New Contractor Help......again

[gpc]

Hi All,
Been doing lots of homework re contracting and am about to take the plunge.

Have been looking all over the net re maximising my take home pay and have to say its a mine field out there so would love some additional help from those in the know.

I have used various take home calculators and the results have varied from 68% to 84% of total contract.

The results have been from Umbrella companies and accountants re a LTD company.

A couple of the umbrella companies i looked at were AML, Parasol.
I also looked at Bedouin group....85% return.....how is this possible????

Any tips on maximising take home would be greatly appreciated.....

Thanks in advance....
gpc

[sal626]

Do a search on this forum on EBT to see how 85% is possible...

[gpc]

Ignore my request re Bedouin, was spelling it wrong in the search....have found the relevant posts and opinions on here....

Any accountant recommendation would be useful, particularly IR35 specialist,

Have had a chat with Clearsky accounting, seems a great service but 120gbp a month????


Thanks again

Gpc

[Hex]

Use a standard Umbrella or your own Limited Company, there are plenty of threads on here discussing the pros and cons.

Avoid schemes that promise large percentage retention and which have off shore or Loan based arrangements unless you have fully analysed them, understand the offering and the risks to you and you are happy with the risks. Read the BN66 thread or Sunday Solutions thread to give you an idea what can happen.

Personally I would go limited. It's not as onerous as you first think and you are completely in control of your own money. However, if you are inside IR35 and on a lowish rate then a straight forward PAYE Umbrella may be a reasonable alternative.

[LisaContractorUmbrella]

If you live in the UK, work in the UK and are inside IR35 you have no choice other than to receive payment through PAYE. You cannot 'maximise' your earnings

[Stag Cozier]

How long is the contract for and what are your long term plans? If you've got a 3 month contract and then never go contracting after that then go brolly. If you are going contracting for longer then limited company is probably your best bet. Even if you are subject to IR35 under a limited company you'd probably be no worse off than if you went with an umbrella. There's even benefits to having a limited company than brolly under those circumstances.

[aceboy]

Ignore my request re Bedouin, was spelling it wrong in the search....have found the relevant posts and opinions on here....

Any accountant recommendation would be useful, particularly IR35 specialist,

Have had a chat with Clearsky accounting, seems a great service but 120gbp a month????


Thanks again

Gpc

Jesus! USe Stilwell Gray £72+vat per month! I have been with them 3 years. Very very happy. Couple of mates have just shifted from SJD to Stilwell as they get better service....

[Vallah]

As I've said in other threads, BN66 has ABSOLUTELY NOTHING to do with EBT schemes. Nothing. Whatsoever.

[The Wikir Man]

How long is the contract for and what are your long term plans? If you've got a 3 month contract and then never go contracting after that then go brolly.

And don't claim any travel or subsistence expenses, since they're not allowed under those circumstances.

[gpc]

Thanks again for your advise.

Have contacted Stilwell to see what services they provide.

Rgds
gpc