Reply to: Giant Trailblazer is gone, what are my options?

[malvolio]

Yes, Giant have dropped a lot of people in it, but the fact you were thinking of staying with Trailblazer is the real problem, IMHO. It was made fairly clear that the obvious workarounds to MSCs would be closed off and any such scheme would have had a very limited shelf-life. Given that Gay Gordon sees MSCs as purely a tax avoidance scheme (and to be brutally honest many people have some sympathy with that viewpoint) and is taking positive action against them, you should have been getting as far away as possible.

It's dead easy, really, if a little harsh. If you want the tax breaks of being a business, then operate like a business. If you want simplicity and comfort, use an umbrella. What you can no longer do (or it is incredibly difficult to do) is use a third party for the donkey work and retain the tax breaks.

[francesm]

I think it's a bit harsh saying that Peter had not prepared. I too was with Giant, and was very surprised to read that they had pulled the trailblazer service, just a few days before the new tax year. Until that point, we were under the impression everything would be in place on time.

Peter, the company that you setup through Trailblazer, should be completely under your control already - all Giant did was to provide advice on how to fill in the forms. I think you just need to find an accountant and open a business bank account. Also talk to your agency about transferring the contract from Giant to your new company.

I am in the exact same situation as you. For 6 April, until I get things sorted, I (and you probably) will be paid through Giant's umbrella service, Strongbox (meaning much less take home), but I am now getting in touch with an accountant so that I can begin trading through the new company.

Let me know how you get on - you're not alone! Anyone else out there in the same predicament?

Frances

[tim123]

A LTD company can be set up in a day !!!

Yes, but try getting a bank account sorted that quickly!

tim

[PAG]

A LTD company can be set up in a day !!!

[malvolio]

My recommendation would be to go LTD. If you went to Umbrella and went PAYE you will take the hit of Employers NI. If you wish to go this route then probably you are better off going PAYE to Gaint at least this way you will get the refund of settting your co up.

Going Ltd route is inevitable .... (provided you are outside IR35). So my question toyou would be .... why prolong the inevitable ????

Because he only has two days and what looks like a lot of learning to do. I have always said to use an umbrella to get started if you aren't fully up to speed on the myriad realities of contracting.

[PAG]

My recommendation would be to go LTD. If you went to Umbrella and went PAYE you will take the hit of Employers NI. If you wish to go this route then probably you are better off going PAYE to Gaint at least this way you will get the refund of settting your co up.

Going Ltd route is inevitable .... (provided you are outside IR35). So my question toyou would be .... why prolong the inevitable ????

[malvolio]

Burdock and LisaContractorUmbrella,

Thank you very much for your advice and I will follow up on what you've written.

You've been very helpful.

P

Do I assume I wasn't?

Caught me on a bad day, actually, but I HAD just answered those same questions several times, and the answers to your questions were in the suggested keywords. Like I said, your lack of planning does not consitiute my need to write several paragrpahs out again.

Incidentally, PCG are doing a good safe umbrella now (PCG QU) and all three recommended accountants will build the LtdCo from scratch. However, going the umbrella route for the first three months is probably an excellent idea.

[Matc]

Iv'e also in the same situation as this, I have only set up my Limited company through Giant Trailblazer the other month and got this email yesterday.

luckily for me mum runs a bookeeping and payroll service so all that side of a business can be passed onto her as she also does other family members free of charge. She put in contact with her accountant yesterday and I had a meeting and went through the next stage of the process, he has given me details of a companies secretaires should I wish to use them and the local small business accounts manager at my local bank, so will go through the process of getting the bank account set-up tommorrow or early next week. Also quite luckily for me my accountants will check all my work contracts as part of there serivice to make sure they are either IR35 or not, and advise me of any issues, all for £100 Year End return set fee. Unfortunately as my new contract starts next Tuesday time is the only thing I dont have!

[Peter Loew]

Burdock and LisaContractorUmbrella,

Thank you very much for your advice and I will follow up on what you've written.

You've been very helpful.

P

[LisaContractorUmbrella]

Hello Peter

Sorry to hear about your situation. You may be able to trade straight away with the company that Giant set up for you but I would think it unlikely. Most MSC's will not require you to set up a Limited Company bank account as they will receive funds into their own accounts and then distribute them to you and the Revenue as required. You should have been advised whether you have been set up as Director by Giant.

A decent accountant, several have been named for you in previous posts, will be able to advise you where you need to go from here. In the short term a good umbrella company will be able to help you out until you manage to get everything sorted out - just make sure there will be no financial penalties for short term use. Good luck.

[Burdock]

Peter, I agree with Malvolio to an extent, but seeing as you are panicking, here is what little hlep I can offer!

1) Most of the guys on this forum recommend Nixon Williams, SJD Accountancy, or Darren at 1st Accountancy Services (I think that is his company -sorry Darren!). If you search through this forum (Accounts section) you will come across these guys and their contact details. There is also a new kid on the block called ThePuma who is from a firm called Hillier Hopkins I think. Sorry if I have missed any regular accountant posters from this list- I am still a relative newbie myself!

2) Here is a link to some insurance advice: http://forums.contractoruk.com/thread16123.html
For IR35 advice scan these forums, or even better, join the Professional Contractors Group (www.pcg.org.uk). They have a wealth of info, but even better, IR35 investigation insurance is included in the membership fee.

3) Your new accountant -see 1- should be able to advise. Although I imagine they will be plenty busy at the moment!

4) see above

5) not that I know of

Best of luck!

[malvolio]

come on..give the guy a break..we all have to start somewhere..

Don't disagree - but this has been on the cards for over two years, was the subject of several posts in April 2006, was announced in anger in December's PBR and re-announced in the 2007 budget and has been all over the various contractor websites. And now, three days from D-day, the one provider of MSC services we all had our doubts about has dropped its ex-clients in it. The smell of coffee is quite strong, if people have the wit to sniff.

And actually my answer is a help. Some of us have answered all his questions, in detail, quite recently. I don't get paid for this, and I'm not about to write it all out again. Standard rule applies - do the research, then ask.

[David Fallon]

Pointless Posts

come on..give the guy a break..we all have to start somewhere..

[malvolio]

And learn how to use the search function. All your answers are on here, mostly within the last three weeks. Some useful keywords might be SJD, NW, Darren, PCG...

Oh and welcome to the real world!

[Money Money Money]

Hi all,

I and many contractors where I work who do not know much about setting up an LTD received the email stating Giant is pulling their Trailblazer service just 3 days away from the budget change implementation.

We are in limbo as we have our LTDs registered through Giant.

Can somebody please advise me of the following:

1) Where to go for a good accountant to do my company accounts?
2) Advice on insurance, IR35, etc and where to get it
3) What do I have to do (if anything) to pull my company away from Giant?
4) Since my LTD has already been set up, is there anything further I need to do with it or can I start trading right away?
5) Is there anything else I should be aware of that needs addressing?

I'm sure loads of people here will benefit from your advice.

Thanks.

P

Mate you have 2 days!

Get yourself a brollie, or work your nuts off getting changed over!