New umbrella company required!

[geoff from contracta IOM]

Just done another quick calculation - for a contractor earning 500 Per Day and paid monthly Parasol's effective "FEE" is 241.71eek

[Steven@Parasol]

Just done another quick calculation - for a contractor earning 500 Per Day and paid monthly Parasol's effective "FEE" is 241.71eek

Geoff, are you using the monthly NI free allowance in your calculation? I'm not getting the same figures as you?

[Vallah]

Has anybody raised the thorny issue of ridiculous bank charges yet?

[Technofobe]

Just done another quick calculation - for a contractor earning 500 Per Day and paid monthly Parasol's effective "FEE" is 241.71eek

The umbrella company that I am going with have explained that people are losing out in net pay since 1st October because companies such as Parasol are "rolling up" (don't quite understand the term) any money that would be paid out between contracts, and therefore due to minimum wage they can't claim the expenses as before. They said that the pay between assignment is a right under the rules not that we should have to have pay held back to cover it.

Would this explain the increase in the fees charged or retained (not quite sure) by Parasol?
...and if so, surely this is getting around the whole point of what the new rules intended, to be paid for 4 weeks if not on contract

[Technofobe]

The umbrella company that I am going with have explained that people are losing out in net pay since 1st October because companies such as Parasol are "rolling up" (don't quite understand the term) any money that would be paid out between contracts, and therefore due to minimum wage they can't claim the expenses as before. They said that the pay between assignment is a right under the rules not that we should have to have pay held back to cover it.

Would this explain the increase in the fees charged or retained (not quite sure) by Parasol?
...and if so, surely this is getting around the whole point of what the new rules intended, to be paid for 4 weeks if not on contract

Sorry, I should add, that before deciding on who to go with today, after speaking to 4 companies, non of them will hold back pay to cover between contracts.

Thanks
Chris

[Steven@Parasol]

Sorry, I should add, that before deciding on who to go with today, after speaking to 4 companies, non of them will hold back pay to cover between contracts.

Thanks
Chris

Hi Chris?

How is your umbrella funding the PBA? either your end client has agreed to cover the cost, your agency has agreed to take a hit on their margin, or the umbrella is paying it out of their own funds?

Thanks

Steven

[guayacan]

Hi Chris?

How is your umbrella funding the PBA? either your end client has agreed to cover the cost, your agency has agreed to take a hit on their margin, or the umbrella is paying it out of their own funds?

Thanks

Steven

If Parasol are not performing a scam, then why did they try to hide all this in "employment costs". No other company is doing this. I am still being robbed and it is illegal not to give the amount and purpose of any monies on a payslip. This is a scam. Every other contractor I have spoken too has no trouble, only Parasol. So....

[geoff from contracta IOM]

Steven can you clarify for me , maybe I am calculating wrong but do you calculate employment costs at 13.8 % of invoice value OR 13.8 % of the balance after deducting your fee and the 136 LEL for NI contributions ?

If the fee and LEL deductions are made first then surely is is only employers NI the contractors are paying with nothing else included for PBA , SSP , SMP , HP ect ?

[Steven@Parasol]

Just done another quick calculation - for a contractor earning 500 Per Day and paid monthly Parasol's effective "FEE" is 241.71eek

The margin we take is £27.50 a month. Using Geoff's example of a £500 a day contractor working 20 days in a single month the employment costs would be £1,126.60.

[Steven@Parasol]

If Parasol are not performing a scam, then why did they try to hide all this in "employment costs". No other company is doing this. I am still being robbed and it is illegal not to give the amount and purpose of any monies on a payslip. This is a scam. Every other contractor I have spoken too has no trouble, only Parasol. So....

guyacan I've PM'ed you my direct details and you can call me direct or let me have a number you are available on today and a time you are free and I will have a senior memeber of the operations team call you and go through it with you if that would be of use?

Update

Sorry it looks like I can't PM you. My direct email is [email protected]