Reply to: Which umbrella - OrangeGenie vs Parasol

[Ivor Bigun]

I agree with the above statement, just keep on top of your paperwork! And find a decent accountant who 1) doesn't charge the earth and 2) Is cute with both your vat & tax returns.

I love running my own Ltd company, and my website & email domain costs pennies to run.

My 2007/08 returns were far cheaper than being a perm and I earned triple.

When I first started contracting 7 years ago I went through Orange & Gold (thing they're now OrangeGenie) and they charged loads. Never again....

I hate the hassle of being limited....
It used to really annoy me having to pay £1400 pa for an accountant - he was local and very straight.
However, there was one thing he did for me which I would never have seen and it easily repaid ALL his cost since I met him.
Having said that, I'd be tempted to go brolly now.

[virtualm]

Balls. 20 minutes a week, tops, mostly spent logging your costs and invoices. Any more than that then you're either in retail or doing it wrong

I agree with the above statement, just keep on top of your paperwork! And find a decent accountant who 1) doesn't charge the earth and 2) Is cute with both your vat & tax returns.

I love running my own Ltd company, and my website & email domain costs pennies to run.

My 2007/08 returns were far cheaper than being a perm and I earned triple.

When I first started contracting 7 years ago I went through Orange & Gold (thing they're now OrangeGenie) and they charged loads. Never again....

[absoft]

Parasol not so good lately

I have recently been having more and more disatisfaction with Parasol. My pension payments suddenly stopped being paid to the pension company while still being deducted from my payroll. Took me over a week of emails and a spreadsheet showing all deductions and payments from year dot to convince them I was 3K short. They gave me all sorts or b****cks about having paid over contributions in advance which I proved they had not. After 3 months I have got the 3K but no apology. Now only £1500 short as this months contribution not paid.
Latest problem is I introduced another contractor to them under one of their 'refer a friend' schemes; I was supposed to get £100 for this; nothing. The excuse - I had missed the start date by 1 day ?? Well how did they get my friend's details if I hadn't introduced him ! No reply to subsequent email.
The basic payroll seems OK, if incomprehensible. Though working out the figures myself, I seem to be paying the right tax etc. But if you have a problem, be prepared for a long haul to get it sorted.
Summary: used to be OK but customer service poor now and they seem to have no respect for their very lifeblood; their own contractors. Try Contractor Umbrella instead.

[Hevra]

Marry me!

To be fair we don't have many <insert swear word of choice> types working for us, we do have one person who regularly drops the F-bomb on the phone to us and WRITES HIS EMAILS LIKE THIS BECAUSE CAPS LOCK IS CRUISE CONTROL FOR COOL.

You know who you are (yes, he is a poster on these forums)

Anyway, sorry for derail

H

[Beefy198]

Contractors are not babies or kids that need appeasing. Nor should they be stroppy teenagers.

Hell, we're meant to be professionals... and in some cases... dare I say it.... intelligent too.

So if your agency tells you that you need to get a timesheet and/or invoice to them by 1pm on a Monday, where is the big deal?

If you give in to them shouting they'll just be a bigger asshole the next time.

Anyway, that's my viewpoint on the matter

[Hevra]

I think I'm in love

Yes, it most certainly is their problem, but sadly that doesn't seem to stop them shouting at me

H

[Beefy198]

OrangeGenie are pretty good when it comes to sorting out those of our contractors who believe timesheet deadlines are more guidelines than rules.

That's their problem then isn't it?

What would they do if they ran their own ltd co and missed an invoice deadline? Cry about it?

[Hevra]

Late comer to the thread, but from an agency perspective and my own personal experience (stressing this is MY experience over the last 2 years of processing timesheets) OrangeGenie are pretty good when it comes to sorting out those of our contractors who believe timesheet deadlines are more guidelines than rules.

We can email our contact there and get them to pass on a TT for us without fuss and without charging the contractor again for it.

