Hi all, I am (or was??) with an umbrella company called Compusource. I was getting a bit worried in November because they seemed to take ages to respond to queries, return my call or even pay me! I even asked them if everything was ok because I was worried they were going out of business, but they assured me all was fine. However I've been 'sitting' on my invoices until I could find out more. Now the website itself seems to have disappeared. Luckily, they don't owe me any money. They used to be called Excellium. Anyone know anything about them??
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I had a quick google of the company and saw a couple of reviews on their facebook page where people have said that they are having difficulty getting hold of them – so it appears that you aren’t alone.
Since they don’t owe you any money then it could be a good time to jump ship if you aren’t getting the service that you expect. Having a third party holding your money is always a risk, so if you are going to work this way make sure that you choose one with a good reputation...or go limited!
CraigComment
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Replies much appreciated. One thing I seem to remember reading is that if I go to a new company mid contract I will not be able to claim past expenses. Is this true? I have quite a bit of expenses that I've not been able to put through as I didn't know what was happening to the company.
Ps: is going Ltd painful??Comment
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If you were to move to a new umbrella company you would not be able to claim expenses that were incurred before you were in their employment.Originally posted by Elliegirl View Post
Not painful no but there is a lot to learn - do you know your likely IR35 status? The real financial benefit from a Ltd Co comes from working outside IR35.Comment
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If you get an accountant and follow their instructions then going limited is easy – there is more paperwork to it than you may have been used to with the umbrella but (in my view) a good accountant should be able to steer you through that relatively painlessly!
Speak to an accountant (or a few) and if you don't like the sound of it then have a look at some different umbrellas - losing the money that you have worked hard for to an umbrella (if they are going out of business) is not worth it for the sake of a few expenses.
CraigComment
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I would agree with the above.
Speak to some accountants about the process of a Ltd and what you would need to do.
It is not as painful as it sounds and generally it is more tax efficient.
Having a good accountant for your business will make the company compliance hassle free.Comment
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!!! Is this the case even if they have gone out of business, which appears to be the case?? I have hundreds of pounds of expenses to claim. (Although granted it could have been a lot worse...!)Originally posted by LisaContractorUmbrella View Post
Thanks for all the advice, very much appreciated. Going to have a look through all and consider my options.Comment
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Yes unfortunately an umbrella company cannot process expenses that were incurred during another employment; you may however be able to claim the tax relief through self assessment.Originally posted by Elliegirl View PostComment
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