Reply to: Extract of email I received from Umbrella company before I signed any contract...

[cojak]

This isn’t helpful to anyone now.

Thread closed.

[Iter]

But you haven't named the "umbrella" so how does that help anyone.

Nor have you named the agency that recommended them to you - so we can't even warn others about that agency.

So in reality you haven't helped anyone you've just posted some rubbish on a thread relating to a scheme that you were too desperate and not quick enough to recognise.

And has also mentioned it does mention a loan scheme in the terms!

[NeedTheSunshine]

"In terms of how this is calculated, there are 2 elements that the contractor can benefit from:



1. A salary portion (NMW) which is where the PAYE & NI are deducted.

2. The option as an employee to apply for a tax free element from his employer at a commercial rate of interest (a traditional Umbrella company will describe the difference as expenses and commission where as a Ltd Company will use a dividend option which attracts corporation tax)


The 2nd portion is a payment which is treated differently under the BIK rules and accordingly is not classed as employment income or revenue and is therefore accounted for in a different way.


We manage your tax and NI so you wouldn't need to worry about that and we will send you a payslip on a weekly basis which covers your salary amount for the period worked."

What else could the 2nd portion be if not a loan? Although I see they have avoided actually using the word loan.

[BR14]

But you haven't named the "umbrella" so how does that help anyone.

Nor have you named the agency that recommended them to you - so we can't even warn others about that agency.

So in reality you haven't helped anyone you've just posted some rubbish on a thread relating to a scheme that you were too desperate and not quick enough to recognise.

and you're allowed to say that?
very good.

[eek]

More utter gibberish.

But you haven't named the "umbrella" so how does that help anyone.

Nor have you named the agency that recommended them to you - so we can't even warn others about that agency.

So in reality you haven't helped anyone you've just posted some rubbish on a thread relating to a scheme that you were too desperate and not quick enough to recognise.

[Culps67]

It was IQ Consultants I believe - this thread is all old news....

The umbrella I'm referring to ? Nope it wasn't.

Let me clarify why I posted what I did. Yes I forgot to say this was something that hapened in 2016 so confused people who think this has just happened recently. My mistake.

What I was trying to do was recollect how the umbrella service was sold to me. I was out of work for 18 months after redundancy and I was offered a short term contract which I snapped up. I knew absolutely nothing about loan schemes or the loan charge. I just signed up with the umbrella which was recommended by the agency. I had no reason to question whether I was signing up to some dodgy scheme.

I posted an extract of the email I was sent by the umbrella because it may help someone in any legal case against the umbrella. The email is worded in such a way that there is no such mention of a loan arrangement and is misleading. The loan part is only detailed in a small section of page 19 of a 24 page contract.

It's worth noting this umbrella not so long ago texted me with a cash bonus offer if I rejoined them.

[lowpaidworker]

It was IQ Consultants I believe - this thread is all old news....

Have they been disolved now ?. Sorry if thats common knowledge.

[eek]

Sod it... name and shame the Umbrella because according to HMRC and SAM's review it was clear that from 2010 these schemes did not work and would be challenged. Therefore this umbrella is leading you up the garden path

It was IQ Consultants I believe - this thread is all old news....

[lowpaidworker]

Yea I am affected. It's only a few hundred quid though.

Sod it... name and shame the Umbrella because according to HMRC and SAM's review it was clear that from 2010 these schemes did not work and would be challenged. Therefore this umbrella is leading you up the garden path

[Culps67]

The only person (looking at your historic posts) to be affected by a scheme is you...

Yea I am affected. It's only a few hundred quid though.

[cojak]

And now that it's been moved to the right forum, normal services are resumed.

I for one would like to thank the OP however, as it shows how devious some of these dodgy umbrellas are.

I will copy his first post and provide context in the surrounding blurb.

Thank you Culps67.

[eek]

oh just sod off.

Getting people into a panic ? Don't blame me for your troubles.

Just trying to help folk in case the email was an example of an agency trying to deceive people. Might help with any case.

Just delete my account.

None of the people who have posted in this thread have troubles - unlike you we all saw through the schemes as soon as they talked about us signing the money away and them "lending" it back to us.

The only person (looking at your historic posts) to be affected by a scheme is you...

[northernladuk]

Woah hang fire - this is from 2016. I'm not a contractor any more. I've not mentioned any Umbrella company. I am just telling folk what was sent to me at the time before I signed the contract in 2016. I just thought it might help folk by highlighting what was sent to me at the time.

Might have been prudent to mention the timelines in the original post then.

[Culps67]

So don't post information outside the appropriate thread (you had all the regulars in a panic thinking it was someone asking about a scheme pretending to be an umbrella).

oh just sod off.

Getting people into a panic ? Don't blame me for your troubles.

Just trying to help folk in case the email was an example of an agency trying to deceive people. Might help with any case.

Just delete my account.

[eek]

Woah hang fire - this is from 2016. I'm not a contractor any more. I've not mentioned any Umbrella company. I am just telling folk what was sent to me at the time before I signed the contract in 2016. I just thought it might help folk by highlighting what was sent to me at the time.

So don't post information outside the appropriate thread (you had all the regulars in a panic thinking it was someone asking about a scheme pretending to be an umbrella).