumoured, I do.

Not advocating AML here, simply saying do your own research into and with AML, not scare-mongers who haven't actually looked into it in depth to find out exactly what such schemes are, each on their own merits and pitfalls, rather than people making up what they 'might' be.

WHS.

And remember to ask them how they plan to deal with the outlawing of EBTs next year, and whether or not they will indemnify you against any tax losses you incur when their scheme turns out to be non-compliant. And what is their view on the wisdom of taking out a new EBT in the face of that impending legislation; existing users may have a case but probably not brand new ones.

And why has somneone ressurected a one-year old post out of thin air? Looking for extra business, perhaps?

And come to that I'm also competent to judge because I've studied the legislation and the various schemes out there and been a freelance for 16 years and don't use an offshore scheme.

HTH

[uksp]

Read my post again, I'm not AML and not promoting them, your comment is a good example of a negative starting position.

I'm saying don't simply repeat what others are saying, look into things for yourself and make your own decisions. Not all companies offering such services are the same.

This works for me, might or might not for you.

UKSP - if you can explain how it is lawful for a UK resident, working in the UK and liable for UK taxes to avoid said taxes and 'take home 85% of their gross pay' I will recommend your company.

[LisaContractorUmbrella]

Read my post again, I'm not AML and not promoting them, your comment is a good example of a negative starting position.

I'm saying don't simply repeat what others are saying, look into things for yourself and make your own decisions. Not all companies offering such services are the same.

This works for me, might or might not for you.

You don't have to work for them to answer my question - actually I have another one for you as well - what exactly are they 'compliant' with??

[malvolio]

Doesn't matter if it's a year old thread or not, still relevant and on reading the thread it needs balance and not more speculative negativity

This is one of those irregular verbs, isn't it - I know they're a good idea, you do your own research, he is a blinkered idiot.

My opinion is informed, I've done the research, my view hasn't changed for around five years and people around here know me and what I stand for. It's not me that needs to defend my position, nor my considered opinion that if you don't fully understand these schemes, they are simply too risky in the current climate and should certainly not be advcated for a comparative newcomer

By all means ask them about EBT schemes and rulings, new and rumoured, I do.

And your answer to our genuine concerns abut the risks involved are...?

Here's asuggestion I've made to other advocates of these schemes and never yet got an answer to. "Exactly why do you believe they are safe from the predations of HMRC and what will you do if they aren't?"

Answer that and gain some credibility. Or not. Your choice.

[Brussels Slumdog]

Compliant

You don't have to work for them to answer my question - actually I have another one for you as well - what exactly are they 'compliant' with??

They are compliant if they issue you with all the relevant documents P60 and P11. This means if they
declare all your earnings and deductions to HMRC they are compliant.
If they do not then they are non compliant .