Reply to: All Umbrellas are dodgy - avoid them all at your risk....

[prozak]

I would compare it to trying to become wealthy by playing slot machines.

Those must be some excellent slot machines you play!

I'd like to see a slot machine that pays out for me turning up everyday just to tell it what to do and how to do its job.

The FUD over offshore schemes would have you believe that your life will be in ruins if you play.

The reality is more like you will be a bit worse off than if you went through an umbrella.

Some people don't understand the risks. Others do understand the risk and decide to play anyway.

[SupremeSpod]

I used contractorumbrella before I ended up Zurich and I found their service fantastic, I switched to them from Parasol now there is an umbrella that I would avoid at all costs. So you see not all umbrella companies are dodgy but there are some out there.

JSA - avoid.
Giant - not bad, do what they say they'll do.
Anything that Solomon Williams is involved with, avoid like the plague - his company still owes me £5k the bastard!

[The Spartan]

I used contractorumbrella before I ended up Zurich and I found their service fantastic, I switched to them from Parasol now there is an umbrella that I would avoid at all costs. So you see not all umbrella companies are dodgy but there are some out there.

[BlasterBates]

In my view Lisa does an excellent job in highlighting the risks.

There are no statistics but I dare say the average retention on an offshore scheme is very low, in the end those in failed offshore schemes of which one has the impression affects at least half or more of anyone who's been in an offshore scheme, pay double the amount of tax they would have paid in a normal umbrella.

Now that all schemes are facing a frontal attack from HMRC I think one can assume that in the future the ones who got away with it will be a small minority.

I would compare it to trying to become wealthy by playing slot machines.

[LisaContractorUmbrella]

Weren't you supposed to be doing the "moonwalk" or whatever the thing is where ladies - real ones - do a sponsored walk in their brassieres.

Blimey you've got a good memory - actually it was one of my team at the time - a young lady called Donna. She did it several years running. I was super impressed - a marathon at midnight Saturday and every year she was back at work first thing Monday morning

[SupremeSpod]

I think Prozak's post was directed at me

Weren't you supposed to be doing the "moonwalk" or whatever the thing is where ladies - real ones - do a sponsored walk in their brassieres.

[LisaContractorUmbrella]

I think Prozak's post was directed at me

[rootsnall]

If I was going to do a one month contract no way would I use a limited.

10K paid out through an umbrella would cost you 2K in NI alone. I'm guessing an accountant would set you up and close you down for 1K with little or no tax to pay. Just a few forms to fill in and you are in the money.

[SupremeSpod]

No. I am none of the above.

I am a small business owner. My business - a limited company - has an arm that provides consulting services to my clients.

******* hell, that's impressive!

Hey lads (and lasses) we're amongst Royalty, doff yer caps!

[prozak]

Are you a contractor or a provider of services to contractors prozak?

No. I am none of the above.

I am a small business owner. My business - a limited company - has an arm that provides consulting services to my clients.

[prozak]

It's not so much the "dodgey offshore schemes" I avoid, but more the fact that someone who is trying to sell me something, which for all intent and purpose is an extremely complicated fiscal product, can't seem to grasp the basics of the English language.

Until you sort out your spelling and grammar, I will always form the opinion that you are more Arthur Daley than George Soros.

Who is trying to sell you something?

Until you sort out your comprehension skills you might want to hide your head in shame before you are found out.

[Incognito]

Read the first sentence. I am using the logic of someone elses crusade against "dodgey offshore schemes". THe arguments are rudimetary for a reason.

It's not so much the "dodgey offshore schemes" I avoid, but more the fact that someone who is trying to sell me something, which for all intent and purpose is an extremely complicated fiscal product, can't seem to grasp the basics of the English language.

Until you sort out your spelling and grammar, I will always form the opinion that you are more Arthur Daley than George Soros.

[TykeMerc]

I used an Umbrella for several years before setting up a MyCo, I found them perfectly straight forwards, easy to deal with and not at all dodgy. True an Umbrella is less tax effective than other options, but the service is transparent, carries very little risk (if you've done any due diligence on the company) and has a tiny admin overhead with PAYE tax.

I have looked at a variety of offshore and high return schemes over the years and each time concluded that while the returns claims are attractive that the risk profiles were far less so.

[eek]

Just in case you were wondering I'm a contractor and a Director of Cojak Ltd.

I wouldn't use them but I wouldn't stop others from using umbrellas.

But I'd use an umbrella before using anything offshore....

+1 I don't like umbrellas but offshore is just asking for trouble if HMRC decide they don't like you.

[cojak]

Just in case you were wondering I'm a contractor and a Director of Cojak Ltd.

I wouldn't use them but I wouldn't stop others from using umbrellas.

But I'd use an umbrella before using anything offshore....