Having no control over my finances

[pmeswani]

My Management company has full control over my finances
they tell me how much I can receive and refuse to pay me in dividends only EBTs and salary.
even though I am the director of the company.

I thought the above style (MSC) were now illegal, and that I had some say in how I governed my finances within a PSC, what can I do.

Technically, the money that you earned isn't yours. It belongs to your Management Company, and they can do what they see fit (as long as it is legal). What becomes yours is the salary they give you. In this case an EBT. If you don't like it... get out of the scheme.

[Archangel]

Could you two keep your bickering to the BN66 thread, please

Either that or start a "Catfight" thread in LR and keep it there...

[BrilloPad]

.....

[NickFitz]

Ever heard the phrase "know thyself"?

Ever heard the phrase "**** off seriously"

Could you two keep your bickering to the BN66 thread, please

Either that or start a "Catfight" thread in LR and keep it there...

[BrilloPad]

Ever heard the phrase "know thyself"?

That aside, what everyone else has said is right. If you want to be in control, run your own company. First, though, learn what it all means and how it all works - time to open up the First Timer guides I think.

Ever heard the phrase "**** off seriously"

[pmeswani]

permie

Not everyone is cut out to run their own business.. going umbrella is the next best alternative. Some people may not be cut out for contracting, in which case they should go back to being a permie. But there is no error in my statement.

[EvilWeevil]

Either go Ltd and take control of your contract and finances, and pay off the EBT (otherwise it stick to you for a long long time), or go umbrella.

permie

[pmeswani]

My Management company has full control over my finances
they tell me how much I can receive and refuse to pay me in dividends only EBTs and salary.
even though I am the director of the company.

I thought the above style (MSC) were now illegal, and that I had some say in how I governed my finances within a PSC, what can I do.

Either go Ltd and take control of your contract and finances, and pay off the EBT (otherwise it stick to you for a long long time), or go umbrella. If you want to get more than what either options offers, stay where you are and don't complain and pray you won't get investigated.

[malvolio]

Be careful whose advice you listen to on here - there are good guys, trolls and people with hidden agendas.

Ever heard the phrase "know thyself"?

That aside, what everyone else has said is right. If you want to be in control, run your own company. First, though, learn what it all means and how it all works - time to open up the First Timer guides I think.

[BrilloPad]

My Management company has full control over my finances
they tell me how much I can receive and refuse to pay me in dividends only EBTs and salary.
even though I am the director of the company.

I thought the above style (MSC) were now illegal, and that I had some say in how I governed my finances within a PSC, what can I do.

Why not start a limited company? First rule - when in a hole stop digging.

Be careful whose advice you listen to on here - there are good guys, trolls and people with hidden agendas.

[NotAllThere]

My Management company has full control over my finances
they tell me how much I can receive and refuse to pay me in dividends only EBTs and salary.
even though I am the director of the company.

I thought the above style (MSC) were now illegal, and that I had some say in how I governed my finances within a PSC, what can I do.

You've got it the wrong way round. The law changed, so that if you have an MSC, then they can't legally pay you dividends. It didn't change so that you'd have control over your finances.

When you signed up with the management company, you voluntary gave up any control you had over the PSC.

Leave the management company and either join a brolly, or do what you should have done in the first place - set up your own private ltd company and run that. You can engage an accountant to help you. But it really isn't difficult.

But before that, think long and hard about whether you are cut out for this contracting lark, when you seem to have only a tenuous grasp on reality.

[TykeMerc]

I can't be bothered to write the appropriate response, Mal will spot this thread and write some suitable kind words to help.

[EqualOpportunities]

Ducks and covers...

[Sisu]

My Management company has full control over my finances
they tell me how much I can receive and refuse to pay me in dividends only EBTs and salary.
even though I am the director of the company.

I thought the above style (MSC) were now illegal, and that I had some say in how I governed my finances within a PSC, what can I do.