Reply to: Sunday Solutions cold calling

[Hiram King Of Tyre]

I missed them. They left a message to call them back but I don't do 0870

[jigsaw]

It's not watertight from a view of IR35. An LLP can still be an itermediary in terms of the legislation and that contract income assessed as employed income. Whether HMRC would bother is probably moot though because the recovery would be comparatively small.

Agreed. This is no IR35 magic solution as your "self employed" status could be challenged at any point.

So then what is it? A partnership with your contract income? Nice.

If this were on "Mythbusters" - it would be BUSTED.

[ASB]

From what I remember, the scheme is based on the premise that as an LLP member, you pay schedule D income tax and Class 2 & 4 NI contributions. So you have to register with HMRC as "Self Employed" and pay your tax and NI accordingly, supposedly saving employers NI etc. Their sales pitch was that this is watertight, legal, blah-de-blah.

But I agree with what you say, this does sound like a whizzy super-secret magic bean approach to me.

It's not watertight from a view of IR35. An LLP can still be an itermediary in terms of the legislation and that contract income assessed as employed income. Whether HMRC would bother is probably moot though because the recovery would be comparatively small.

[jigsaw]

But if it's an LLP, I can't see any benefit between that and your own company - apart from YourCo having rather less risk and a few less people dabbling with your income stream.

From what I remember, the scheme is based on the premise that as an LLP member, you pay schedule D income tax and Class 2 & 4 NI contributions. So you have to register with HMRC as "Self Employed" and pay your tax and NI accordingly, supposedly saving employers NI etc. Their sales pitch was that this is watertight, legal, blah-de-blah.

But I agree with what you say, this does sound like a whizzy super-secret magic bean approach to me.

[malvolio]

Awe malvolio - don't spoil my fun! I was wanting to know what they would say. I'm sure as part of their marketing bull they would answer this if asked without getting a solicitor involved.

And the last time I spoke with them they told me the 'scheme' was an LLP, not an umbrella unless they've changed recently...?

Sorry...

But if it's an LLP, I can't see any benefit between that and your own company - apart from YourCo having rather less risk and a few less people dabbling with your income stream.

For the aid of the curious, there are still three ways of doing it: in order of increasing income they are Umbrella, YourCo or some whizzy super-secret magic bean approach running out of the IoM or Peru or somewhere. Regardless of IR35, guess which is the best trade off between income and risk...

[jigsaw]

Don't bother. For one thing they won't tell you without you signing an NDA. For another, if you use their own calculator you find - mirabile dictu! - that you get more take home with your own company than even their own solution can supply.

Ergo, there is no magic plan, they're an umbrella touting for business...

Awe malvolio - don't spoil my fun! I was wanting to know what they would say. I'm sure as part of their marketing bull they would answer this if asked without getting a solicitor involved.

And the last time I spoke with them they told me the 'scheme' was an LLP, not an umbrella unless they've changed recently...?

[pmeswani]

Don't bother. For one thing they won't tell you without you signing an NDA. For another, if you use their own calculator you find - mirabile dictu! - that you get more take home with your own company than even their own solution can supply.

Ergo, there is no magic plan, they're an umbrella touting for business...

Is there a member of Sunday Solutions on this forum who can offer us some words of wisdom to why we should lose money by taking on their solutions?

[malvolio]

If you speak to them again, could you ask them how their scheme doesn't make you an employee and therefore how it gets you out of IR35 and post us their answer please?

Don't bother. For one thing they won't tell you without you signing an NDA. For another, if you use their own calculator you find - mirabile dictu! - that you get more take home with your own company than even their own solution can supply.

Ergo, there is no magic plan, they're an umbrella touting for business...

[jigsaw]

I had a call from them this morning. I'm going to speak with them again later. I'm open minded but did raise an eyebrow when they said that using the company carpark was a pointer that I was an employee

If you speak to them again, could you ask them how their scheme doesn't make you an employee and therefore how it gets you out of IR35 and post us their answer please?

[pmeswani]

I had a call from them this morning. I'm going to speak with them again later. I'm open minded but did raise an eyebrow when they said that using the company carpark was a pointer that I was an employee

Good luck.

I am going to assume that they are going to say that parking your car outside your front door constitutes that you will always fall foul of IR35.

[Hiram King Of Tyre]

I had a call from them this morning. I'm going to speak with them again later. I'm open minded but did raise an eyebrow when they said that using the company carpark was a pointer that I was an employee

[Lewis]

Then why do NW ask me for copies of my bank statements each month?

Exactly!

Honestly just give Cater Allen a call, or NW, or read the small print in the application form you completed. There is a sction about bank statements beign sent to Advisors. It's not a big deal but you just need to remember to phone CA to cancel them sending them if you move accountant.

I might be wrong but I'd take a pretty big bet I am not.

[Sausage Surprise]

Nope .... NW are getting you bank statements from Cater Allen as well. Ask either them of Cater Allen. That is if you used the pre-filled in form NW supplied you with.

Then why do NW ask me for copies of my bank statements each month?

[Lewis]

Hmmm....NW certainly only get copies of my bank statements from me and not from Cater Allen. I never requested anything to be cancelled.

Nope .... NW are getting you bank statements from Cater Allen as well. Ask either them of Cater Allen. That is if you used the pre-filled in form NW supplied you with.

[Sausage Surprise]

If you have a Cater Allen business account opened via your accountants (i.e. they gave you the application form) you will probably find the accountants are getting sent bank statements as well. It's burried deep in the terms and conditions. You can however request to have that cancelled.

Hmmm....NW certainly only get copies of my bank statements from me and not from Cater Allen. I never requested anything to be cancelled.