View Full Version : Going back via umbrella, already taken out full years income

11th May 2017, 17:39

So the agency phoned today, after I decided not to renew my PS role at the end if march I moved to freelance and developing my own project. The agency says the PS client would love a bit more of me until October as my replacement is a bit useless, at a similar take home amount now via umbrella.. and under IR35

Thing is... through my Ltd company I have already withdrawn the 8100 odd salary for this year with plenty of dividends...

I will therefore be on top rated tax come self assessment for the umbrella money?, The implications of umbrella income with taken in advance ltd company seems very complex.

11th May 2017, 18:41
Have you asked the umbrella company you plan on using. Can't be a new situation to them.

11th May 2017, 22:32
How far into the tax year are we??? Talk about a nice problem to have... You can definitely afford professional advice on this!

11th May 2017, 22:34
P.S. are you absolutely sure that money you took out was a dividend, and not a directors loan which you'll pay back once you've worked 8.5 months under an umbrella?

12th May 2017, 16:05
See if the umbrella will put it into a savings account and pay it to you (minus the interest as their reward) at the start of the next tax year?

Otherwise get them to pay it into their group pension scheme (minus minimum wage or whatever they have to pay you up front) and look to transfer it out later (if possible and worth doing) or hope the government don't 'steal' it from you before you can draw on it.