Newbie advice - facts required!

[PattyM]

Hey there
I was in a very similar situation a few months ago and made the move from permanent work in contracting… The best thing to do is request an income calculations from various umbrella companies – this shows the complete breakdown of where your money goes and what you will end up with. After comparing a few companies I ended up going with myOE as the retained me the most income. I also don’t need to claim expenses which is a huge relief!! I found by shopping around and aking the umbrella companies these questions directly I soon found out who knew there stuff and was willing to help the most!

[Stolly]

Crikey if i was in a cushy permie number at the moment i'd be sitting on it feeling pretty pleased with myself.

[ben555]

Crikey if i was in a cushy permie number at the moment i'd be sitting on it feeling pretty pleased with myself.

WHS
http://www.jobstats.co.uk/images/cha...nth_smooth.png

[NotAllThere]

...After comparing a few companies I ended up going with myOE as the retained me the most income. I also don’t need to claim expenses which is a huge relief!! I found by shopping around and aking the umbrella companies these questions directly I soon found out who knew there stuff and was willing to help the most!

Said PattyM of myOE...

From their site: "Since the implementation of IR35 regulations, (now more apt as 'MSC Legislation') we would advise that this option for an independent contractor would not be best suited for your needs. A Limited company is very time consuming with administration. Combined with compliance and accountancy costs - this option becomes less desirable still. " Well - they would say that, wouldn't they.

[malvolio]

Said PattyM of myOE...

From their site: "Since the implementation of IR35 regulations, (now more apt as 'MSC Legislation') we would advise that this option for an independent contractor would not be best suited for your needs. A Limited company is very time consuming with administration. Combined with compliance and accountancy costs - this option becomes less desirable still. " .

What complete bollocks.

Some basic numbers for those who haven't realised it yet, and ignoring expenses which don't count since they are revenue neutral.

* Time spent running YourCo per month - around 5 hours max.

* Accountancy fees pa are roughly comparable to umbrella fees with just a little shopping around.

* Retained income, YourCo, outside IR35 (like 95% of people are althogh lots don't believe it...) - roughly 65%-75% of gross

* Retained income, YourCo inside IR35 - roughly 60% of 95% gross + 5% of gross (which mostly goes on the accountancy costs)

* Umbrella - IR35 doesn't apply, you're an employee, so 60% of 100% of gross less their fees.

The ratios will get worse from next year when taxes start to go up sharply. The umbrella numbers wil get even worse from next year if HMRC persist in stopping them allowing travel and subsistence expenses of course. It really is about time people started smelling the coffee.

[DiscoStu]

Hey there
I was in a very similar situation a few months ago and made the move from permanent work in contracting… The best thing to do is request an income calculations from various umbrella companies – this shows the complete breakdown of where your money goes and what you will end up with. After comparing a few companies I ended up going with myOE as the retained me the most income. I also don’t need to claim expenses which is a huge relief!! I found by shopping around and aking the umbrella companies these questions directly I soon found out who knew there stuff and was willing to help the most!

[BolshieBastard]

Hey there
I was in a very similar situation a few months ago and made the move from permanent work in contracting… The best thing to do is request an income calculations from various umbrella companies – this shows the complete breakdown of where your money goes and what you will end up with. After comparing a few companies I ended up going with myOE as the retained me the most income. I also don’t need to claim expenses which is a huge relief!! I found by shopping around and aking the umbrella companies these questions directly I soon found out who knew there stuff and was willing to help the most!

Oh dear, oh dear, oh dear!

Sounds like this person 'thinks' they are a contractor!

From this post, they're nothing of the sort. I mean what business 'doesn't need to claim expenses' and somehow sees expenses as a burden to be kept at arms length.

IMHO, this poster is exactly the type IR35 should be aimed at and hammer into the ground to make them return to 'permiedom.'

Sorry to appear hard but this type of 'contractor' has brought the roof in on all of us running businesses.

[chef]

CLICK THIS LINK AND ALL WILL BE EXPLAINED

just in case you can read aswell as you can search for the absolute ground basics of being a contractor

- choose the top hit (that's the first one)
- about half way down the page (use the wheel on your mouse or perhaps the scroll keys) to get there

i'll give you a few free other tips:

if you direct your eyes to the right of the screen

---------------------------------------------------->

under the title CUK Navigation

look 6 lines down.. there you go

"First Timers"

STEP ONE - read this section in great detail

STEP TWO - look about 1/4 down this page, 6 headers in you'll see a button that says "Search", use it before posting anything about needing your hand holding or arse wiping..

STEP THREE - if you expect to get any help from most people on here the best way to approach a question is something like "i would like advice on... I have searched and found some conflicting advice which is ... and would like some help"

that way it shows that your not the lazy f eckwit your intial post implies and dont expect to be nannied and given hard earned advice for free

STEP FOUR - learn to grow a thick skin, you'll need it

STEP FIVE - never trust what an agent says

the reason for the harshness of the reply is quite simply why should we waste our time repeating our years of advice over and over just so you have an easy time when you've put no effort in yourself in trying to answer your own questions? bend over we'll wipe your arse for you aswell, i tell you what, tell us what your doing and one of us will go and do the work on your behalf and most likely better and simply send you a bill for work done?

See

here

here

for other lazy f##kers just like yourself..

Get the point?

FFS

Im glad its the weekend coming up

[DS23]

chef

[stillooking]

Oh dear, oh dear, oh dear!

Sounds like this person 'thinks' they are a contractor!

From this post, they're nothing of the sort. I mean what business 'doesn't need to claim expenses' and somehow sees expenses as a burden to be kept at arms length.

IMHO, this poster is exactly the type IR35 should be aimed at and hammer into the ground to make them return to 'permiedom.'

Sorry to appear hard but this type of 'contractor' has brought the roof in on all of us running businesses.

WHS