Newbie to Umbrella

[platforminc]

Hi All.

First of all, I need to apologise if this question has been covered a million times. I have read the posts, but it appear everyone's case is different and I would like to ask questions for my unique case.

I have been contracting for over 10 years, and only going brolly for the first time as the clientco refuses to engage with contractors using a PSC.

The agency has given me the following options.

Parasol
Paystream
Contractor Umbrella
Giant
SG Umbrella
Nasa Umbrella


What do I want ?

Maximise take home pay legitimately.
40K salary sacrifice option.

Lastly, I also have a consultancy role whereby I am only required for a few hours over the weekend, this will require an umbrella as well, is this going to be an issue from a brolly perspective?

[northernladuk]

When you say options do you mean some ideas but happy to go out and find your own or options as in this is the list take it or leave it?

If you've got open season then go speak to Lucy at Clarity umbrella. She posts a hell of a lot on here and has a lot of experience in the industry. She has a pension offering you can put what you want in.

If you are stuck with that list then christ knows. You are right though, it has been asked alot so best thing to do is use the google search method to search the forums and read the feedback on each. I know we've discussed the pension offerings with most of them. Narrow it down to a few and then go do some research on their offerings.

To do a search go to google and type in <umbrella name> site:contractoruk.com/forums.

Happy reading.

[northernladuk]

You could also look two posts down as there is a 8 page thread on pensions from brollies well.

I see I suggested you speak to Lucy back in February. Did they reverse the inside decision back then?

Is this a new client co or the same one that tried to put you inside in Feb?

[Wary]

Two of those on your list are discussed here:
https://www.contractoruk.com/forums/...-umbrella.html

[measterbrook]

Hi All.

First of all, I need to apologise if this question has been covered a million times. I have read the posts, but it appear everyone's case is different and I would like to ask questions for my unique case.

I have been contracting for over 10 years, and only going brolly for the first time as the clientco refuses to engage with contractors using a PSC.

The agency has given me the following options.

Parasol
Paystream
Contractor Umbrella
Giant
SG Umbrella
Nasa Umbrella


What do I want ?

Maximise take home pay legitimately.
40K salary sacrifice option.

Lastly, I also have a consultancy role whereby I am only required for a few hours over the weekend, this will require an umbrella as well, is this going to be an issue from a brolly perspective?

From going though the same process I found that, after eliminating those with unrealistic take home pay adverts, there is only very minor differences between them except for the salary sacrifice into pension where they differ considerable and it is difficult to get the information without asking each one about your specific requirements. Make sure they understand there is no 40K limit on pension contributions. There is a maximum on which tax relief can be claimed but this is nothing to do with the umbrella company and can be 2K, 40K or other amount, depending on your personal circumstances. It may be for you paying the tax on excess pension contribution is better than paying Income Tax, 2xNI and AL on umbrella income. Unless you really understand all of this get a pension advisor.
No matter who you choose, check their figures on every payroll run as there are 2 of which I know about (no names here, sorry) that consistently make mistakes. After 5 months of being forced to use an umbrella, I am finding I spend 2-3 times longer dealing with the umbrella and their complications and mistakes than I ever did running my limited company. As soon as this Covid thing is over I'm back to LtdCo only (or retirement).

[lucyclarityumbrella]

Lastly, I also have a consultancy role whereby I am only required for a few hours over the weekend, this will require an umbrella as well, is this going to be an issue from a brolly perspective?

The umbrella can run more than one business to business contract for you, but just see what they say in terms of the charges on this in case they are charging a margin for what may be little time spent or monies earnt. It may also have an impact on when the monies are received and whether you end up having to be paid twice in one tax month, hence the second payment will have no tax free allowance. Just a few things to consider