As had been said on many, many treads before.
YOU CAN ONLY CLAIM EXPENSES FOR EXPENSES WHICH HAVE BEEN INCURRED AND YOU HAVE GOT A RECIEPT FOR - ANYTHING ELSE IS FRAUD.
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Previously on "Worth starting a ltd company inside IR35?"
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who said anything about being under PAYE?
expense dispensations bring no tax benefit. it's just a way for the umbrella to reduce their paperwork. contrary to what people may tell you, an expense dispensation does not allow you to claim any and all expenses without a receipt. if hmrc come knocking, you still need the receipts.
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You mean, expense dispensation ?
Originally posted by eddiegee View Postbut the whole point of being under an umbrella is the tax benefits it brings isnt it?
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but the whole point of being under an umbrella is the tax benefits it brings isnt it? you would not get that under normal PAYE conditions.
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Originally posted by VectraMan View PostEvery single permie takes that risk. And even for contractors, you can say exactly the same thing for the agent and the client. When I was with Parasol a couple of years ago, they'd pay me the day they received the money from the agent. I'd be far more worried about the agent not paying than the umbrella.
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Originally posted by thunderlizard View Postfinancial breakdown aside, a Ltd has got to be better on principle. With an umbrella you're relying on a company controlled by other people in order to pay you your own money - probably your entire income. Who'd take on that kind of risk voluntarily if they had a choice in the matter?
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financial breakdown aside, a Ltd has got to be better on principle. With an umbrella you're relying on a company controlled by other people in order to pay you your own money - probably your entire income. Who'd take on that kind of risk voluntarily if they had a choice in the matter?
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Originally posted by westredd View PostIm currently under an umbrella company and they do my head in. I want to get out of them. They charge £120 a momth as well.
Im thinking of starting a limited company for my IT contract work, but im not sure if I will fall insdie IR35 or not. Probably shuld really fall inside when I think about my role.. Is it still worth going ltd for this? (inside IR35)
thanks
VAT flat rate profit
5% allowance – you may make a small profit!
The bank interest belongs to your company – Not the umbrella company.
Accountancy fees will be cheaper than the £120 you are paying now.
You should be able to reclaim travel and subsistence.
In addition, you will have access to the company funds; you do not have to pay anyone for a same day payment (well other than the normal bank charge)
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Yep - I assumed my contract would be within IR35, but I had it reviewed and it's not.
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You'd probably be better off with a Ltd., but to be honest if it was me I might feel that it wasn't worth the extra hassle. That's if you can find an umbrella you trust of course.
Don't assume you're inside IR35 though.
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Worth starting a ltd company inside IR35?
Im currently under an umbrella company and they do my head in. I want to get out of them. They charge £120 a momth as well.
Im thinking of starting a limited company for my IT contract work, but im not sure if I will fall insdie IR35 or not. Probably shuld really fall inside when I think about my role.. Is it still worth going ltd for this? (inside IR35)
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