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Extract of email I received from Umbrella company before I signed any contract...

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    Extract of email I received from Umbrella company before I signed any contract...

    This email was sent to me by the contract manager from Umbrella company before I was sent the contracts to sign. I don't know if there any any implications here but there is no mention of loan payments here. The contract itself which is 24 pages long mentions the loan part on page 19 in a small section.

    "In terms of how this is calculated, there are 2 elements that the contractor can benefit from:



    1. A salary portion (NMW) which is where the PAYE & NI are deducted.

    2. The option as an employee to apply for a tax free element from his employer at a commercial rate of interest (a traditional Umbrella company will describe the difference as expenses and commission where as a Ltd Company will use a dividend option which attracts corporation tax)



    The 2nd portion is a payment which is treated differently under the BIK rules and accordingly is not classed as employment income or revenue and is therefore accounted for in a different way.



    We take care of tax, NI, P45 etc as the employer.



    Benefits include:

    • Fully employed status

    • Fully compliant

    · Same day payments

    • £10 million Employers Liability Insurance

    • £5 million Public & Products Liability Insurance

    • £2 million Professional indemnity Insurance

    • No expenses to collate and submit, Not expense dependant

    • No tedious admin

    • Outside IR35

    • Outside MSC

    • Dedicated account manager

    • No fees when not working

    • Immediate payment weekly or monthly – depending on agency/end client instructions



    We manage your tax and NI so you wouldn't need to worry about that and we will send you a payslip on a weekly basis which covers your salary amount for the period worked."

    #2
    Loan?

    If your "employment contract" mentions any other type of loan than Season Ticket Loan

    GTFO of there!
    Originally posted by Stevie Wonder Boy
    I can't see any way to do it can you please advise?

    I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

    Comment


      #3
      Google "Loan Charge".

      WTF are people still bringing this tulipe to our door?
      ---

      Former member of IPSE.


      ---
      Many a mickle makes a muckle.

      ---

      Comment


        #4
        Originally posted by wattaj View Post
        Google "Loan Charge".

        WTF are people still bringing this tulipe to our door?
        They wouldn't exist if idiots wouldn't entertain them. Vicious circle of stupidity sadly.
        'CUK forum personality of 2011 - Winner - Yes really!!!!

        Comment


          #5
          If this is connected Fecilitas - keep your comments in that thread and don't post it outside.

          If this is a new umbrella company you are looking at joining

          Run for the hills and find a decent PAYE compliant umbrella....

          merely at clientco for the entertainment

          Comment


            #6
            It's bollocks. Walk - or preferably run - away.
            Blog? What blog...?

            Comment


              #7
              Woah hang fire - this is from 2016. I'm not a contractor any more. I've not mentioned any Umbrella company. I am just telling folk what was sent to me at the time before I signed the contract in 2016. I just thought it might help folk by highlighting what was sent to me at the time.

              Comment


                #8
                Originally posted by Culps67 View Post
                Woah hang fire - this is from 2016. I'm not a contractor any more. I've not mentioned any Umbrella company. I am just telling folk what was sent to me at the time before I signed the contract in 2016. I just thought it might help folk by highlighting what was sent to me at the time.
                So don't post information outside the appropriate thread (you had all the regulars in a panic thinking it was someone asking about a scheme pretending to be an umbrella).
                merely at clientco for the entertainment

                Comment


                  #9
                  Originally posted by eek View Post
                  So don't post information outside the appropriate thread (you had all the regulars in a panic thinking it was someone asking about a scheme pretending to be an umbrella).
                  oh just sod off.

                  Getting people into a panic ? Don't blame me for your troubles.

                  Just trying to help folk in case the email was an example of an agency trying to deceive people. Might help with any case.

                  Just delete my account.

                  Comment


                    #10
                    Originally posted by Culps67 View Post
                    Woah hang fire - this is from 2016. I'm not a contractor any more. I've not mentioned any Umbrella company. I am just telling folk what was sent to me at the time before I signed the contract in 2016. I just thought it might help folk by highlighting what was sent to me at the time.
                    Might have been prudent to mention the timelines in the original post then.
                    'CUK forum personality of 2011 - Winner - Yes really!!!!

                    Comment

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