Although, if you want hassle free, I would choose ***personal opinion incoming*** Filetravel or Maxim Finance.

H

[Svalbaard]

neither of them are the most tax effective. Umbrella's are easily the worst from a tax effective perspective, just offsetting your taxable income with expenses. Then everything else is taxed PAYE. You're also hit with employer and employee National Insurance. Starting your own Ltd Company is more tax efficient but a massive admin headache. The most effective structure is Financial Management Structure. I have worked through one for the past 4 years and get 78-82% of my gross. I do no invoicing, no admin. There are quite a few of them out there, some better than others. Have a look at <spam> they list several companies on there that do these structures

Yes, and when HMRC come knocking on your door to investigate your tax avoidance you will find that your Financial Management Structure will have left you high and dry to face your day in court alone.

[Svalbaard]

I was Ltd. but found it too much of a hassle so went with umbrella as year on year I only take home a slightly lesser percentage than other Ltd. contractors I know, and I like having all of my income accounted for rather than having to pay some of next years corporation tax out of this years income.

I went with Parasol who have gone down the tube in recent years (costs up / service down, down down...)

Am now with Contractor Umbrella and very happy indeed. Excellent service, simple web based interface and not too expensive.

PS - the days of the umbrella are not numbered. All HMRC have stated is that they are to review the expenses dispensation schemes that some of the dodgier ones run. If you are all above board then you will be OK.

[DiscoStu]

neither of them are the most tax effective. Umbrella's are easily the worst from a tax effective perspective, just offsetting your taxable income with expenses. Then everything else is taxed PAYE. You're also hit with employer and employee National Insurance. Starting your own Ltd Company is more tax efficient but a massive admin headache. The most effective structure is Financial Management Structure. I have worked through one for the past 4 years and get 78-82% of my gross. I do no invoicing, no admin. There are quite a few of them out there, some better than others. Have a look at www.contractortaxation.com they list several companies on there that do these structures

More

Every post you've made has plugged this website

[Torran]

neither of them are the most tax effective. Umbrella's are easily the worst from a tax effective perspective, just offsetting your taxable income with expenses. Then everything else is taxed PAYE. You're also hit with employer and employee National Insurance. Starting your own Ltd Company is more tax efficient but a massive admin headache. The most effective structure is Financial Management Structure. I have worked through one for the past 4 years and get 78-82% of my gross. I do no invoicing, no admin. There are quite a few of them out there, some better than others. Have a look at www.contractortaxation.com they list several companies on there that do these structures

[pmeswani]

neither of them are the most tax effective. Umbrella's are easily the worst from a tax effective perspective, just offsetting your taxable income with expenses. Then everything else is taxed PAYE. You're also hit with employer and employee National Insurance. Starting your own Ltd Company is more tax efficient but a massive admin headache. The most effective structure is Financial Management Structure. I have worked through one for the past 4 years and get 78-82% of my gross. I do no invoicing, no admin. There are quite a few of them out there, some better than others. Have a look at www.contractortaxation.com they list several companies on there that do these structures

So you would recommend starting a Ltd company if you are on a 3 month contract paying £100 p/d?

Limited companies are not efficient for every occasions. Yes it is tax efficient, but in the big scheme of things, it can be more expensive than going through an umbrella. One has to look at the overall picture to see if setting up a Ltd company is worth it. In some scenarios, it isn't.

[YasminHuegilll]

neither of them are the most tax effective. Umbrella's are easily the worst from a tax effective perspective, just offsetting your taxable income with expenses. Then everything else is taxed PAYE. You're also hit with employer and employee National Insurance. Starting your own Ltd Company is more tax efficient but a massive admin headache. The most effective structure is Financial Management Structure. I have worked through one for the past 4 years and get 78-82% of my gross. I do no invoicing, no admin. There are quite a few of them out there, some better than others. Have a look at <spam> they list several companies on there that do these structures

[GlassHalfFull]

I get about 70% of my gross through my brolly

I'd be interested in knowing which brolly you use?