New to Public Sector Unbrella Contract

[eek]

Hi Jacqui,

Who did you go with at the end... I am about to start a new contract inside IR35 and would like to take on an umbrella company who take salary sacrifice payments to my SIPP.

Plenty around - take a look at the list the agency provides and ask them.

Or use Clarity as they do and Lucy posts here.

[jacquibo]

Hi Will

I didn’t, another contract came up which was outside IR35

Jacqui

[willss3608]

Hi All and sorry if this has been asked 100 times before.

I am new to a public sector contract and therefore new to falling inside IR35.

I assumed, because the agent said I could, that I could continue to work through my Ltd Co. Having received the paperwork, and done some research, I am not seeing a lot of benefit to this for my particular circumstances. So I am here to get some advice to help me narrow down my next moves.

1. The agency has a list of approved umbrella's; are there any clear favorites of stay away froms for a newbie?

Advance
Black Diamond Umbrella
Brookson Limited
Danbro
Contractor Umbrella
Giant Group
ICS
Independent Contractor Services
JSA Group
Liberty Bishop Limited
Liquid Friday
Parasol
Mango Pay
NASA Group
NumberMill
Orange Genie Group
SmartWork.com Limited
Umbrella.co.uk
We Contract

2. I want to pay into a pension and will need to set one up - recommendations?
3. A bit about me which might help
I don't need to take any money from this contract, hence the pension and salary sacrifice may be advantageous
Day rate around £500
Contract length 3-6 months
I plan on keeping my Ltd Co open as I may work outside of IR35 again in the future

I really appreciate any help or guidance anyone can give me

thanks in advance

Jacqui

Hi Jacqui,

Who did you go with at the end... I am about to start a new contract inside IR35 and would like to take on an umbrella company who take salary sacrifice payments to my SIPP.

[northernladuk]

A nice long list of brollys at least, many just give you a choice of 2 !

Ill be using Parasol, seem ok so far, did quibble about some very minor expenses (O365 subscription) but seemed good for setting up payments to my existing PensionBee using salary sacrifice (it can only be set amount per month).

Let's just hope they've changed their ways... BIDI

https://www.contractoruk.com/forums/...a-company.html

[andydd68]

A nice long list of brollys at least, many just give you a choice of 2 !

Ill be using Parasol, seem ok so far, did quibble about some very minor expenses (O365 subscription) but seemed good for setting up payments to my existing PensionBee using salary sacrifice (it can only be set amount per month).

[jacquibo]

Get your pension set up asap, before April 6th,
If you want to maximise what you retain, my investigations have found you can keep over 95% of your day rate (80%+ into pension, the rest as minimum wage the Umbrella legally has to pay) - the remainder is the Umbrella margins, employer NI and employee tax/NI

Thanks this is so helpful. I do have a pension with Scottish Widows but that has been moved to a draw down so time to start a new one

Jacqui

[eek]

Hi All and sorry if this has been asked 100 times before.

I am new to a public sector contract and therefore new to falling inside IR35.

I assumed, because the agent said I could, that I could continue to work through my Ltd Co. Having received the paperwork, and done some research, I am not seeing a lot of benefit to this for my particular circumstances. So I am here to get some advice to help me narrow down my next moves.

1. The agency has a list of approved umbrella's; are there any clear favorites of stay away froms for a newbie?

Advance
Black Diamond Umbrella
Brookson Limited
Danbro
Contractor Umbrella
Giant Group
ICS
Independent Contractor Services
JSA Group
Liberty Bishop Limited
Liquid Friday
Parasol
Mango Pay
NASA Group
NumberMill
Orange Genie Group
SmartWork.com Limited
Umbrella.co.uk
We Contract

2. I want to pay into a pension and will need to set one up - recommendations?
3. A bit about me which might help
I don't need to take any money from this contract, hence the pension and salary sacrifice may be advantageous
Day rate around £500
Contract length 3-6 months
I plan on keeping my Ltd Co open as I may work outside of IR35 again in the future

I really appreciate any help or guidance anyone can give me

thanks in advance

Jacqui

Given that list if they won't accept Clarity use Contractor Umbrella (as they post on here).

Both at least understand how pensions work.

[northernladuk]

Speak to Lucy at Clarity Umbrella and get her to work on getting on the agents list and go with her.

Nice pension offering which will be very useful to you.

[Paralytic]

Yes, it has been asked 100 times before.

Speak to some Umbrella's, get some illustrative quotes, and choose one you like.

Get your pension set up asap, before April 6th, then you'll be able to put 40K in this tax year (not that you will) and 40K next tax year, but importantly, any allowance you don't use this tax year can be rolled over to next tax year and beyond (3 more years in total). You can only roll over years when you had a pension, so if you don't set one up this year, you can't roll over - check whether you also need to pay something into it this year.

Only some Umbrellas allow payment into your own pre-existing pension scheme. Read the many threads on this board for which do and which don't.

If you want to maximise what you retain, my investigations have found you can keep over 95% of your day rate (80%+ into pension, the rest as minimum wage the Umbrella legally has to pay) - the remainder is the Umbrella margins, employer NI and employee tax/NI

[jacquibo]

Hi All and sorry if this has been asked 100 times before.

I am new to a public sector contract and therefore new to falling inside IR35.

I assumed, because the agent said I could, that I could continue to work through my Ltd Co. Having received the paperwork, and done some research, I am not seeing a lot of benefit to this for my particular circumstances. So I am here to get some advice to help me narrow down my next moves.

1. The agency has a list of approved umbrella's; are there any clear favorites of stay away froms for a newbie?

Advance
Black Diamond Umbrella
Brookson Limited
Danbro
Contractor Umbrella
Giant Group
ICS
Independent Contractor Services
JSA Group
Liberty Bishop Limited
Liquid Friday
Parasol
Mango Pay
NASA Group
NumberMill
Orange Genie Group
SmartWork.com Limited
Umbrella.co.uk
We Contract

2. I want to pay into a pension and will need to set one up - recommendations?
3. A bit about me which might help
I don't need to take any money from this contract, hence the pension and salary sacrifice may be advantageous
Day rate around £500
Contract length 3-6 months
I plan on keeping my Ltd Co open as I may work outside of IR35 again in the future

I really appreciate any help or guidance anyone can give me

thanks in advance

Jacqui