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  1. How did you withdraw the funds? If mainly in...

    How did you withdraw the funds?

    If mainly in dividend form then you won't get taxed at 40% through an umbrella because they go off your previous earnings via PAYE and HMRC will not have your ...
  2. Thread: Danbro

    by VelcroPower
    Replies
    25
    Views
    1,204

    It does to the Agent who has lost out on a c£300...

    It does to the Agent who has lost out on a c£300 voucher for him personally more than likely.

    People have definitely been shoe horned down the Limited Company route by greedy agents incentivised...
  3. Thread: Payeworx

    by VelcroPower
    Replies
    19
    Views
    1,086

    "Doing nothing simply won't be an option by April...

    "Doing nothing simply won't be an option by April 2020 as all end clients will have made a desicsion on how they engage with thier contractors. If you wait until your end client makes that decision,...
  4. Replies
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    946

    In the main it's because there is no upper...

    In the main it's because there is no upper earnings limit for Employer's NI.

    Employee's NIC tops out at c£50k a year - above that you pay a reduced 2% compared to 12%.
    Employer's NIC you pay...
  5. Replies
    13
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    946

    Because they only have to run 1 payroll calc...

    Because they only have to run 1 payroll calc versus 4. Only need to do 1 payment versus 4. 1 invoice to the agency versus 4, 1 bit of cash matching versus 4 etc. Still have to process 4 weeks worth...
  6. Thanks - so further question follows - do the...

    Thanks - so further question follows - do the employee's get their Employer NIC relief as well on that sacrifice? I know a certain umbrella that used to retain that...
  7. It's been a while since I've seen one, but most...

    It's been a while since I've seen one, but most umbrella contracts are for NMW to minimise the Umbrella's liability in the event of non payment by the client/agency. On top of that the Umbrella then...
  8. Just out of interest*, how does an Umbrella...

    Just out of interest*, how does an Umbrella company operate a salary sacrifice pension scheme?

    If it's an employer contribution out of the invoice value I can understand that but most (all?)...
  9. Replies
    43
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    1,661

    Did you just "whatabout" slavery? Amazing scenes.

    Did you just "whatabout" slavery? Amazing scenes.
  10. When you opt-in the legislation states you have a...

    When you opt-in the legislation states you have a 30 day opt out period, regardless of any additional circumstances. You are treated the same as if you had been automatically enrolled. I would...
  11. Definitely this. Following enrolment/opting...

    Definitely this.

    Following enrolment/opting in there is a 30 day opt-out period during which the Umbrella will hold on to deducted funds so they can quickly be refunded in the event of an opt...
  12. Replies
    19
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    5,752

    I would invariably be wary of companies that...

    I would invariably be wary of companies that don't charge catch up fees for switchers, as they are effectively able to do it because it is still less than their normal cost of acquisition, which will...
  13. Replies
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    5,706

    Gotcha. So you can quickly identify a bad brolly...

    Gotcha. So you can quickly identify a bad brolly with a little bit of DD.



    Ah.
  14. Replies
    6
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    524

    First thing to do is to send them an SAR to find...

    First thing to do is to send them an SAR to find out exactly what they are doing with your data and then take it from there. If you do send an SAR be clear about what you want and restrict the...
  15. Thread: MTD & VAT

    by VelcroPower
    Replies
    51
    Views
    13,807

    If you're with Gorilla you're probably on...

    If you're with Gorilla you're probably on FreeAgent & if you already submit your returns through FreeAgent then you don't need to change anything.

    Initially (for the first year at least) only the...
  16. Replies
    9
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    1,989

    Not quite. Deductions will be made from the...

    Not quite. Deductions will be made from the payroll at the point you are automatically enrolled, but once you opt out (via the pension provider) they will let the Umbrella know and they will process...
  17. I agree with NLUK - only maybe if you're...

    I agree with NLUK - only maybe if you're insistent on not doing the admin yourself find a FreeAgent accountant and ask what they charge for book-keeping on top of the normal fee?

    That way you...
  18. Replies
    8
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    1,350

    What he said. Having met Chris IRL and seen...

    What he said.

    Having met Chris IRL and seen his approach on here I've recommended 3 family members to him now. I was working at a.n. other contractor accountants at the time and I wouldn't trust...
  19. If you have a cumulative tax code then the tax...

    If you have a cumulative tax code then the tax should sort itself out over the tax year.

    If you have an L after your tax code rather than W1/M1 (i.e. 1185L) then your tax code is cumulative and...
  20. Replies
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    4,866

    Well it doesn't, I'm responding very specifically...

    Well it doesn't, I'm responding very specifically to Maslin's point as evidenced by the quote.

    Your other point is well made and difficult to refute so I'll defer to you on that one.
  21. Replies
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    4,866

    I'm sure Maslins don't do this, but many of the...

    I'm sure Maslins don't do this, but many of the other accountancy companies that contractors will have spoken to on a ring round will have told them that "TAKE HOME PAY IS MORE" and that the most...
  22. That's not how VAT works at all. You charge...

    That's not how VAT works at all.

    You charge VAT on top of your day rate so if you earn £85k you bill £102k in total including the £17k VAT.

    Say there were no expenses you pay that £17k over to...
  23. Replies
    9
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    1,989

    And if it makes you feel slightly better you're...

    And if it makes you feel slightly better you're getting Employer and Employee NIC and tax relief on it (the employer pension payment not the employee pension payment - should be 20% on that)

    How...
  24. Replies
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    1,800

    37 hours - Watching people hurl insults at each...

