Joining an umbrella company.

[davidh]

What should I look out for when I join an unbrella company such as Giant?
Currently I am on PAYE through the agency.

Obviously there are fees to be paid to that company.
They mentioned £26 per week in charges , is this high/low/average?

What work is involved every week expenses etc?
Do I have to fill in my own tax return at the end of the year?

[malvolio]

I suggest you read the various posts on the budget first. And ask them what services they provide - although none of it is that onerous.

An umbrella under proper PAYE is ok, just take the cheapest/most efficient (hint: probably not Giant, more likely Parasol but I'm no expert). Do not have anything to do with composites or anything with a 4 in its name.

[Lucifer Box]

Or anything with "Safe" in its name.

[Numptycorner]

exactly, look what happened to Safeways

[davidh]

Been looking into umbrella companies and it looks like I should have been using them 9 months ago.

Parasol seem to give a good service at agood price.

Is there anything that parasol leave for me to do?

End of year tax return? I am pretty clueless here?

[John Galt]

What should I look out for when I join an unbrella company such as Giant?
Currently I am on PAYE through the agency.

Obviously there are fees to be paid to that company.
They mentioned £26 per week in charges , is this high/low/average?

What work is involved every week expenses etc?
Do I have to fill in my own tax return at the end of the year?

I use ContractorUmbrella and they only charge £15 per week - £26 seems a bit steep to me.

[Xtrain]

What do they do?

Is there anything that parasol leave for me to do?

End of year tax return? I am pretty clueless here?

Why don't you just ask them!!!

[Newby]

budget woe

Sorry to be so rude, but did you read the budget. The onset of the government attacking composite and umbrella companies is upon us. Why dont you check out one of the personal service companies like Gabem, Paystream or Filetravel (cheaper than Giant by a mile). I have worked with two of them(cannot remember why I changed) In my mind working as the sole individual in a company is going to hold much firmer than being one of many in a typical brolly. I personally dont see why if brollies exist, why agents aren't allowed to let a contractor offset his expenses against his taxable earnings directly with the agent. After all a brolly is only PAYE on speed.

[VectraMan]

Parasol is £20pw, £60 per month (depending on if you're paid weekly or monthly). All you need to do with them is go to their website at the end of every week/month and put in your hours and an expense claim at the end of the month. Unfortunately you now need to post them petrol receipts if you claim for mileage, and accomodation receipts if it's over a certain amount.

They won't do your personal tax return, just like any other employer wouldn't do your personal tax return, but they do give you all the information in emails to make it pretty easy.

I'd highly recommend them, I thought their service was excellent, a very painless way to go contracting, and it's all honest and up front unlike the dodgy composite type schemes.

Having said all that, I was with Parasol for 4 months and as I'm pretty sure my contract would have stood up to IR35 I've probably cost myself about £2K in tax by not having my own limited. At the time I was wet behind the ears and wanted the least hassle option, but now I regret it.

[Newby]

Vectra, you must be on a referral gig with that kind of recommendation! Isnt gordo announcing to the whole country that he is going to snuff brollys out enough? Those I mentioned assess your IR35 status and give you a product to suit, hence you might not have been down 2K!!!! But I agree going it alone is probably worth considering. (darren can I have some kick back please!!)