Originally posted by berkleyn
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Previously on "variable rate contract and umbrella companies"
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ughh!!
Originally posted by berkleyn View PostI've been offered a new contract which is atypical in as much as the work is piece-meal and the amount paid will vary according to the piece of work. Therefore, I will not have a fixed hourly or day-rate. I have used umbrella companies in the past so was planning on doing so again, but have been told by two umbrella companies that they cannot handle this type of contract. I am unclear whether this is to do with their systems, or whether there is a legal issue, as this was alluded to. Can anyone advise whether there is an option to use an umbrella for this type of contract or whether my only option is to go down the limited company route. Thanks in advance.
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Originally posted by LisaContractorUmbrella View Postso what's the relationship between the Ltd Co and the sole trader? B2B presumably??
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Originally posted by geoff from contracta IOM View PostI the the sole trader is registered as self employed, can provide a UTR number and give a declaration that they will declare all the income to HMRC then we are happy to work with them.
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Originally posted by LisaContractorUmbrella View PostOh OK - so what's the relationship between the Ltd Co and the sole trader? B2B presumably??
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Originally posted by geoff from contracta IOM View PostThats correct Prozac, Lisa KUATB
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Originally posted by prozak View PostMy understanding of the structures of the EBT replacements is:
Agency -> Contracta Ltd Company -> Self Employed Person.
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Originally posted by LisaContractorUmbrella View PostI need a bit more of an explanation for that to make sense Prozak
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Originally posted by prozak View PostYes they usually can.
Geoff's structure is likely to have a company in-between the agency and self-employed person.
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Originally posted by geoff from contracta IOM View PostWe can
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Originally posted by simonsjdaccountancy View PostIf the contract is with an agency you will have no choice but to go Ltd (assuming brolly is off the agenda) - they can't deal with self employed people
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Originally posted by berkleyn View PostI've been offered a new contract which is atypical in as much as the work is piece-meal and the amount paid will vary according to the piece of work. Therefore, I will not have a fixed hourly or day-rate. I have used umbrella companies in the past so was planning on doing so again, but have been told by two umbrella companies that they cannot handle this type of contract. I am unclear whether this is to do with their systems, or whether there is a legal issue, as this was alluded to. Can anyone advise whether there is an option to use an umbrella for this type of contract or whether my only option is to go down the limited company route. Thanks in advance.
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A limited company could be an option, but it depends on the level of income. Really, it's only worth it if your annual income is going to exceed around £30,000.
How about self employment? A lot of agencies won't allow it, but if you can contract direct with the client then it may be an option. It's better than PAYE as you'll save a bit of NI, plus it's then just a case of preparing a tax return each year.
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