Which Umbrella company best,not expensive.want jump from Limited company to Umbrela.because this Limited company don t give good money saving,just head"sickness"i looking for not expensive ,because pay more for 20 per week no point.any info??
There is no such thing as a GOOD Umbrella Co.
I hope that helps and puts an end to this thread
If you want more pay when off sick, you need a full time job.
That’s the main benefit of having a full time job you see.
I have managed to piece together from the threads I have read, why agency drivers are hated.
And with me doing more and more hours I will need to make decisions about going Ltd/Umbrella/staying agency/full time/owner - driver.
I have many facts, figures, stories both good and bad about most things, but…
…what is wrong with Umbrella Companies?
Anyone else know any good oxymorons?
Umbrella scams i mean schemes are all a con they steal your money mess around screw wages up deduct money for things like tax and national insurance then end of year tax man hunts you down cause they not paid it they are all crooks
JJ192:
Umbrella scams i mean schemes are all a con they steal your money mess around screw wages up deduct money for things like tax and national insurance then end of year tax man hunts you down cause they not paid it they are all crooks
Mmmmm, sounds just like my accountant.
the maoster:
Anyone else know any good oxymorons?
Yes I do, unbiased opinion!!!
:
I have managed to piece together from the threads I have read, why agency drivers are hated.And with me doing more and more hours I will need to make decisions about going Ltd/Umbrella/staying agency/full time/owner - driver.
I have many facts, figures, stories both good and bad about most things, but…
…what is wrong with Umbrella Companies?
Ltd co + VAT reg FRS. Earnings + 10% of that extra for free. If you’re putting in weekly invoices of a grand + VAT (not uncommon if you do a lot of hours and charge a proper rate) then you make yourself a free £100 (just under actually) from just being VAT reg as you keep just under half of the VAT content. If you’re working every week and charging those sort of amounts then you’re making an extra £5k per year just from the VAT which goes straight in your pocket.
Add in a decent accountant to do your books which will cost you around £500 and you could be like my mate who did £40k last year, accountant “booked” around £38k and his tax bill was £2800. Then add in his £4k in ‘free’ VAT after he’s paid the VAT man = happy days.
Use company-wizard.co.uk/ to create your company (don’t need to send any docs). Get yourself a business bank account (don’t underestimate the time some places take to set them up - over a month is not uncommon). Register for VAT FRS using your government gateway ID. Do work, send invoices . Easy peasy.
the maoster:
Anyone else know any good oxymorons?
Military intelligence?
The Right Honourable ■■ MP?
Colchester united football club?
Rob K:
:
I have managed to piece together from the threads I have read, why agency drivers are hated.And with me doing more and more hours I will need to make decisions about going Ltd/Umbrella/staying agency/full time/owner - driver.
I have many facts, figures, stories both good and bad about most things, but…
…what is wrong with Umbrella Companies?
Ltd co + VAT reg FRS. Earnings + 10% of that extra for free. If you’re putting in weekly invoices of a grand + VAT (not uncommon if you do a lot of hours and charge a proper rate) then you make yourself a free £100 (just under actually) from just being VAT reg as you keep just under half of the VAT content. If you’re working every week and charging those sort of amounts then you’re making an extra £5k per year just from the VAT which goes straight in your pocket.
Add in a decent accountant to do your books which will cost you around £500 and you could be like my mate who did £40k last year, accountant “booked” around £38k and his tax bill was £2800. Then add in his £4k in ‘free’ VAT after he’s paid the VAT man = happy days.
Use company-wizard.co.uk/ to create your company (don’t need to send any docs). Get yourself a business bank account (don’t underestimate the time some places take to set them up - over a month is not uncommon). Register for VAT FRS using your government gateway ID. Do work, send invoices . Easy peasy.
Waiting for the usual TNCSI Comments now… “Its illegal” “its fraud” “Tax avoidance” etc…
For the record, this is how I operate and would never pay another company to do the same for me
the maoster:
Anyone else know any good oxymorons?
I know a few morons with umbrellas if that helps.
Rob K:
Ltd co + VAT reg FRS. Earnings + 10% of that extra for free. If you’re putting in weekly invoices of a grand + VAT (not uncommon if you do a lot of hours and charge a proper rate) then you make yourself a free £100 (just under actually) from just being VAT reg as you keep just under half of the VAT content. If you’re working every week and charging those sort of amounts then you’re making an extra £5k per year just from the VAT which goes straight in your pocket.Add in a decent accountant to do your books which will cost you around £500 and you could be like my mate who did £40k last year, accountant “booked” around £38k and his tax bill was £2800. Then add in his £4k in ‘free’ VAT after he’s paid the VAT man = happy days.
Use company-wizard.co.uk/ to create your company (don’t need to send any docs). Get yourself a business bank account (don’t underestimate the time some places take to set them up - over a month is not uncommon). Register for VAT FRS using your government gateway ID. Do work, send invoices . Easy peasy.
Good info thank you Rob. FRS is a tricky one to get my head around. A lot of FRS info on the net is about sales and purchases .
I could also be suffering from information overload!
Flat rate scheme is absolute doddle. You charge the normal rate of VAT of 20% on all your invoices. You do not claim VAT whatsoever, you only charge it.
For the first year the VAT man wants 9% of your VAT charged, 10% for every subsequent year so it works like this:
Earnings for week = £1000
VAT @ 20% = £200
Total = £1200
Times this by 9% for the first year = £108. The remaining £92 is yours for simply adding VAT on to your invoice.
Multiply this by say 48 weeks ( 4 weeks off for hols) = £4416. So that’s £4416 per year in your pocket for simply charging VAT. This is more than enough to pay your tax bill and accountancy fees, you will also be left with a nice personal bonus and that is just the VAT side of things.
If you are currently self employed as a Limited company driver and can’t make it pay then you are doing something seriously wrong. Registering with an umbrella company will give you more headaches than you have had in your life and they are pretty limited in what they will allow you to claim for. Most charge around £25 per week for their services which equates to £1300 per year. A good accountant will charge less than £500 for a far better service.