Reply to: Spring & Umbrella

[BrilloPad]

HMRC

No, I think you’ll find that you did.

Are they one in the same?

[cojak]

HMRC

No, I think you’ll find that you did.

[vlc]

Who the hell resurrects a 7 year old thread??

HMRC

[vlc]

You can ask, but the bean c(o)unters in charge probably won't permit it. And seriously, right now it looks like you really don't need the hassle.

Bad advice. Money always matters, especially when it comes to medical life and death matters.
Ask them to PROVE their Umbrella is better and to supply the full audit of their commissions and where your fee goes.

[eek]

Who the hell resurrects a 7 year old thread??

Someone who wishes to raise (probably a very valid) point about Spring..

[northernladuk]

Who the hell resurrects a 7 year old thread??

Well he's improving. His last attempt to was only 5 years.

https://www.contractoruk.com/forums/...ml#post1484848

[ladymuck]

Who the hell resurrects a 7 year old thread??

[vlc]

Hi

...

Spring (who my new contract is with) have advised that I can't use my current Co as they are not on their preferred supplier list and fail their credit checks.

...

"Credit" checks is a euphemism for referral commissions. Believe it.

[vlc]

Credit checks? Do Spring plan on lending money to your umbrella company?

"Credit" checks is a euphemism for referral commissions. Believe it.

[alikat]

Yep 65% is more typical of what an umbrella pays. If you've been putting in a grand a month in expenses then (also depending on your rate) it could nudge you closer to the 80% you are currently getting (although you're not actually getting it to spend as you have to pay all those expenses).
I agree that a brolly could save you some stress at the moment, but if you did stick with the Ltd you can find a decent bunch of accountants for 100 quid-ish per month.
Good luck.

Thank you

[alikat]

I'd suggest you take all your fees out, buy gold and then if you ever get a letter from HMRC move to a country where the weather is good and there's no extradition treaty with the UK. At least thats better than what you've been doing at the moment which is not having a clue how you get your money.

Or if you want - give it to me and I'll give you 95% back of it every month. I've got a nice little scheme going. You just have to sign a disclaimer that if HMRC come knocking it is your respnsibilty to pay any taxes due.

[alikat]

You are in a bit of a pickle aren't you I would suggest that you start putting some money away in case you have been involved in a scheme which is in HMR&C's sights, find yourself a really good specialist contractor accountant and resurrect your Ltd Co. I know that SJD use a pretty simple spreadsheet which will enable you to keep control of the money in company as it calculates what is due in tax/VAT at any point in time and I think some of the other contractor accountants do something similar. If you are worried that you will still get in a muddle or can't cope with running your own company then use an umbrella but use one that pays you through straight PAYE and only allows expenses that HMR&C would permit.

Good luck

Thank you, very much

[IR35FanClub]

I'd suggest you take all your fees out, buy gold and then if you ever get a letter from HMRC move to a country where the weather is good and there's no extradition treaty with the UK. At least thats better than what you've been doing at the moment which is not having a clue how you get your money.

Or if you want - give it to me and I'll give you 95% back of it every month. I've got a nice little scheme going. You just have to sign a disclaimer that if HMRC come knocking it is your respnsibilty to pay any taxes due.

[Zippy]

Yep 65% is more typical of what an umbrella pays. If you've been putting in a grand a month in expenses then (also depending on your rate) it could nudge you closer to the 80% you are currently getting (although you're not actually getting it to spend as you have to pay all those expenses).
I agree that a brolly could save you some stress at the moment, but if you did stick with the Ltd you can find a decent bunch of accountants for 100 quid-ish per month.
Good luck.

[LisaContractorUmbrella]

I am outside IR35 Lisa

And I have no idea, my Ex came home to me with it, sometimes I can trust his advice, others I can't, I had a couple of other contracting friends look at it and say they do a similar thing so I went for it (knowing him he got a fat backhander!), and I left it all to him to sort out - at the time I was screaming for help as I was in a complete mess with my old Accountants and the Ltd Co. I'm a 'bear of verylittle brain' when it comes to finances (not the best person to be running a Ltd!) I can do project finances without any problem but my own...

You are in a bit of a pickle aren't you I would suggest that you start putting some money away in case you have been involved in a scheme which is in HMR&C's sights, find yourself a really good specialist contractor accountant and resurrect your Ltd Co. I know that SJD use a pretty simple spreadsheet which will enable you to keep control of the money in company as it calculates what is due in tax/VAT at any point in time and I think some of the other contractor accountants do something similar. If you are worried that you will still get in a muddle or can't cope with running your own company then use an umbrella but use one that pays you through straight PAYE and only allows expenses that HMR&C would permit.

Good luck