I've just got a new job. I will be paid as a limited compay but as I don't have one set up yet I need to use an Umbrella company.
I have no idea who to use and have heard some horror stories rgarding witheld payments etc.
Does anyone use such a company and any recommendations?
Chat Forum
[closed]
Can anyone recomend a good Umbrella company for my construction accounts?
-
Posted 2 years ago #
-
Buy an off the shelf company, and defer invoicing til you've got bank accounts etc set up. Should only take a couple of weeks before the bank can accept payments into the account.
Posted 2 years ago # -
I use a company called Brookson solutions ltd who can do you either PAYE under their unmbrella company or set you up as a ltd co. You can no longer work Ltd under an umbrealla company thanks to new HMRC rules.
As paye you get all invoicing / accs etc done for you and pay brookson a set fee per invoice. No hassle from HMRC as you are an employee of Brookson, hence no hassle from HMRC for working as a 'disguised employee'
If you go Ltd via Brookson they will set up a company for you, you will need to set up a business bank acc with their nominated bank (so they can control your acc for you) and they will do your tax returns etc for about £1200 pa.
Or as said above set up your own Ltd co (buy off the shelf from Companies house or get an accountant to do it for you). You will be looking at something in the region of £800 to £1000+ pa for your accounts to be done. It will be more work for you as your own Ltd co, doing the invoicing etc, but if you have a good accountant then you should walk away with more money than going through a management co.
drop me an email if you want more info/contacts
Posted 2 years ago # -
I did a few months contracting a while back & used Parasol. No problems with them.
Posted 2 years ago # -
Brooksons are shocking...Vinney H has the best advice here
I laughed my head off at brooksons when I was in the same situation
Posted 2 years ago # -
Hey Andy P!
When I've worked freelance in UK as a Ltd co. status, I used 1st Contact. Think they charged me £25 for the off the shelf company, then they took a %age on every invoice to tell me how much to transfer form business account to my personal account(i.e 'wage) and did all tax returns etc etc for me. Never had a problem with them. Full of Aussies and Saffers.
Posted 2 years ago # -
Hey Andy P!
Hi mate how's france going? Nipping off to the Alps for the odd weekend I take it
compositepro - Member
Brooksons are shocking...Vinney H has the best advice here
I laughed my head off at brooksons when I was in the same situationwhat was wrong with 'em?
Posted 2 years ago # -
Set up a ltd company through an agency like Companies Made Simple (about £30 or £40 quid).
Get a bank acccount, do the invoices yourself, keep basic records and get an accountant.
If I can run a limited company without getting sent to prison then anybody can.
Posted 2 years ago # -
there are also other ways to getaround the new IR35 rules
e.g you can get paid a basic wage and then the remainder paid as a loan, i.e no tax on it.
Many other ways also, the accountants are always a step ahead.
Posted 2 years ago # -
I used to use a company called Boss for my company management. If you're expecting it to be short term then umbrella/managed companies are a good idea, if it's long term get yourself an accountant (I've got a great one in Harrogate if it's any use) and get your own company going.
Check some of the management fees though, some of those I talked to imposed the fee for 12 months once you started if it was an individual company. Also check out Alliance and Leicester for charge free business banking.
Posted 2 years ago # -
As per Vinney H a Ltd Company is the way to do it to maximise your return after tax. Be aware of IR35 and act accordingly :- keep a bit of £ in hand in case you get stung, but don't fear it. There is a very low proportion of ontactors who have been stung.
Having said all that, when I first went feelance I was under a brolly with Parasol, who gave very good service. no complaints.
Posted 2 years ago #
Topic Closed
This topic has been closed to new replies.
