Spring & Umbrella

[LisaContractorUmbrella]

Us runners uppers have to stick together and support each other Lisa!! <pats gently>

Have to say even though they were runners up the year before where did they come from? I can't remember anyone on here saying they were a client of theirs, particularly in the accounting section. I can only find one post from someone using them and not a single recommedation for their accountancy.

Thanks NL

Don't really know anything about them really to be honest - their website does refer quite often to 'maximising pay' though

[alikat]

All umbrella companies should work in the same way so there is no way you should be losing 15% of your take home moving from one to another - the only difference should be their margin

My Ex set it all up for me, I have no idea how it all works but currently I get @ 80% back, through Giant I'd get 65%.

Thanks for the link NorthernLad, that was interesting reading!

I have a Ltd Co that was in the process of being dissolved (owing some Corp Tax) that HRMC have objected to (now you know why I don't want to go Ltd ) but I am kinda thinking of sorting that mess out with a repayment plan (which i have to do anyway!!) and using it with a decent accountant (this time!) rather than lose that 15%!

I have another dilemma, my current contract is now fighting to keep me - they've offered that I can WFH when need be; I'd already been offered a month ext whilst they sort the new roles out with a potential 6m after that.

Whereas the new role is 3m initial with 6m after that...

Dilemmas dilemmas! I don't know whether to jump to the new and leave the old one (that I love!) knowing that they think highly of me so I'd be able to go back at some point in the future, or stick with the old & p' off the new co (which is the largest local employer of contractors).

I thought the fates were with me to begin with, but the grass isn't always as green as it seems on the other side!

[malvolio]

My Ex set it all up for me, I have no idea how it all works but currently I get @ 80% back, through Giant I'd get 65%.

Thanks for the link NorthernLad, that was interesting reading!

I have a Ltd Co that was in the process of being dissolved (owing some Corp Tax) that HRMC have objected to (now you know why I don't want to go Ltd ) but I am kinda thinking of sorting that mess out with a repayment plan (which i have to do anyway!!) and using it with a decent accountant (this time!) rather than lose that 15%!

I have another dilemma, my current contract is now fighting to keep me - they've offered that I can WFH when need be; I'd already been offered a month ext whilst they sort the new roles out with a potential 6m after that.

Whereas the new role is 3m initial with 6m after that...

Dilemmas dilemmas! I don't know whether to jump to the new and leave the old one (that I love!) knowing that they think highly of me so I'd be able to go back at some point in the future, or stick with the old & p' off the new co (which is the largest local employer of contractors).

I thought the fates were with me to begin with, but the grass isn't always as green as it seems on the other side!

If you're geting 80% back, it's not an umbrella you want to be associated with, believe me. You already have enough problems to resolve.

As for 15%, how much are you spending getting to the current gig that you won't spend getting to the new, local one.

And it's not about the money anyway, right now. Focus on what's important.

[alikat]

Yeah, that's the impression I'm getting Still, they've done me good for a couple of years now!

That's the thing, I'd be £20 per day less, so although I'd be saving £1k/m in current travel & hotels, I'd also be losing £400/m to start with, then that further 15%...

IF I take it I think I'll be ressurecting my old Ltd Co - and paying a decent Accountant to do everything for me as I'll still get more than going through an Umbrella Co!!

Not the way I wanted to go, but IF I can do it hassle free then it seems the sensible option!

It's not all about the ££££ but I'll be no good to my Folks if I'm constantly panicing about not being able to afford to run my house, life, spoil them etc

[LisaContractorUmbrella]

Yeah, that's the impression I'm getting Still, they've done me good for a couple of years now!

That's the thing, I'd be £20 per day less, so although I'd be saving £1k/m in current travel & hotels, I'd also be losing £400/m to start with, then that further 15%...

IF I take it I think I'll be ressurecting my old Ltd Co - and paying a decent Accountant to do everything for me as I'll still get more than going through an Umbrella Co!!

Not the way I wanted to go, but IF I can do it hassle free then it seems the sensible option!

It's not all about the ££££ but I'll be no good to my Folks if I'm constantly panicing about not being able to afford to run my house, life, spoil them etc

Unless you are working outside IR35 your take home pay, even through a Ltd Co, is unlikely to be 80%. Does the scheme you're currently using involve 'loans' by any chance?

[alikat]

I'd also like to say a VERY big THANK YOU for the comments & advice and letting me ramble

As a long time reader of the forums, this is the first time I've need to to register and ask; in the past when I've thought to register as I could help, someone else has been there & given the same advice put better.

I hope that I'll be able to contribute going forwards, but there are so many knowledgable folks on here; please forgive me if my confidence in my advice isn't up to the mark! IYKWIM

[alikat]

Unless you are working outside IR35 your take home pay, even through a Ltd Co, is unlikely to be 80%. Does the scheme you're currently using involve 'loans' by any chance?

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...

[stek]

Spring &amp; Umbrella

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...

Suggest you find out quick and look at the many EBT threads and folks canning it.

[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

[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.