Umbrella companies and profit sharing bonus

[GhostofTarbera]

It's not clear at the moment but I think, and am by no means an expert, that your clients need to furlough you due to the virus which in turn should allow the umbrella to make the claim on your behalf. Whether any/all umbrellas will do that is another matter entirely.

Eeeeerrr I think it is clear

The umbrella won’t fourlough him as they might never see say money back from GOV and god if they do it will be on his salary at very best


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[ladymuck]

My main concern right now really is whether I can be furloughed by my umbrella company (which most things I have read seem to imply should be possible) AND whether I will be eligible for 80% of my true income or if I will be limited to just 80% of the minimum wage due to the way my umbrella company does things. Any clarification on this?

It's not clear at the moment but I think, and am by no means an expert, that your clients need to furlough you due to the virus which in turn should allow the umbrella to make the claim on your behalf. Whether any/all umbrellas will do that is another matter entirely.

[Luciezilla]

The NMW plus bonus appears to be the standard way. Explained here by Lisa. Other threads discussing it are available.

https://www.contractoruk.com/forums/...imum-wage.html

My main concern right now really is whether I can be furloughed by my umbrella company (which most things I have read seem to imply should be possible) AND whether I will be eligible for 80% of my true income or if I will be limited to just 80% of the minimum wage due to the way my umbrella company does things. Any clarification on this?

[Lance]

Sooo - I can be relieved I'm not involved in anything dodgy (HUGE SIGH OF RELIEF) BUT I'm still not eligible to be furloughed for 80% of my *true* income if I have no work coming in?

aplogies for putting the frighterners on. i4 does look legit.
Just the wording of your original post set alarm bells ringing.

worth a look at other threads on here as some umbrellas are better than others. And some are dodgy.
Caveat emptor.

[northernladuk]

The NMW plus bonus appears to be the standard way. Explained here by Lisa. Other threads discussing it are available.

https://www.contractoruk.com/forums/...imum-wage.html

[Luciezilla]

Oops I4 was a member of “not all umbrellas are equal” which means they are a standard umbrella - as their calculator shows.

personally their fees seem high but I understand why as locus work is about consolidating income from multiple practices.

so Luciezilla you have nothing to worry about by the looks of it people are reading too much into the way i4 describe the profit part of you income (and all umbrellas use a “profit” proportion within their pay to justify the monthly fluctuations

Sooo - I can be relieved I'm not involved in anything dodgy (HUGE SIGH OF RELIEF) BUT I'm still not eligible to be furloughed for 80% of my *true* income if I have no work coming in?

[eek]

Oops I4 was a member of “not all umbrellas are equal” which means they are a standard umbrella - as their calculator shows.

personally their fees seem high but I understand why as locum work would require consolidating income from multiple practices.

so Luciezilla you have nothing to worry about by the looks of it people are reading too much into the way i4 describe the profit part of you income (and all umbrellas use a “profit” proportion within their pay to justify the monthly fluctuations

[Luciezilla]

Which Umbrella is it. We may be able to point you in the direction of discussions and how to progress if we know.

If you don't want to say then type name in to this search in google and see if any relevant threads come up. I'd be very surprised if they don't.

<umbrella name> site:contractoruk.com/forums

Interesting situation though. Looks like we are going to get a raft of people suddenly appearing that are in these schemes and didn't know it. Now they've a reason to dig it to how it works the bad news will become evidence.

I've been using i4 group UK - they seemed to have a good reputation from other vet locums I know. I'm horrified - I assumed I'd been paying tax and doing everything legally. :-(

EDIT: So I am totally stuck between a rock and a hard place - I elected to use an umbrella company to avoid having to worry that taxes etc were not being sorted properly and now I'm involved in something dodgy? Their website makes it look like they only pay me that way to prove to the government that they pay their employees minimum wage, that I am still being taxed appropriately - what are they doing that is dodgy? I just don't fully understand all this - my job is vetting not accounts!

[northernladuk]

Which Umbrella is it. We may be able to point you in the direction of discussions and how to progress if we know.

If you don't want to say then type name in to this search in google and see if any relevant threads come up. I'd be very surprised if they don't.

<umbrella name> site:contractoruk.com/forums

Interesting situation though. Looks like we are going to get a raft of people suddenly appearing that are in these schemes and didn't know it. Now they've a reason to dig it to how it works the bad news will become evidence.

[cojak]

I’m afraid that your umbrella has screwed you over, but not in the way you may imagine.

Lance is right. When you have a moment tread this thread.

https://www.contractoruk.com/forums/...-umbrella.html