Jump to content
House Price Crash Forum

Archived

This topic is now archived and is closed to further replies.

backtoparents

Contracting, Umbrella Companies?

Recommended Posts

Anybody know how these work?

Might have to do some contract work in the near future, and have no idea where to start.

I know there are a fair few IT people on here who've had to do similar. Any pointers where I should look for advice?

btp

Share this post


Link to post
Share on other sites

Some work by allowing you to claim £78 per day for accommodation, £10 for food and 40p per mile for petrol and they don’t need any recipes so half your wages become tax free. Others pay you half your wages into an offshore bank account.

Was you to try this as a sole trader then the IR would soon be on to you so I can only assume that these agents come to special deals with the tax man.

Properity4 is a good agent if your looking.

Do your duty and starve the devil of food, or in this case your money that they claim is your taxes.

Share this post


Link to post
Share on other sites

Some work by allowing you to claim £78 per day for accommodation, £10 for food and 40p per mile for petrol and they don’t need any recipes so half your wages become tax free. Others pay you half your wages into an offshore bank account.

Was you to try this as a sole trader then the IR would soon be on to you so I can only assume that these agents come to special deals with the tax man.

Properity4 is a good agent if your looking.

Do your duty and starve the devil of food, or in this case your money that they claim is your taxes.

LOL. Did you mean "receipts"?

Share this post


Link to post
Share on other sites
Anybody know how these work?

Might have to do some contract work in the near future, and have no idea where to start.

I know there are a fair few IT people on here who've had to do similar. Any pointers where I should look for advice?

btp

If you want a simple solution, giantgroup.co.uk is the one to go for. Be warned that there is extra tax to pay on the dividends received if you earn over 32k

The best is to have your own ltd company, but then you need to make sure your contract is IR35 free as well as a host of other matters. This site has tons of information: http://www.contractoruk.com/

Share this post


Link to post
Share on other sites

I work for a large corp Global.

The contractors we have all use a company www.pro-corporate-online.co.uk

They seem to pay on time, and do everything for you for around 80 quid a month, the fee of which is tax deductable.

From what I have heard, you must take out insurance for IR35 in case you ever get rumbled and put under investigation from the Revenue. Even if you do have nothing to hide, the costs to defend yourself would bankrupt you. Pro Corporate offer this insurance also in the package.

Let us know who you chose, it will be interesting to compare.

Share this post


Link to post
Share on other sites
I work for a large corp Global.

The contractors we have all use a company www.pro-corporate-online.co.uk

They seem to pay on time, and do everything for you for around 80 quid a month, the fee of which is tax deductable.

From what I have heard, you must take out insurance for IR35 in case you ever get rumbled and put under investigation from the Revenue. Even if you do have nothing to hide, the costs to defend yourself would bankrupt you. Pro Corporate offer this insurance also in the package.

Let us know who you chose, it will be interesting to compare.

Anyone know if we come back to the UK and contract through a US corporation will we be subject to IR35? I don't care what currency is deposited in our offsore account just so long as I dont end up paying 60% in UK tax, corporation tax in the US is what we really want to pay.

Background = Cisco / Juniper

Chopper

Share this post


Link to post
Share on other sites
Anybody know how these work?

Might have to do some contract work in the near future, and have no idea where to start.

I know there are a fair few IT people on here who've had to do similar. Any pointers where I should look for advice?

btp

I did a short term (6 month) contract a few years ago and I used Giant as mentioned by Mr Blek. You are effectively a director of one of their companies and you get paid most of your wages as a dividend. The company you work for pays the Umbrella company who then charge an admin fee for dealing with your tax NI etc. You can claim reasonable expenses which are then used again to offset your tax.

However as others have said you and only you are responsible for making sure the contract is IR35 complient, with a short term contract thats not normally a problem.

It worked for me and didn't/haven't had any complications from the tax man.

Share this post


Link to post
Share on other sites
Umbrella Companies?

The expert on umbrellas is surely the one and only ... BRUNO!

Saint preserve us! Noooooo!

The title of the thread had me thinking of zombies straight way! I'd recommend the new film... in attempting to "domesticate" the zombies Umbrella Corp created "fast zombies" aarrggghhh!

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.