Hello
Another dumb question needing answers.,
What is nova pay? Some company pays that weekly any yoh guys on it and able to enlightenment me!
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Stay well away.
Umbrella scheme where you pay them to pay your wages.
Never in the drivers interest and usually pushed by agencies who have an interest in said scheme.
It’s tax avoidance. Nothing more nothing less.
harrawaffa:
Stay well away.
Umbrella scheme where you pay them to pay your wages.
Never in the drivers interest and usually pushed by agencies who have an interest in said scheme.
It’s tax avoidance. Nothing more nothing less.
Was told £140 a shift on nova pay I phone and set it up? I’ve honestly never heard of it! How much do you actually pay them? And what deductions? Any pension?
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You’re being led down a dodgy path because you’re either very naive or very green.
They’ll set up a co in your name, agency will pay them your wages, they’ll take a cut for themselves and take some more to cover your deductions.
What they do with the money they’ve taken to cover deductions is where it gets dodgy. Commonly they’ll pay far less to HMRC than they should or alternatively they’ll shut up shop and disappear with the money. This will leave you owing money to HMRC which they will most definitely recover from you.
There’s a lad on one of the Facebook groups who’s been left with a £13k bill to HMRC after years of the folk running the scheme underpaying and then closing down with his money.
How much do you actually pay them? - Whatever you’ve agreed to.
What deductions? Tax NI
Any pension? No
Basically I’ll take your advice on that. I’m not going to jump in to it with out looking into it and appreciate your help on that topic.
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Virgin c+e:
Hello
Another dumb question needing answers.,
What is nova pay? Some company pays that weekly any yoh guys on it and able to enlightenment me!Sent from my H8216 using Tapatalk
I’ve been signed up to the same thing. First payment doesn’t seem out of sorts.
But I’ve read a bit about umbrella schemes, and to stay away as you never know what they are doing with the money they deduct and whether they’ll stay trading or not.
I’ve now set myself up as limited company an will be closing whatever nova pay has setup after next payment. Less payments that go through them the better.
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NOVA are used a lot by Transline agency (might be owned by them) for one and you end up paying something daft like £20 a week just so they can be your “accountant”, except they aren’t accountants and you’re paying for someone to type the income numbers into a computer (2 mins). I know a couple of people who were still claiming travel allowances via them after HMRC closed that loophole, but it’ll be the op who gets hammered.
As for NOVA to Ltd - the phrase “out of the fire into the frying pan” comes to mind when it comes to HMRC finding out…!
trevHCS:
NOVA are used a lot by Transline agency (might be owned by them) for one and you end up paying something daft like £20 a week just so they can be your “accountant”, except they aren’t accountants and you’re paying for someone to type the income numbers into a computer (2 mins). I know a couple of people who were still claiming travel allowances via them after HMRC closed that loophole, but it’ll be the op who gets hammered.As for NOVA to Ltd - the phrase “out of the fire into the frying pan” comes to mind when it comes to HMRC finding out…!
Lesser of the two evils though. At Least I can guarantee that my tax owed goes to were it’s supposed to. Rather than lining another company’s pocket.
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Thanks for your response that’s that job had it?!
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harrawaffa:
You’re being led down a dodgy path because you’re either very naive or very green.
They’ll set up a co in your name, agency will pay them your wages, they’ll take a cut for themselves and take some more to cover your deductions.
What they do with the money they’ve taken to cover deductions is where it gets dodgy. Commonly they’ll pay far less to HMRC than they should or alternatively they’ll shut up shop and disappear with the money. This will leave you owing money to HMRC which they will most definitely recover from you.
There’s a lad on one of the Facebook groups who’s been left with a £13k bill to HMRC after years of the folk running the scheme underpaying and then closing down with his money.How much do you actually pay them? - Whatever you’ve agreed to.
What deductions? Tax NI
Any pension? No
Thanks for your post, informative and appreciated.