Reply to: name the best umbrella company

[KentPhilip]

The Bulgarian umbrella is very good, for killling people

http://en.wikipedia.org/wiki/Bulgarian_umbrella

It was the one used to assasinate George Markov on Waterloo bridge in the 70's

[pmeswani]

not minted

but also not stupid.

any contractor has to have some money set aside for the lean times.

its just plain bloody common sense!

So, if a contractor has just started contracting for about 3 to 6 months and is on about £200 p/d and is using an Umbrealla, how would they apply your common sense rule? I assume you are encouraging them to skip mortgage payments, bills, fuel payments, meals, kids clothing, etc. in order to save for a rainy day? Not everyone is on a decent rate for a long periods of time. I've been lucky to save about £4k to £5k, which should last me a couple of months. Also will be drawing earnings / dividends in January / February. But there again, I do live at home with my parents and don't have any commitments / dependants and have made sure that I don't take out more than what I need.

[original PM]

not minted

but also not stupid.

any contractor has to have some money set aside for the lean times.

its just plain bloody common sense!

[pmeswani]

I Love this sort of thing

like OMG its christmas on the 25th December this year why did no one tell me boo hoo now I have no money - why can everyone not pay me earlier

Also so you get paid earlier - this just means it is longer until the next pay day.

seriously budget and shut up

also what do they do the week after their contract finishes run around crying cos they have no money.

No self respecting contractor who considers themselves a profesional should ever be without money at this time of year - you know it is coming make allowances.

Yes Sir Big Pockets.

Maybe you should start your own Loan Shark Business. Obviously you are over-loaded.

[original PM]

I Love this sort of thing

like OMG its christmas on the 25th December this year why did no one tell me boo hoo now I have no money - why can everyone not pay me earlier

Also so you get paid earlier - this just means it is longer until the next pay day.

seriously budget and shut up

also what do they do the week after their contract finishes run around crying cos they have no money.

No self respecting contractor who considers themselves a profesional should ever be without money at this time of year - you know it is coming make allowances.

[Hevra]

Sorry folks, I don't think I was very clear in what I meant (that'll learn me for trying to post on the sly while at work).

What I meant was that weeks like this one, where they won't receive funds from us until Wednesday (Christmas Eve) even though we're running our payroll 2 days early, they will still pay their contractors before they get the funds from us to make sure people can do their Xmas shopping.

Apologies if I gave the impression there was anything dodgy going on

H

[original PM]

You should avoid any company who offer payment in advance of funds recieved - even if your agency is fine another one they deal with will be go down the pan and that could take your money with it...

also what is the benefit of being paid before the agency pay them

ok the first time you get paid you will recieve the money earlier but after that it will still be the same gap between paydays......

[callender]

Used Contractor Umbrella for years excellant service , when Hayes forced a change tried Giant and left as quckly as possible then Parasol "stuck" with them untill i left the contract , new contract and glad to be back with CU .

[pmeswani]

Which is surely dodgy from a cash flow point of view?

I think it's easier when umbrellas just pay when the money comes in - that's a much lower risk business model

It may be easier, but if the umbrella does pay in advance, it would probably be down to them doing a credit worthiness on the agency / client and having sufficient cashflow to pay the contractor. If the agency doesn't pay up, the umbrella can do whatever they can to recover the monies. In some cases they may fail.

[Beefy198]

Maxim Finance pay ahead of funds being received by us (the agency), I'm not sure if any others do.

Which is surely dodgy from a cash flow point of view?

I think it's easier when umbrellas just pay when the money comes in - that's a much lower risk business model

[Hevra]

Maxim Finance pay ahead of funds being received by us (the agency), I'm not sure if any others do.

I've never had any issues with Filetravel, OrangeGenie, Contractor Umbrella, Paystream.

Not overly impressed with Giant, Parasol, Crystal Umbrella.

H

[Joe1978]

contractor umbrella ftw
always paid up on time very good service, and good package

[YasminHuegilll]

try contacting <spam>
rather than have to call them all and find out the differences as it all depends on what you want out of it. As much % as possible, are you doing it short term etc

[FarangMau]

NoLongerLimited.

Or whatever they are called nowadays. Pay 2 days after they receive your timesheet.

Charge a fortune for the privilege but are flexible on that (negotiate).

Crystal Umbrella now, that scheme you mention was for outside IR35 contractors through their limited liability partnership which they discontinued for new applicants over 6 months ago. I am still on it, weekly pay even though agency pays monthly, until next year that is, because my agency now has a list of preferred suppliers that must be used from 2009 (i.e. the 5 umbrellas that will give them the biggest kickback payment for new business )

Anyway, can't comment on Crystal's new schemes but as a company they are good to deal with.

[TheFaQQer]

I hear that Prosperity 4 are really good.

Failing that, Tarpon or Giant.