Need Advice on Choosing Umbrella

[Newbie09]

Very happy to be corrected by someone in the know, but it looks as if yourCo is a shareholder of the "network" so gets dividends, which it can then pay to you.

That is correct, they are issuing a share certificate to your company so your company is potentially a shareholder of the "network".

[SimonMac]

Has anybody looked at PayWorx umbrella? They are advertising Hybrid umbrella...Basically they pay 14-18 as your salary with tax/NI paid. The remaining they assign to a different company called ContractorsBuddy which issues dividends to your Ltd company. You don't pay Corporation tax on dividends but personal tax when you draw from your Ltd company.

Do you think HMRC will soon catchup and call this also a tax evasion?

Have you asked them how the money gets from ContratorsBuddy to your Ltd? As if it's dividends YourCo needs to be a shareholder but there is nothing on companies house for that name

Search Companies House

Search Companies House

Quick googlefu and they are set up by a property developer/investor by the looks of it

[Newbie09]

Have you asked them how the money gets from ContratorsBuddy to your Ltd? As if it's dividends YourCo needs to be a shareholder but there is nothing on companies house for that name

Search Companies House

Search Companies House

Quick googlefu and they are set up by a property developer/investor by the looks of it

CONTRACTOR BUDDY LIMITED - Overview (free company information from Companies House)

[SimonMac]

CONTRACTOR BUDDY LIMITED - Overview (free company information from Companies House)

Smart arse!

Nature of business (SIC)

94990 - Activities of other membership organisations not elsewhere classified

Hmmmmm

[cojak]

Has anybody looked at PayWorx umbrella? They are advertising Hybrid umbrella...Basically they pay 14-18 as your salary with tax/NI paid. The remaining they assign to a different company called ContractorsBuddy which issues dividends to your Ltd company. You don't pay Corporation tax on dividends but personal tax when you draw from your Ltd company.

Do you think HMRC will soon catchup and call this also a tax evasion?

Let's put it this way - I WILL be asking Admin to set up an 'HMRC IR35 Enquiries' sub-forum next year, because I know what contractors are like.

[lucyclarityumbrella]

It's just another loophole and a scam arrangement - in reality you have no links to the company paying you dividends so HMRC are never going to like it - just saying

[mailric]

I know it's a little after the event but my experiences might chime with others on here. :-)


Over the eons I've dabbled with Parasol, was with Giant for a number of years, and JSA in prehistoric days. They were each ok, but I wasn't 100% satisfied with the service I received.

It's much of a muchness in the end and to me what matters is having a team who are A-grade on developments in legislation and compliance, and are also accessible. So I moved to Contractor Umbrella a few years ago for that reason & am (mostly) very happy with them, and why I'd also in turn give Clarity a thumbs up.

I've only heard good things on here about Paystream but not used them.

Good luck.

"I've only heard good things on here about Paystream but not used them"...

https://www.contractoruk.com/forums/...eam-avoid.html

[Drei]

"I've only heard good things on here about Paystream but not used them"...

https://www.contractoruk.com/forums/...eam-avoid.html

As an accountancy service, not as Umbrella...

I am also looking at a Umbrella company and they were recommended by the agency.

[Phil72UK]

I was going to go with Contractor Umbrella being as they were rated highly here, but the recruitment agency I'm with said they refused them after due diligence because they had posted losses, so were a risk. Seem fair?

[eek]

I was going to go with Contractor Umbrella being as they were rated highly here, but the recruitment agency I'm with said they refused them after due diligence because they had posted losses, so were a risk. Seem fair?

Why is that the agency's risk - it's yours.

This may be of interest Robert Sharp posted on LinkedIn if you want to force the issue and scare the agency..