Originally posted by northernladuk
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: New to Umberlla and some questions.
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "New to Umberlla and some questions."
Collapse
-
-
Originally posted by LisaContractorUmbrella View PostWhy? We have a number earning over £1000 per day - some people just like the ease of working through an umbrella company
Leave a comment:
-
Originally posted by LisaContractorUmbrella View PostWe have a number earning over £1000 per day - some people just like the ease of working through an umbrella company
For that dough they could be out playing in one of these ...
"Alfa Romeo GTV 3.2 V6 24v Lusso 2dr, 56,000 miles
Veloces Of London. Veloces is the Uk's premier Alfa Romeo Specialist.
ONE OF JUST 23 3.2 v6's registered IN THE UK
MUST BE ONE OF THE LOWEST MILEAGE GTV'S IN THE UK.
ALL OUR VEHICLES COME FULLY PREPARED & WITH THE BENEFIT OF A COMPREHENSIVE WARRANTY., £8,000"
Leave a comment:
-
Originally posted by suezy View PostHi guys many thanks for your answers it is really appreciated.
Is it legal for the agency to force me to use an umbrella company, just after all these things being taken out I am basically on min wage.
I surely would be better to invoice them each week for the work and they pay me direct and me pay any taxes due as self empolyed? no?
Leave a comment:
-
Originally posted by TheFaQQer View PostThere used to be a poster here who had had an agency and two umbrella's disappear with her money, IIRC. Can't remember her name, though.
Leave a comment:
-
Originally posted by NotAllThere View PostAh, so just waiting until the pot is big enough.
Leave a comment:
-
Originally posted by LisaContractorUmbrella View PostWell we've been around for 12 years and not run off with anyone's money so yep
Leave a comment:
-
Originally posted by TheFaQQer View PostThere used to be a poster here who had had an agency and two umbrella's disappear with her money, IIRC. Can't remember her name, though.
Leave a comment:
-
Originally posted by LisaContractorUmbrella View PostWell we've been around for 12 years and not run off with anyone's money so yep
Leave a comment:
-
Originally posted by NotAllThere View PostWell, you would say that, wouldn't you.
Leave a comment:
-
Originally posted by LisaContractorUmbrella View PostOh such cynicism in one so young
Leave a comment:
-
Originally posted by TheFaQQer View PostIf you're IR35 caught, and prepared to take the risk that someone else can disappear with your money or can't be bothered to chase an agency if they don't pay you, then umbrellas can make sense whatever rate you're on
Leave a comment:
-
Originally posted by NotAllThere View PostThe way you're used to working you'd get £8 an hour (say). The agency would charge the client £20 an hour, and they'd cover your holiday pay, pension and employers ernic out of the £12.
So for 24 hours of your work (under the old way), the agency charges client £480, pays £18 Employers NI, £15 Holiday, £2 workplace pension. And then pays you 8x24 = £192 + £14 for your expenses (approximate figures). They make ~£240 profit.
Now the agency charges the client £480 and pays the umbrella company £216. So the agency profit is now £264. They've also sacked an admin assistant as they no longer need to handle the payroll themselves. So they've made even more. If they're financially linked to the brolly company, then they're even more quids in.
You end up with less take home pay, as all those employment costs that used to come out of the client fee are now coming out of your fee. They may have sold you this way of working on the basis that your hourly fee is now higher... but as you can see they benefit, while your take home pay is much reduced.
Leave a comment:
-
Originally posted by TheFaQQer View PostIf you're IR35 caught, and prepared to take the risk that someone else can disappear with your money or can't be bothered to chase an agency if they don't pay you, then umbrellas can make sense whatever rate you're on
Leave a comment:
-
Originally posted by LisaContractorUmbrella View PostWhy? We have a number earning over £1000 per day - some people just like the ease of working through an umbrella company
Leave a comment:
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: