New to Public Sector Unbrella Contract New to Public Sector Unbrella Contract
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  1. #1

    Nervous Newbie


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    Default New to Public Sector Unbrella Contract

    Hi All and sorry if this has been asked 100 times before.

    I am new to a public sector contract and therefore new to falling inside IR35.

    I assumed, because the agent said I could, that I could continue to work through my Ltd Co. Having received the paperwork, and done some research, I am not seeing a lot of benefit to this for my particular circumstances. So I am here to get some advice to help me narrow down my next moves.

    1. The agency has a list of approved umbrella's; are there any clear favorites of stay away froms for a newbie?

    Advance
    Black Diamond Umbrella
    Brookson Limited
    Danbro
    Contractor Umbrella
    Giant Group
    ICS
    Independent Contractor Services
    JSA Group
    Liberty Bishop Limited
    Liquid Friday
    Parasol
    Mango Pay
    NASA Group
    NumberMill
    Orange Genie Group
    SmartWork.com Limited
    Umbrella.co.uk
    We Contract

    2. I want to pay into a pension and will need to set one up - recommendations?
    3. A bit about me which might help
    I don't need to take any money from this contract, hence the pension and salary sacrifice may be advantageous
    Day rate around £500
    Contract length 3-6 months
    I plan on keeping my Ltd Co open as I may work outside of IR35 again in the future

    I really appreciate any help or guidance anyone can give me

    thanks in advance

    Jacqui

  2. #2

    Contractor Among Contractors


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    Yes, it has been asked 100 times before.

    Speak to some Umbrella's, get some illustrative quotes, and choose one you like.

    Get your pension set up asap, before April 6th, then you'll be able to put 40K in this tax year (not that you will) and 40K next tax year, but importantly, any allowance you don't use this tax year can be rolled over to next tax year and beyond (3 more years in total). You can only roll over years when you had a pension, so if you don't set one up this year, you can't roll over - check whether you also need to pay something into it this year.

    Only some Umbrellas allow payment into your own pre-existing pension scheme. Read the many threads on this board for which do and which don't.

    If you want to maximise what you retain, my investigations have found you can keep over 95% of your day rate (80%+ into pension, the rest as minimum wage the Umbrella legally has to pay) - the remainder is the Umbrella margins, employer NI and employee tax/NI
    Last edited by Paralytic; 11th March 2020 at 10:18.

  3. #3

    My post count is Majestic

    northernladuk's Avatar
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    Speak to Lucy at Clarity Umbrella and get her to work on getting on the agents list and go with her.

    Nice pension offering which will be very useful to you.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

  4. #4

    bored now

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    Quote Originally Posted by jacquibo View Post
    Hi All and sorry if this has been asked 100 times before.

    I am new to a public sector contract and therefore new to falling inside IR35.

    I assumed, because the agent said I could, that I could continue to work through my Ltd Co. Having received the paperwork, and done some research, I am not seeing a lot of benefit to this for my particular circumstances. So I am here to get some advice to help me narrow down my next moves.

    1. The agency has a list of approved umbrella's; are there any clear favorites of stay away froms for a newbie?

    Advance
    Black Diamond Umbrella
    Brookson Limited
    Danbro
    Contractor Umbrella
    Giant Group
    ICS
    Independent Contractor Services
    JSA Group
    Liberty Bishop Limited
    Liquid Friday
    Parasol
    Mango Pay
    NASA Group
    NumberMill
    Orange Genie Group
    SmartWork.com Limited
    Umbrella.co.uk
    We Contract

    2. I want to pay into a pension and will need to set one up - recommendations?
    3. A bit about me which might help
    I don't need to take any money from this contract, hence the pension and salary sacrifice may be advantageous
    Day rate around £500
    Contract length 3-6 months
    I plan on keeping my Ltd Co open as I may work outside of IR35 again in the future

    I really appreciate any help or guidance anyone can give me

    thanks in advance

    Jacqui
    Given that list if they won't accept Clarity use Contractor Umbrella (as they post on here).

    Both at least understand how pensions work.
    merely at clientco for the entertainment

  5. #5

    Nervous Newbie


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    Quote Originally Posted by Paralytic View Post

    Get your pension set up asap, before April 6th,
    If you want to maximise what you retain, my investigations have found you can keep over 95% of your day rate (80%+ into pension, the rest as minimum wage the Umbrella legally has to pay) - the remainder is the Umbrella margins, employer NI and employee tax/NI
    Thanks this is so helpful. I do have a pension with Scottish Widows but that has been moved to a draw down so time to start a new one

    Jacqui

  6. #6

    Should post faster


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    A nice long list of brollys at least, many just give you a choice of 2 !

    Ill be using Parasol, seem ok so far, did quibble about some very minor expenses (O365 subscription) but seemed good for setting up payments to my existing PensionBee using salary sacrifice (it can only be set amount per month).

  7. #7

    My post count is Majestic

    northernladuk's Avatar
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    Quote Originally Posted by andydd68 View Post
    A nice long list of brollys at least, many just give you a choice of 2 !

    Ill be using Parasol, seem ok so far, did quibble about some very minor expenses (O365 subscription) but seemed good for setting up payments to my existing PensionBee using salary sacrifice (it can only be set amount per month).
    Let's just hope they've changed their ways... BIDI

    https://www.contractoruk.com/forums/...a-company.html
    'CUK forum personality of 2011 - Winner - Yes really!!!!

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