    37 hours - Watching people hurl insults at each other in the Brexit forum
    0.5 hours - Filling in timesheet
  25. Replies
    19
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    1,800

    Yes from what I gather they are graded on...

    Yes from what I gather they are graded on accuracy and other metrics and nothing leaves the building without significant oversight. Going straight from school to that production-line KPI driven...
  26. Replies
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    1,800

    At two firms for sure. ClearSky are quite open...

    At two firms for sure. ClearSky are quite open about it with the "Optionis Academy"

    It's basically 16 years olds straight from school onto apprenticeships studying AAT. They don't communicate with...
  27. Replies
    19
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    1,800

    In order to keep prices down many get younger,...

    In order to keep prices down many get younger, less experienced, staff in (actual children in a lot of circumstances), train them up and then they just move on because they want audit work or to do...
  28. Replies
    19
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    1,800

    No. Here's why; It's an unusual situation...

    No. Here's why;



    It's an unusual situation for most contractor accountants who will get a client that is starting in the very near future so they are geared up to getting a company up and...
  29. You can find out if it's true or not by reading a...

    You can find out if it's true or not by reading a bit further down the article...
  30. I would have thought the only people that might...

    I would have thought the only people that might sign this are those within the 100,000 that are affected so unless all of them sign, this petition is doomed to failure.

    Everyone else will be "Oh...
  31. Replies
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    30,793

    Within the larger contractor accountancy firms...

    Within the larger contractor accountancy firms they usually have a fair number of KPI's .

    One of which will be First Call Resolution so they will be targeted not only on how quick they respond...
  32. The employer "decides" based on a set of terms...

    The employer "decides" based on a set of terms and conditions you will have signed up to when you joined, it's not a loophole or or a scheme.

    Usually it boils down to when they get paid you get...
  33. That doesn't make any sense, which is probably...

    That doesn't make any sense, which is probably why HMRC gave you a duff answer.

    If any of us earn a total of £44k over a 4 year period we won't pay tax, unless we've got a rubbish tax code, so...
  34. 1) A company will act in its shareholders...

    1) A company will act in its shareholders interests first and its employees last, ie. there's a reason NMW and Health & Safety legislation exists.
    2) It honestly makes no difference to you as an...
  35. I'm fairly sure that's not correct. You should...

    I'm fairly sure that's not correct. You should know better than to listen to HMRC ;)

    That invoice is not your money - it's the Umbrella's. That's how they can take margin, employer nic & expenses...
  36. The basis on which the umbrella company prepares...

    The basis on which the umbrella company prepares their accounts is immaterial to your payments as an employee.

    In an umbrella relationship as you are the employee your income is paid to you...
  37. Brookson are a founder member of the FCSA though,...

    Brookson are a founder member of the FCSA though, so I would imagine the response would be "We get where you are coming from but because of reasons we can't do anything about it right now, it's...
  38. Again that's why the FCSA accreditation bugs me....

    Again that's why the FCSA accreditation bugs me. The take home pay calcs are the shop window for the industry, those pages are the most heavily hit on the sites and yet the worst one is the one with...
  39. How much corporation / income tax do you pay on...

    How much corporation / income tax do you pay on this income?
  40. It really isn't.

    It really isn't.
  41. It was more the fact that the worst one is the...

    It was more the fact that the worst one is the FCSA accredited one that caught my attention. Audited by EY and all that.
  42. The continuing nonsense of "Take Home Pay"

    I saw something yet again on LinkedIn today about "Take Homes" and how if you "go Limited you can retain up to 85% of your earnings". We all know it's cobblers, especially these days, but the...
  43. Just for the numbers at the top end I assume. ...

    Just for the numbers at the top end I assume.

    The higher the client base the more opportunities for "Monetising clients" for new investors, plus the turnover goes up and they can say to potential...
  44. Replies
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    1,939

    It should be the same wage wherever you ask with...

    It should be the same wage wherever you ask with just the margin being the difference. If people are offering higher take home pays it's because a) Dodgy schemes c) Dodgy assumptions in their...
  45. Replies
    12
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    1,557

    That doesn't make any sense. If the agency...

    That doesn't make any sense.

    If the agency deduct the employer NIC the Umbrella will still have to calculate it and pay it even if they don't deduct that from you, so unless there is a commercial...
  46. Replies
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    2,003

    OK so what they are doing is probably entirely in...

    OK so what they are doing is probably entirely in line with their employment contract (you get National Minimum Wage plus statutory obligations then discretionary commission / bonus) out of the money...
  47. Replies
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    2,003

    I am guessing that a £300 "employer" contribution...

    I am guessing that a £300 "employer" contribution (for instance) into the pension scheme doesn not reduce the Employer's NI payable by the employee.

    i.e. the £300 is not deducted from the Gross...
  48. I would say accurate rather than pedantic. ;) My...

    I would say accurate rather than pedantic. ;) My bad - cheers.
  49. It shouldn't vary at all - if the turnover is...

    It shouldn't vary at all - if the turnover is over £3m (which any decent Umbrella should be) then it's 0.5% of gross pay.

    Anyone charging the contractor more than that is basically increasing...
  50. Replies
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    5,815

    The retention will be on holiday pay rather than...

    The retention will be on holiday pay rather than sick pay. You can accrue it which means it comes off your rate/invoice and then gets paid back to you when you take holidays but it's usually 12.07%...
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