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alikat
6th March 2013, 10:25
Hi

I've been contracting for 15 odd years, using a mixture of Umbrella Co's initially then I had a Ltd Co (which I failed at running!!), and now I'm using another Umbrella

I need this new contract, as my Mum has just been told she potentially has Cancer and I need to be local to home, not living in a hotel all week, especially as my Dad has Alzheimers!!

Spring (who my new contract is with) have advised that I can't use my current Co as they are not on their preferred supplier list and fail their credit checks.

So, their choices are

Giant
Pay Stream
Clear Accountancy

With working my notice in my current contract, creating handover notes & stressing over my Mum, I don't need the hassle of this, so I'm asking for your recommendations of who the best of those 3 would be please?

I know, it is exceedingly cheeky, but I really do need expert advice on this as I don't have the time to investigate them in the timeframe Spring want it (today!) so the contract can be sorted out.

Many, many thanks in advance!

Andy Hallett
7th March 2013, 00:14
Hi

I've been contracting for 15 odd years, using a mixture of Umbrella Co's initially then I had a Ltd Co (which I failed at running!!), and now I'm using another Umbrella

I need this new contract, as my Mum has just been told she potentially has Cancer and I need to be local to home, not living in a hotel all week, especially as my Dad has Alzheimers!!

Spring (who my new contract is with) have advised that I can't use my current Co as they are not on their preferred supplier list and fail their credit checks.

So, their choices are

Giant
Pay Stream
Clear Accountancy

With working my notice in my current contract, creating handover notes & stressing over my Mum, I don't need the hassle of this, so I'm asking for your recommendations of who the best of those 3 would be please?

I know, it is exceedingly cheeky, but I really do need expert advice on this as I don't have the time to investigate them in the timeframe Spring want it (today!) so the contract can be sorted out.

Many, many thanks in advance!

I don't know Clear.

Both Giant and Paystream are on our list, and get good feedback from our contractors. Get an illustration from them and work out who's service suits you best would be my advice.

kingcook
7th March 2013, 09:22
Spring (who my new contract is with) have advised that I can't use my current Co as they are not on their preferred supplier list and fail their credit checks.

Credit checks? Do Spring plan on lending money to your umbrella company?

alikat
7th March 2013, 09:40
Thank you both

I've had illustrations from both Giant & Paystream - I'd lose about 15% of what I get now by using them :(

I know Addeco are huge, but can I dig my heels in and insist they use my current company?

malvolio
7th March 2013, 10:45
Thank you both

I've had illustrations from both Giant & Paystream - I'd lose about 15% of what I get now by using them :(

I know Addeco are huge, but can I dig my heels in and insist they use my current company?
You can ask, but the bean c(o)unters in charge probably won't permit it. And seriously, right now it looks like you really don't need the hassle.

alikat
7th March 2013, 11:08
You are quite correct there :(

I'm just going to have to suck it up & lose the 15% as I can't be doing with the hassle of running a Ltd again either :(


:tantrum:

Thanks :)

LisaContractorUmbrella
7th March 2013, 13:14
All umbrella companies should work in the same way so there is no way you should be losing 15% of your take home moving from one to another - the only difference should be their margin

northernladuk
7th March 2013, 13:16
I hate to point this out while Lisa is posting in this thread but Paystream did win the best brollie award this year...

ContractorUK Readers' Awards 2012: the winners :: Contractor UK (http://www.contractoruk.com/news/0010868contractoruk_readers_awards_2012_winners.ht ml)

LisaContractorUmbrella
7th March 2013, 13:25
I hate to point this out while Lisa is posting in this thread but Paystream did win the best brollie award this year...

ContractorUK Readers' Awards 2012: the winners :: Contractor UK (http://www.contractoruk.com/news/0010868contractoruk_readers_awards_2012_winners.ht ml)

That's all right NL sniff I don't mind sniff :cry2:

northernladuk
7th March 2013, 13:31
That's all right NL sniff I don't mind sniff :cry2:

Us runners uppers have to stick together and support each other Lisa!! <pats gently>

Have to say even though they were runners up the year before where did they come from? I can't remember anyone on here saying they were a client of theirs, particularly in the accounting section. I can only find one post from someone using them and not a single recommedation for their accountancy.

LisaContractorUmbrella
7th March 2013, 13:39
Us runners uppers have to stick together and support each other Lisa!! <pats gently>

Have to say even though they were runners up the year before where did they come from? I can't remember anyone on here saying they were a client of theirs, particularly in the accounting section. I can only find one post from someone using them and not a single recommedation for their accountancy.

