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Need help with Umbrella Company / LTD Company.

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    #11
    Originally posted by DirtyDog View Post
    That depends on your rate, though, and how much you would pay an accountant.

    Savings from a Ltd compared to an umbrella (even inside IR35) include 5% for expenses, VAT FRS saving, and (of course!) not having a company in the middle go bust and disappear with your money.

    Cost of an umbrella - £95 a month
    Cost of an accountant - £95 a month
    Cost of being in control of your own money - priceless
    What correlation is there with my rate?

    Also, apart from Giant and Parasol does anyone have experience with the others?

    Orange Genie
    360
    Paystream
    Focused

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      #12
      Originally posted by afro View Post
      What correlation is there with my rate?
      If you are on a higher rate then the financial benefit of using the flat rate scheme and the 5% allowance (when IR35 caught) becomes greater. The fees charged by an accountant or an umbrella will not be dependant upon your rate.

      Craig

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        #13
        Originally posted by DirtyDog View Post
        That depends on your rate, though, and how much you would pay an accountant.

        Savings from a Ltd compared to an umbrella (even inside IR35) include 5% for expenses, VAT FRS saving, and (of course!) not having a company in the middle go bust and disappear with your money.

        Cost of an umbrella - £95 a month
        Cost of an accountant - £95 a month
        Cost of being in control of your own money - priceless
        But in the interest of fairness you also don't have the responsibilities that a company director has if you work with an umbrella company and you take a risk with your money if you work with any third party - any company can go bust, umbrella companies, agencies or end clients; proper research should afford you a level of protection.
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          #14
          Originally posted by LisaContractorUmbrella View Post
          But in the interest of fairness you also don't have the responsibilities that a company director has if you work with an umbrella company and you take a risk with your money if you work with any third party - any company can go bust, umbrella companies, agencies or end clients; proper research should afford you a level of protection.
          Adding an extra link into the chain of people who can disappear with your money doesn't seem like a risk worth paying for.
          Originally posted by MaryPoppins
          I hadn't really understood this 'pwned' expression until I read DirtyDog's post.

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            #15
            I'm with parasol, so far so good but I have heard iffy reviews but then also some good in all fairness.

            Ir35 was likely for me so went umbrella route. That and the lack of knowledge/confidence to set up Ltd.

            Sent from my Nexus 4 using Tapatalk 2

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              #16
              Originally posted by afro View Post
              What correlation is there with my rate?

              Also, apart from Giant and Parasol does anyone have experience with the others?

              Orange Genie
              360
              Paystream
              Focused
              From personal experience some years ago I'd avoid Giant like the plague, purely a personal view of course I was very discontented with their service I'm sure other people may have other experiences.

              I moved to OrangeGenie who I never had any issues with and despite not being a customer of theirs for about 5 years I needed to check something recently and they dug up the file and answered without any fuss at all. If I was after a new Umbrella instead of using my MyCo Ltd I'd seriously consider them, I'd probably look at Lisa's lot too.

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