First contract and first umbrella company, some questions..

[northernladuk]

I replied in the other thread you raised asking this question. I believe you won't be able to claim some expenses for your 3 monther. As you only did one assignment it becomes your permanent place of work so can't claim mileage, hotels, food etc.

[mudskipper]

Congrats on the contract.

I can guarantee you won't get significantly better returns with Parasol. Umbrella co calculators seem to make different assumptions re the amount of expenses you'll be claiming, so this will be the reason for the discrepancy.

You can swap umbrella cos at any time, but it's easier to wait until contract renewal time and sign up with a different co. As with any employer, you'll need to give them notice. Be aware that if you are planning to jump ship after one contract you shouldn't be claiming expenses.

WSS. The way to maximise return (if you're outside IR35) is to go via limited company - the time to do that is when you're sure that contracting is for you, and that you're up for paperwork and deadlines (with fines if you fail to meet them!)

The difference between umbrellas should only be the difference in their admin fees, and that shouldn't be huge in the scheme of things. Read the guides to the right -->

[nick w]

Thanks for the quick reply
Seeing as I have 4 weeks until I start I'm thinking of changing before I start.

Thanks Zippy for the quick reply.

Nick

Sent from my Nexus 7 using Tapatalk

[Zippy]

Congrats on the contract.

I can guarantee you won't get significantly better returns with Parasol. Umbrella co calculators seem to make different assumptions re the amount of expenses you'll be claiming, so this will be the reason for the discrepancy.

You can swap umbrella cos at any time, but it's easier to wait until contract renewal time and sign up with a different co. As with any employer, you'll need to give them notice. Be aware that if you are planning to jump ship after one contract you shouldn't be claiming expenses.

[nick w]

Hi everyone.
So was happy to sit I'm my perm role and roll with the punches, last week a friend sent me an email offering a contractor role and he was happy to wait for my 4 week notice period. Super.

But time was crucial, so I spent hours reading up on contracting and umbrella companies.

The company I will be moving to recommended Giant. So I quickly read up on Giant and signed up.

Its a 3 month contract but will but will move into a 6 monther after. My question is can I change umbrella complies after the 3 months to move to a more profitable company like parasol?

I'm kinda kicking myself for jumping in the Giant now. Parasol seem to have better returns.

What do you typically do when you sign up and later want to change umbrella firms?

Thanks
Nick

Sent from my Nexus 7 using Tapatalk