Thanks NL :hug:

Don't really know anything about them really to be honest - their website does refer quite often to 'maximising pay' though

alikat
7th March 2013, 14:00
All umbrella companies should work in the same way so there is no way you should be losing 15% of your take home moving from one to another - the only difference should be their margin

My Ex set it all up for me, I have no idea how it all works :emb :emb but currently I get @ 80% back, through Giant I'd get 65%.

Thanks for the link NorthernLad, that was interesting reading!

I have a Ltd Co that was in the process of being dissolved (owing some Corp Tax) that HRMC have objected to (now you know why I don't want to go Ltd ;)) but I am kinda thinking of sorting that mess out with a repayment plan (which i have to do anyway!!) and using it with a decent accountant (this time!) rather than lose that 15%!

I have another dilemma, my current contract is now fighting to keep me - they've offered that I can WFH when need be; I'd already been offered a month ext whilst they sort the new roles out with a potential 6m after that.

Whereas the new role is 3m initial with 6m after that...

Dilemmas dilemmas! I don't know whether to jump to the new and leave the old one (that I love!) knowing that they think highly of me so I'd be able to go back at some point in the future, or stick with the old & p' off the new co (which is the largest local employer of contractors).

I thought the fates were with me to begin with, but the grass isn't always as green as it seems on the other side!

malvolio
7th March 2013, 14:07
My Ex set it all up for me, I have no idea how it all works :emb :emb but currently I get @ 80% back, through Giant I'd get 65%.

Thanks for the link NorthernLad, that was interesting reading!

I have a Ltd Co that was in the process of being dissolved (owing some Corp Tax) that HRMC have objected to (now you know why I don't want to go Ltd ;)) but I am kinda thinking of sorting that mess out with a repayment plan (which i have to do anyway!!) and using it with a decent accountant (this time!) rather than lose that 15%!

I have another dilemma, my current contract is now fighting to keep me - they've offered that I can WFH when need be; I'd already been offered a month ext whilst they sort the new roles out with a potential 6m after that.

Whereas the new role is 3m initial with 6m after that...

Dilemmas dilemmas! I don't know whether to jump to the new and leave the old one (that I love!) knowing that they think highly of me so I'd be able to go back at some point in the future, or stick with the old & p' off the new co (which is the largest local employer of contractors).

I thought the fates were with me to begin with, but the grass isn't always as green as it seems on the other side!
If you're geting 80% back, it's not an umbrella you want to be associated with, believe me. You already have enough problems to resolve.

As for 15%, how much are you spending getting to the current gig that you won't spend getting to the new, local one.

And it's not about the money anyway, right now. Focus on what's important. :wink

alikat
7th March 2013, 14:36
Yeah, that's the impression I'm getting :laugh Still, they've done me good for a couple of years now!

That's the thing, I'd be £20 per day less, so although I'd be saving £1k/m in current travel & hotels, I'd also be losing £400/m to start with, then that further 15%...

IF I take it I think I'll be ressurecting :spel my old Ltd Co - and paying a decent Accountant to do everything for me as I'll still get more than going through an Umbrella Co!!

Not the way I wanted to go, but IF I can do it hassle free then it seems the sensible option!

It's not all about the ££££ but I'll be no good to my Folks if I'm constantly panicing about not being able to afford to run my house, life, spoil them etc

LisaContractorUmbrella
7th March 2013, 14:42
Yeah, that's the impression I'm getting :laugh Still, they've done me good for a couple of years now!

That's the thing, I'd be £20 per day less, so although I'd be saving £1k/m in current travel & hotels, I'd also be losing £400/m to start with, then that further 15%...

IF I take it I think I'll be ressurecting :spel my old Ltd Co - and paying a decent Accountant to do everything for me as I'll still get more than going through an Umbrella Co!!

Not the way I wanted to go, but IF I can do it hassle free then it seems the sensible option!

It's not all about the ££££ but I'll be no good to my Folks if I'm constantly panicing about not being able to afford to run my house, life, spoil them etc

Unless you are working outside IR35 your take home pay, even through a Ltd Co, is unlikely to be 80%. Does the scheme you're currently using involve 'loans' by any chance?

alikat
7th March 2013, 14:44
I'd also like to say a VERY big THANK YOU for the comments & advice and letting me ramble :grin

As a long time reader of the forums, this is the first time I've need to to register and ask; in the past when I've thought to register as I could help, someone else has been there & given the same advice put better.

I hope that I'll be able to contribute going forwards, but there are so many knowledgable folks on here; please forgive me if my confidence in my advice isn't up to the mark! IYKWIM :wink

alikat
7th March 2013, 14:52
Unless you are working outside IR35 your take home pay, even through a Ltd Co, is unlikely to be 80%. Does the scheme you're currently using involve 'loans' by any chance?

