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Reply to: Where to begin?
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Previously on "Where to begin?"
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I rather like the approach that some Umbrella's take which is to give a quote based on working 52 weeks per year...
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I'll repeat a post I put up some months ago.
We did an exercise in which several umbrellas were presented with the same core facts and asked for a quote.
The percentage take home from each was different and all of them made assumptions about take up of expenses and salary sacrifice arrangements that may not actually be achievable.
All of the quotes made a hash of dealing with employer NIC, assuming that this was due from the first £.
Three of the four we contacted were FCSA members.
I'm not saying that the quotes were wrong. I am saying that the assumptions made were designed to present a "best possible" scenario and that this will not always be possible.
I'm well aware that umbrellas are engaged in a race to the top of the "take home" tables, but whichever umbrella you choose, please - please - seriously please - check the assumptions made and whether there are any tax charges/NIC charges that will pop up after the year end or whether expense levels are at the HMRC enquiry trigger level.
My personal bright line threshold for HMRC enquiry would be if the take home for any gig at more than an annualised £50,000 or more was above 70%.
If I were an HMRC risk assessor, that's where I would begin.
Read the small print. If you don't understand it - ask. If you are given an answer - get it in writing. If you still don't understand it - don't do it.
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Where to begin?
Originally posted by eek View PostSo here is a new line to watch out for folks
Compliance with HMRC guidance, IR35, S660, and MSC legislation
What that site doesn't mention is National insurance and PAYE....
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Originally posted by ladymuck View PostCheck if they're on the FSCA website
Parasol and ClearSky membership of FCSA • FCSA FCSA
sorry if this elementary but I don't trust my judgment at the mo
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Is Parasol still regarded as reputable? I found them quite organised but I had to move away from them because one agency wouldn't
approve them.
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And yes I would tell them because you’re going to need to find a new proper umbrella like Clarity or Paystream.
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Originally posted by Scruff View PostIf you have only been using this Umbrella, since May, what is their name? There are well regarded Umbrellas, and there are those who hold themselves as bona-fide Umbrellas, but who are more dodgy than a £3 note.
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Originally posted by YinYang View PostIve had a letter from HMRC about possible tax avoidance and asking me to forward everything I have from my Umbrella. i have been using my umbrella company since May, so I'm looking at a few months out of this tax year.
I've been completely naive about this situation so just want to get everything reassessed and look at my payment options
In the meantime, I'm not sure whether to just sign for another umbrella, so at least the period under scrutiny is limited or wait to hear back from HMRC. Should I even tell the umbrella in question? either way, Im the ones that's liable for any shortfall :shrug
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Where to begin?
Ive had a letter from HMRC about possible tax avoidance and asking me to forward everything I have from my Umbrella. i have been using my umbrella company since May, so I'm looking at a few months out of this tax year.
I've been completely naive about this situation so just want to get everything reassessed and look at my payment options
In the meantime, I'm not sure whether to just sign for another umbrella, so at least the period under scrutiny is limited or wait to hear back from HMRC. Should I even tell the umbrella in question? either way, Im the ones that's liable for any shortfall :shrugTags: None
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