Springboard Umbrella or Ltd company?? Springboard Umbrella or Ltd company??
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  1. #1

    Nervous Newbie


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    Question Springboard Umbrella or Ltd company??

    Has anyone used this company before? I'm a first time contractor and don't think I'll have time or be able to set up my limited company and get VAT regsitered before Monday! I need to return umbrella or Ltd company with VAT details to the hirer on Monday for a 4 month gig. This firm seems to offer a free service suitable for a first timer with straight forward travelling, hotel and subsistence expense requirements, and for £4.99 a month what looks like a more comprehensive service where you can claim expenses for more items.
    Any help for a newbie would be cool. I gather the cheapest way is with a Ltd company, but I think I will get caught out with VAT registration halfway through the contract and it is an impossible mission to get it set up by Monday.
    TIA for any help.

  2. #2

    Party Animal

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    Quote Originally Posted by CaptainChaos View Post
    Has anyone used this company before? I'm a first time contractor and don't think I'll have time or be able to set up my limited company and get VAT regsitered before Monday! I need to return umbrella or Ltd company with VAT details to the hirer on Monday for a 4 month gig. This firm seems to offer a free service suitable for a first timer with straight forward travelling, hotel and subsistence expense requirements, and for £4.99 a month what looks like a more comprehensive service where you can claim expenses for more items.
    Any help for a newbie would be cool. I gather the cheapest way is with a Ltd company, but I think I will get caught out with VAT registration halfway through the contract and it is an impossible mission to get it set up by Monday.
    TIA for any help.
    I've never heard of this lot and 4.99 does sound cheap (as some charge in the region of 30 quid a week). They will make some money back by reclaming VAT on your expenses though you won't see this. Don't get suckered in to claiming for stuff you haven't spent (I'm thinking subsistence) and keep all your receipts, as it's you who will have to deal with HMRC in the event of an inquiry. Some brollies will insist you can claim for the moon on a stick but it isn't true.
    Take the brolly option in the short term - but do shop around - and set up your own co on Monday. VAT registration can take a while but you can always invoice them for it later. At worst it will all be set up when you get the extension. You will have to provide proof of ID etc to the brolly so get on the case now and hassle em by phone on Monday.

    Good luck with the contract.
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  3. #3

    What a muppet!

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    We're still waiting to find out what happened to you in this thread.

    Quote Originally Posted by CaptainChaos View Post
    Thanks everyone, I have to submit the form next week. I can't hold it off any longer

    I'll post the result when I get it, this could be helpful for anyone else in a similar position. Hopefully I will be looked upon favourably like Bryn. I hope whoever assesses me had a good game of golf the day before
    As for the company/brolly thing, there is no reason why you can't have a company formed the same day and that is all you need for the contract. The bank account and VAT registration take longer but you will only need them when you start invoicing (and even then the VAT can be later and then backdated).

    The only real difference between brollies are their fees so i would be wary of the cheapest. Brollly is probably better to start with if you aren't sure about whether contracting is for you or if you are one of those people that like paying tax but few would recommend it for the long term (although some do).

  4. #4

    What a muppet!

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    Bollox. I promised not to post in the Accounting/Legal forum any more because my UK knowledge is becoming out of date.


    Sorry.

  5. #5

    Some things in Moderation

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    Still good advice Gonzo
    "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make myself look wise and well read."
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  6. #6

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    Thanks Guys, very useful. I will speak to them in the morning and see what the "real" deal is. I didn't realise they claim back VAT too for some reason I thought you lose it.
    With regards to my OP in the linked threa, I never started that contract, but by strange coincidence, this role requires SC clearance too, so I guess it will be a late response

  7. #7

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    I spoke to an accountant too and they advised me that I would be best going down the Ltd company route considering my rate and length of contract. I would end up taking home more money. So that is what I have done It was suprisingly easy!!

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