I am outside IR35 Lisa

And I have no idea, my Ex came home to me with it, sometimes I can trust his advice, others I can't, I had a couple of other contracting friends look at it and say they do a similar thing so I went for it (knowing him he got a fat backhander!), and I left it all to him to sort out - at the time I was screaming for help as I was in a complete mess with my old Accountants and the Ltd Co. I'm a 'bear of verylittle brain' when it comes to finances (not the best person to be running a Ltd!) I can do project finances without any problem but my own... :tantrum: :throw:

stek
7th March 2013, 15:02
I am outside IR35 Lisa

And I have no idea, my Ex came home to me with it, sometimes I can trust his advice, others I can't, I had a couple of other contracting friends look at it and say they do a similar thing so I went for it (knowing him he got a fat backhander!), and I left it all to him to sort out - at the time I was screaming for help as I was in a complete mess with my old Accountants and the Ltd Co. I'm a 'bear of verylittle brain' when it comes to finances (not the best person to be running a Ltd!) I can do project finances without any problem but my own... :tantrum: :throw:

Suggest you find out quick and look at the many EBT threads and folks canning it.

LisaContractorUmbrella
7th March 2013, 15:56
I am outside IR35 Lisa

And I have no idea, my Ex came home to me with it, sometimes I can trust his advice, others I can't, I had a couple of other contracting friends look at it and say they do a similar thing so I went for it (knowing him he got a fat backhander!), and I left it all to him to sort out - at the time I was screaming for help as I was in a complete mess with my old Accountants and the Ltd Co. I'm a 'bear of verylittle brain' when it comes to finances (not the best person to be running a Ltd!) I can do project finances without any problem but my own... :tantrum: :throw:

You are in a bit of a pickle aren't you :frown I would suggest that you start putting some money away in case you have been involved in a scheme which is in HMR&C's sights, find yourself a really good specialist contractor accountant and resurrect your Ltd Co. I know that SJD use a pretty simple spreadsheet which will enable you to keep control of the money in company as it calculates what is due in tax/VAT at any point in time and I think some of the other contractor accountants do something similar. If you are worried that you will still get in a muddle or can't cope with running your own company then use an umbrella but use one that pays you through straight PAYE and only allows expenses that HMR&C would permit.

Good luck

Zippy
7th March 2013, 17:02
Yep 65% is more typical of what an umbrella pays. If you've been putting in a grand a month in expenses then (also depending on your rate) it could nudge you closer to the 80% you are currently getting (although you're not actually getting it to spend as you have to pay all those expenses).
I agree that a brolly could save you some stress at the moment, but if you did stick with the Ltd you can find a decent bunch of accountants for 100 quid-ish per month.
Good luck.

IR35FanClub
7th March 2013, 17:21
I'd suggest you take all your fees out, buy gold and then if you ever get a letter from HMRC move to a country where the weather is good and there's no extradition treaty with the UK. At least thats better than what you've been doing at the moment which is not having a clue how you get your money.

Or if you want - give it to me and I'll give you 95% back of it every month. I've got a nice little scheme going. You just have to sign a disclaimer that if HMRC come knocking it is your respnsibilty to pay any taxes due. ;)

alikat
7th March 2013, 17:32
You are in a bit of a pickle aren't you :frown I would suggest that you start putting some money away in case you have been involved in a scheme which is in HMR&C's sights, find yourself a really good specialist contractor accountant and resurrect your Ltd Co. I know that SJD use a pretty simple spreadsheet which will enable you to keep control of the money in company as it calculates what is due in tax/VAT at any point in time and I think some of the other contractor accountants do something similar. If you are worried that you will still get in a muddle or can't cope with running your own company then use an umbrella but use one that pays you through straight PAYE and only allows expenses that HMR&C would permit.

Good luck

Thank you, very much :D

alikat
7th March 2013, 17:32
I'd suggest you take all your fees out, buy gold and then if you ever get a letter from HMRC move to a country where the weather is good and there's no extradition treaty with the UK. At least thats better than what you've been doing at the moment which is not having a clue how you get your money.

Or if you want - give it to me and I'll give you 95% back of it every month. I've got a nice little scheme going. You just have to sign a disclaimer that if HMRC come knocking it is your respnsibilty to pay any taxes due. ;)

:ladybags::igmc::rollin:

:cheers:

alikat
7th March 2013, 17:33
Yep 65% is more typical of what an umbrella pays. If you've been putting in a grand a month in expenses then (also depending on your rate) it could nudge you closer to the 80% you are currently getting (although you're not actually getting it to spend as you have to pay all those expenses).
I agree that a brolly could save you some stress at the moment, but if you did stick with the Ltd you can find a decent bunch of accountants for 100 quid-ish per month.
Good luck.

Thank you :)