Advice required by new contractor

[Fleetwood]

ZZZZZZZZZZZzzzzzzzzzzzzzzzzzz

[cheat-casino]

cheating for money

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[Lucifer Box]

I can't believe that after reading the Parasol thread anyone seriously considers trusting someone else with your hard earned is the way to go.

[dmini]

I have contractorumbrella as one option (unless I have to use Parasol) as well, and have always found them helpful as well. They do answer the phone. What is even more amazing in these days - they advertise their service as up to 4:30 pm - yet I have rung at 4:45 and even 5pm and got a prompt answer.

P.S For those cynics I wish they were paying me for these comments - the only work I've got for next week is delivering leaflets for an estate agent round our town! I know I need to get more exercise but....

[DaveB]

IMHO the best vehicle if you are outside IR35 is a limited company with a specialist contractor accountant.

Seconded

[privateeye]

i have recently joined contractor umbrella ltd, and i must say i have been amazed at the efficient, polite, and personal service.

let me just put it this way...i read on their website that they will always answer the phone within 3 rings and every email within 4 hours. So i told myself yeah right, so i thought i would test them. I told myself that when i call to join...IF...they answer the phone within 3 rings then i'll join...if not...i dont. Simple.

I have now been with them for a few months, everything is great. Plus, every week when i call, they stick to their promise...3 rings for the phone to be answered (and a real person thank god) and 4 hours for each email reply.

Well done contractor umbrella ltd.

I've only ever heard good things about this bunch so can second that, it might not be as efficient tax wise as a limited but it is 100% legit. Contractor Money is also kept in a trust fund so if the company goes bust you do not.

[DimPrawn]

Yes, well done contractor umbrella ltd, for posting some free advertising about yourself disguised as a genuine testimonial.

[Brainstrainer]

Contractor Umbrella Ltd.

i have recently joined contractor umbrella ltd, and i must say i have been amazed at the efficient, polite, and personal service.

let me just put it this way...i read on their website that they will always answer the phone within 3 rings and every email within 4 hours. So i told myself yeah right, so i thought i would test them. I told myself that when i call to join...IF...they answer the phone within 3 rings then i'll join...if not...i dont. Simple.

I have now been with them for a few months, everything is great. Plus, every week when i call, they stick to their promise...3 rings for the phone to be answered (and a real person thank god) and 4 hours for each email reply.

Well done contractor umbrella ltd.

[BlasterBates]

If you go the umbrella route 60-67% outside IR35 is standard (inside IR35 is amazingly dire (worse than Germany!!!!!)). The best one I´ve seen is 70%, which was a ´clever´ scheme involving a company registered in Ireland. The individual Ltd and a clever accountant can yield up to 80%, apparently. With the new rules on managed companies, going it alone is the only option in my opinion. i.e. adopt the tatics of herbivores on the African savanna, and confound tax officials by hiding in a huge herd.

[Numptycorner]

You are better asking this question in accounting. However, who told you 60-67%, that seems a little low for outside IR35!

IMHO the best vehicle if you are outside IR35 is a limited company with a specialist contractor accountant.

[FunkySupaStar]

Hi, I've recently joined this forum after securing my first contract. I would be grateful for any advice regarding the best legal arrangement (ltd/umbrella companies, etc) to use in order to maximise net income.

I believe my contract falls outside IR35 (I intend to get this confirmed by a law/accountancy firm before I sign). I've spoken to a couple of the accountants that advertise on this site and the best they can promise is circa 60-67% of gross earnings.

Are there any better schemes/arrangements out there? What sort of percentages can one expect to retain after tax.

Also, are all offshore/forex schemes to be avoided, or are there some that can legally help contractors minimise tax payments.

Thanks in advance