Charter house plc

[Not So Wise]

Anyone used their FPS Dividend or any of their other plans? Considering dropping managing all my own crap and "outsourceing"

[malvolio]

Well let's start with 5% per invoice. On a bad month, for most of us, that's £350 a month or £4200 pa if you work 12 months. Plus you still pay higher rate PAYE once your gross earnings go over about £37k, which is not shown in their illustrations. For the average contractor that's about the same as the overhead an IR35-caught contract would cost anyway, so you pay them rather than Hector. Nope, sorry, can't see a significant saving there...

There are other points (don't even start me on their interpretation of IR35). In essence, the usual rule applies - if it looks too good to be true, it probably is. But, as I've said before, it's your money, you spend it how you want.

[Not So Wise]

Hmm "missed" the 5% missing from their calculations, cheeky buggers

[Bookworm]

Also heard rumours that they have problems with Hector being in the house, had it from several of their current contractors, cant say that it is true though but the contractorsa I know have recently left the scheme

[malvolio]

but the contractorsa I know have recently left the scheme

which may not help very much. Under Dim Prawn's new rules, if they get caught then it's backdated to Dec 2004 - if you were in during that period, then you're still in, no matter where you have gone now, and will be penalised accordingly. I believe it's called "Fairness" or something...

[boredsenseless]

which may not help very much. Under Dim Prawn's new rules, if they get caught then it's backdated to Dec 2004 - if you were in during that period, then you're still in, no matter where you have gone now, and will be penalised accordingly. I believe it's called "Fairness" or something...

And of course leaving only serves to help prove their guilt

[Bookworm]

Proof of guilt or not, many contractors have very little knowledge or should I say understanding of exactly what their own situation is, and like so many they either cut and run from scheme to scheme, or just bury their heads in the sand... apathy is not on the side of IT contractors

[boredsenseless]

Proof of guilt or not, many contractors have very little knowledge or should I say understanding of exactly what their own situation is, and like so many they either cut and run from scheme to scheme, or just bury their heads in the sand... apathy is not on the side of IT contractors

I would have to agree here, but then I guess that the point is that we are professionals, and we expect people to pay us for our services and to advise them accordingly.

Therefore we should expect to have to pay other professionals to advise us. If we don't its our own fault.

[mcquiggd]

I use Parasol... as I worked out that the cost of a decent accountant, insurance and the hassle of paperwork etc to companies house, VAT investigations, etc, it was worth losing a weeks take home pay for the 5 month contract and just be able to walk away knowing i had no further tax liability, no chance of investigations, no IR35 investigations (as I was basically PAYE), but i was still able to claim expenses...

Each to their own... I still took home c5k a month so was happy.

Spent most of it though!

[Not So Wise]

Just for future reference if anyone is looking them (Charter house) up and comes across this thread. Their calculator does include the 5% invoiceing BUT otherwise it seems it is total bollocks the figures it gives.

When i asked them to give me a quote of net take home pay over the phone it was about 10% lower than what calculator said. They said this was because the calculator "assumed" an extra 10% that agencys give contractors working though Ltd's (Never heard of this and makes no sence, agents giveing their margin away? i wish)

Overall seems to give only aprox 10% saveing over standard PAYEE with expences, hardly worth the risk inherent with any dividend plan.

So handle with care.