Originally posted by pdbr
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Reply to: Umbrella Companies
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Previously on "Umbrella Companies"
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I’ve vetted them (at least they aren’t promising anything dodgy) so provided they engage as professionally as you do Lucy they are welcome.
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Originally posted by lucycontractorumbrella View Post
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Morning all,
We would agree that the two schemes above do not sound compliant, and just this week HMRC have published guidelines into what to look out for with Umbrella Companies offering loan schemes;
https://www.gov.uk/guidance/umbrella...y-spotlight-45
We work with Hays and Reed, who look for the highest level of compliance and will only use Umbrella companies who have proven that they do not and will not operate such schemes, only making statutory Umbrella PAYE deductions.
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Originally posted by Togoodtobetrue View PostFind the person who “recommended” these two companies to you in your phone contacts, delete them, block them and never communicate with them again.
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Find the person who “recommended” these two companies to you in your phone contacts, delete them, block them and never communicate with them again.
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A bit more detail:
Target Umbrella used to have their majority owner as Clere Limited, with a correspondence address of:
Knox House, Finch Road, Douglas, Isle Of Man, Isle Of Man, IM1 2PT
That is where AML, SmartPay, Knox House Trust, Douglas Barrowman, etc are based.
Clere Limited are in the Paradise Papers
The current named director of Target is Bertram Arthur Reginald NEWTON, former address:
Talbot House, 16 Athol Street, Douglas, Isle Of Man, IM1 1QD
He also is a director two tax companies in London, one of which is owned by Park Lane Holdings Ltd ACTIVE
Correspondence address:
16-18, Finch Road, Douglas, Isle Of Man, Isle Of Man, IM1 2PT
Now where have I mentioned that address before?
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Simple answer:
Avoid anything that isn't straight up legit. If it mentions "loan" or talks about companies in Malta, invest in a pair of Adidas trainers and run, Forest, run.
Take a look at Contractor Umbrella - Lucy sometimes posts on here.
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Umbrella Companies
Hi everyone,
Sorry, It's a bit lengthy.
But...
I'm currently doing some contract work and am looking in to the options that Umbrella Cos provide.
I have some background in payroll and finance so i know that certain schemes run by certain umbrellas should be avoided.
This said, I have been recommended two umbrella cos, Target Umbrella and Maxipay.
if anyone has worked with these companies before, feel free to correct me if i'm wrong but...
Target seem to operate a loan scheme. Where the loans are ultimately never repaid.
Maxipay seem to rely on a clause in their contract that shifts the responsibilities of the "fee payer" away from them and on to my own Ltd Company. Meaning that my Ltd Co would receive 95% of my rate (5% being Maxipay's fee) and my Ltd Co would be responsible for Tax and NI deductions.
I believe that neither scheme would hold up and both would leave me at risk if/when the HMRC came knocking.
My Questions:
Am i being overly paranoid here? I know a lot of people working with both of these companies, so am i missing something with these schemes? are they actually OK?
and if these schemes aren't ok...
Why are big agencies like Hays and Reed allowing their contractors to use these Umbrella Companies? especially since they can also be found liable for any unpaid PAYE & NI if investigated?
Surely the agencies should be trying to avoid putting themselves and their contractors at risk and not, as it seems, encouraging it?
Any thought and opinions would be appreciated.
Thank you.Tags: None
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