Originally posted by pacharan
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Reply to: Surely this can't be legal/moral?
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Previously on "Surely this can't be legal/moral?"
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This is the third post you have quoted Wim121 today and you dredged this up from 8th August? Something going on here? You two coming out because it is Feb 14th?
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Originally posted by wim121 View PostI know exactly what djshuggg means. Some give you a list of "preferred umbrellas", some dictate you have to use their agreed one.
The consequences if you don't go along with it Lisa is they won't give you the assignment and might not bother offering you any in the future. Some may be able to afford to pass up work, but a lot of us just have to get in bed with the devil and hope everything works out.
Some agencies may say when pressed, they will pay you through your own limited company if you have one.
Was a stipulation made by their end customer who was a local gov organization.
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Originally posted by Dave Copeland View PostThanks to those who responded. I am now talking with an accountant to go the Ltd. Co. route.
I like to sleep at night. Dave
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Thanks to those who responded. I am now talking with an accountant to go the Ltd. Co. route.
I like to sleep at night. Dave
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Originally posted by Dave Copeland View PostThanks for the comments so far. I would be interested also to get feedback from anyone who has used such a scheme.
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Thanks for the comments so far. I would be interested also to get feedback from anyone who has used such a scheme. Can anyone advise if the forum rules prevent me from giving details of the company. Dave
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Originally posted by Dave Copeland View PostFirstly I am new around this topic and contracting generally and hope I am in copmpliance with forum rules in posting this. My problem is that I have been offered a contract which must be run through a Ltd. Co. or umbrella. Speaking with an accountent yesterday I was offered a tax planning strategt which without naming the supplier I can describe as below
A UK company invoicves client.
I am an employee of the UK company.
I get paid minumum wage through PAYE
Balance of income is held in trust (IOM Trustees)
Trust rules are that trust can only operate for my benefit.
Each month I borrow my income from the trust.
The loan is never repaid
They forecast net to me of 81% of contact value.
Seems great but I am nervous re the "loan" and "trust" elements.
Does anyone have experience of such schemes or comment generally
Thanksa contract which must be run through a Ltd. Co. or umbrella
Talk to another accountant, one of the ones who post on here would be a good start (Nixon Williams, SJD, InTouch are the ones I can think of right now).
Anything involving offshore trusts, currency exhange schemes or which promises to return 80% or more of your day rate should, IMO, be avoided at all costs.
Probably 90% of the people on this forum operate under the Ltd Co. + Accountant route, the rest generally use a brolly or do their own accounts.
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Originally posted by Dave Copeland View PostFirstly I am new around this topic and contracting generally and hope I am in copmpliance with forum rules in posting this. My problem is that I have been offered a contract which must be run through a Ltd. Co. or umbrella. Speaking with an accountent yesterday I was offered a tax planning strategt which without naming the supplier I can describe as below
A UK company invoicves client.
I am an employee of the UK company.
I get paid minumum wage through PAYE
Balance of income is held in trust (IOM Trustees)
Trust rules are that trust can only operate for my benefit.
Each month I borrow my income from the trust.
The loan is never repaid
They forecast net to me of 81% of contact value.
Seems great but I am nervous re the "loan" and "trust" elements.
Does anyone have experience of such schemes or comment generally
Thanks
Leave a comment:
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Legal Moral
Firstly I am new around this topic and contracting generally and hope I am in copmpliance with forum rules in posting this. My problem is that I have been offered a contract which must be run through a Ltd. Co. or umbrella. Speaking with an accountent yesterday I was offered a tax planning strategt which without naming the supplier I can describe as below
A UK company invoicves client.
I am an employee of the UK company.
I get paid minumum wage through PAYE
Balance of income is held in trust (IOM Trustees)
Trust rules are that trust can only operate for my benefit.
Each month I borrow my income from the trust.
The loan is never repaid
They forecast net to me of 81% of contact value.
Seems great but I am nervous re the "loan" and "trust" elements.
Does anyone have experience of such schemes or comment generally
Thanks
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Originally posted by Steven@Parasol View PostRubbish, we for one do not pay referrals to agents in any shap or form.
We are on the majority of PSLs though because of our compliance track record and membership of the FCSA. Its about protection and risk mitigation, not profit.
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Originally posted by Harry@SC Lee Accountant Ltd View PostYour agent is business people so they just want to get more commission from their preferred umbrella to get more money out of you.
We are on the majority of PSLs though because of our compliance track record and membership of the FCSA. Its about protection and risk mitigation, not profit.
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Guest repliedYour agent is business people so they just want to get more commission from their preferred umbrella to get more money out of you.
Originally posted by wim121 View PostI know exactly what djshuggg means. Some give you a list of "preferred umbrellas", some dictate you have to use their agreed one.
The consequences if you don't go along with it Lisa is they won't give you the assignment and might not bother offering you any in the future. Some may be able to afford to pass up work, but a lot of us just have to get in bed with the devil and hope everything works out.
Some agencies may say when pressed, they will pay you through your own limited company if you have one.
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Originally posted by djshuggg View PostFunny last but one contract i had i was told i HAD to use Parasol.So your comment about an agent not forcing you to use a particular agency is total botty water.Originally posted by LisaContractorUmbrella View PostWere you told what the consequences would be if you didn't go along with it?
The consequences if you don't go along with it Lisa is they won't give you the assignment and might not bother offering you any in the future. Some may be able to afford to pass up work, but a lot of us just have to get in bed with the devil and hope everything works out.
Some agencies may say when pressed, they will pay you through your own limited company if you have one.
Leave a comment:
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Originally posted by djshuggg View PostFunny last but one contract i had i was told i HAD to use Parasol.So your comment about an agent not forcing you to use a particular agency is total botty water.
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