Originally posted by Epiphone
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Umbrella Companies - bank charges for same day payments
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Originally posted by rd409 View PostYes, you have got it right. That is exactly what I meant. It is always better to work as a limited company, then go through umbrella if you are into it long term.Comment
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It all just comes down to personal circumstances - we have had contractors with us for 4 or 5 years who just don't want the responsibility of a limited company despite the fact that they would be financially better off. By the same token we have some who work through us for a couple of months and then go limited despite the fact that they are low earners and inside IR35. Different strokes for different folksComment
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Just go Ltd. My business and personal accounts are with the same bank so money transfers are instantaneous (well faster than it takes me to log out and log in again).Comment
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Originally posted by Sockpuppet View PostJust go Ltd. My business and personal accounts are with the same bank so money transfers are instantaneous (well faster than it takes me to log out and log in again).
Most current accounts get FP very quickly i.e. within 10 minutes even if they are in two different banking groups."You’re just a bad memory who doesn’t know when to go away" JRComment
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Originally posted by Epiphone View PostHmm. I agree to a certain extent. Financially it may be better (in probably 90%+ of cases) to go LTD but I wouldn't blanket say all long term contractors should go LTD.
Again, I am not against the umbrella companies. I just hate contractors who use them, and then complain about hidden charges.
Hope I have made myself clearer.Comment
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Originally posted by SueEllen View PostThat could be a mistake if you ever get into financial difficulties, the bank screws up and freezes one of your accounts as they tend to freeze all of them , or you expand your business and want a loan from the bank.
Most current accounts get FP very quickly i.e. within 10 minutes even if they are in two different banking groups.Comment
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Originally posted by rd409 View PostIf I get into trouble, how would the bank associate my personal account with the business account? I HSBC for both, and I have two separate ways to access both services. I thought my ltd was not the same as me?
Plus another well known bank known for it's poor customer service froze a guy's personal account and also froze the business account of the business he was the director of for "fraud prevention reasons". As a result he had no access to any bank accounts.
Mind you I know that bank has a history of being difficult with people who move thousands of pounds around even if the transactions can easily be traced.
Originally posted by rd409 View PostIf the bank is in trouble, then I would assume all my money are at risk, but being with a global bank, I think I have minimized that risk (hopefully!). Could you please explain what you said, and how it is possible."You’re just a bad memory who doesn’t know when to go away" JRComment
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Originally posted by rd409 View PostI just hate contractors who use them, and then complain about hidden charges.
Hope I have made myself clearer.
Umbrella services are like any other company, paid to do a job.
When you pay someone to do a job, as a consumer, you want they to do it friendly, hassle free and honestly.
Umbrella companies are no different. Sometimes it can be worth the extra few pounds a week to get an umbrella who states all their charges clearly and make tax as easy as possible for you. After all, that is the whole point of umbrellas.
Why on earth, would anyone who doesnt want the complexity of going LTD, then feel happy about complexity in fees to the umbrella?Comment
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Parasol charge £30 for same day payment! can anyone beat that?...Tyrell: "More human than human" is our motto.Comment
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