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Anybody heard of prime umbrella

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    Anybody heard of prime umbrella

    Hi guys

    I'm Ltd at the moment and my agency is probably going to force us to go umbrella when these new hmrc off payroll legislation kick in.

    She has suggested we go with what she calls a payroll company called Prime UK solutions which is basically a umbrella company as far as I can see.


    Following on from our conversation, the calculations below shows the amount you would take home when operating through the Umbrella Company.


    £100.00 per day (Monday – Friday)=£401.32 after tax & NI

    All of the above are assuming standard tax codes and are not saving holiday pay up.

    I dont see how they come up with this £401 as other umbrella companies has said around £365 - £375

    I cant tell if its fsca regestered.

    #2
    Originally posted by Markus625 View Post
    Hi guys

    I'm Ltd at the moment and my agency is probably going to force us to go umbrella when these new hmrc off payroll legislation kick in.

    She has suggested we go with what she calls a payroll company called Prime UK solutions which is basically a umbrella company as far as I can see.


    Following on from our conversation, the calculations below shows the amount you would take home when operating through the Umbrella Company.


    £100.00 per day (Monday – Friday)=£401.32 after tax & NI

    All of the above are assuming standard tax codes and are not saving holiday pay up.

    I dont see how they come up with this £401 as other umbrella companies has said around £365 - £375

    I cant tell if its fsca regestered.
    The FCSA bit is easy. If they're listed on the FCSA website, they are registered. Simple.

    Is it a recommendation or a requirement? You can tell them you will be using your own umbrella, if that is absolutely necessary, I can't see any legal basis for enforcing a particular one.

    Comment


      #3
      Originally posted by Markus625 View Post
      I dont see how they come up with this £401 as other umbrella companies has said around £365 - £375
      Me neither - should be around £364.00 - unless they are charging absolutely nothing as a margin and adding expenses.

      Comment


        #4
        Originally posted by lucyclarityumbrella View Post
        Me neither - should be around £364.00 - unless they are charging absolutely nothing as a margin and adding expenses.
        Does that include mandatory pension ?


        Sent from my iPhone using Contractor UK Forum

        Comment


          #5
          Originally posted by GhostofTarbera View Post
          Does that include mandatory pension ?
          That's without pension

          Comment


            #6
            Originally posted by ladymuck View Post
            I can't see any legal basis for enforcing a particular one.
            Not legal no, but happens a lot

            Comment


              #7
              Originally posted by Markus625 View Post
              Hi guys

              I'm Ltd at the moment and my agency is probably going to force us to go umbrella when these new hmrc off payroll legislation kick in.

              She has suggested we go with what she calls a payroll company called Prime UK solutions which is basically a umbrella company as far as I can see.


              Following on from our conversation, the calculations below shows the amount you would take home when operating through the Umbrella Company.


              £100.00 per day (Monday – Friday)=£401.32 after tax & NI

              All of the above are assuming standard tax codes and are not saving holiday pay up.

              I dont see how they come up with this £401 as other umbrella companies has said around £365 - £375

              I cant tell if its fsca regestered.
              Hi Markus625,

              That take home figure is quite high. They must be doing something else because as Lucy pointed out, the correct figure should be £364.25 per week.

              To find FCSA Accredited companies, go here: FCSA Members

              Originally posted by GhostofTarbera View Post
              Does that include mandatory pension ?


              Sent from my iPhone using Contractor UK Forum
              Hi GhostofTarbera,

              The weekly take home figure of £364 would be if the contractor is opted out of the pension scheme.


              Kind regards

              Zeeshan
              Last edited by DolanContractorGroup; 7 November 2019, 09:19.
              Dolan Accountancy

              Contractor Umbrella

              01442 795 100

              Comment


                #8
                Now we are beginning to see 1 post punters asking about dodgy umbrellas, in the same way we were hit by dodgy EBT schemes in the 00's.

                I always leave them here to show our contempt for such companies. They will go to the effort of sending solicitor's letters to us and we will occasionally comply, but it has cost them money and us nothing for their 'SEO marketing' to go wrong.
                "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
                - Voltaire/Benjamin Franklin/Anne Frank...

                Comment


                  #9
                  What I'd also like to point out is that our agency or should I say recruitment consultant is saying she won't be using Ltd contractors as its a cost to her and obviously forcing us down the umbrella route.

                  Comment


                    #10
                    Originally posted by Markus625 View Post
                    What I'd also like to point out is that our agency or should I say recruitment consultant is saying she won't be using Ltd contractors as its a cost to her and obviously forcing us down the umbrella route.
                    Hi Markus625,

                    Can you elaborate on this please? Has the consultant said why she doesn't want to use inside-IR35 ltd companies?

                    I presume it's because of the Employers NIC liability on the fee payer (agency), but I would be interested to know if it was for another reason.

                    Thanks


                    Zeeshan
                    Dolan Accountancy

                    Contractor Umbrella

                    01442 795 100

                    Comment

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