Contractor, Limited Companies, Umbrella companies - anyone one of these?

If anyone is a contractor , I need your knowledge!

I'm starting a new job on Monday. I'll be contracting.

What are the options open to me?

I don't know what an umbrella company is but it has been suggested that I may want to be one.

How do I ensure that the majority of the money goes to me. Should I worry about NI/pensions?

Heck, if I was naughty I could even get the employer to give me a cheque & then cash somewhere & not even tell the tax man? ;o)


What do you guys do?

[SoulKiss]

I used Orange Genie for an Umbrella Company.

My Bro-in-law recommended them, he used to do his own books, but with recent legal changes, it became less hassle to just go umbrella co.

Orange Genie were good.

Originally Posted by SoulKiss

I used Orange Genie for an Umbrella Company.

My Bro-in-law recommended them, he used to do his own books, but with recent legal changes, it became less hassle to just go umbrella co.

Orange Genie were good.

Next question: What is an umbrella company?!!!

[SoulKiss]

Teh way I see how it works is that they Employ you - I got all sorts of "standard" stuff from them, like disciplinary procedures etc.

So you are an employee of Orange Genie, who can then do all that funky P45 stuff etc, although you do pay the Employees NI etc yourself.

The contract is between them and whoever you are doing the work for.

Works just fine and is totally legal (you have to watch with some of the umbrella co's)

Im new to this too (on my first contract, and yet to be paid!

Basically if your caught by IR35 (if your an IT guy working in an office, you most likely will be.) Then you have to take all earnings as salary (via an umbrella, agency or your own company).

Umbrellas such as OrangeGenie and Parasol will employ you and pay you via PAYE, however they may also pay you some via expenses for travel, substiance, business things (laptops at 20-40% off i.e. no tax on your earnings for them). This is the advantage.

Im employed via an Agency and can't claim the expenses, but paid via PAYE for tax.

http://www.contractoruk.com/ has some useful info to read up on and confuse you with more calculators.

Dan

[Skip]

Another vote for Orange Genie - I used them in the past based on recommendations from another contractor - very professional and easy to use

[Skip]

Originally Posted by Sudoxe

Umbrellas such as OrangeGenie and Parasol

I switched from Parasol to Orange Genie as Parasol were total ****

Just another 2p

im contracting atm and in all honesty unless there paying you big bucks then its not worth it...

i have used in the past

parasol (useless incompitent losers who still owe me near £500)
brolly (more useless wasters)

and am currently using

http://www.jsagroup.co.uk/

totaly awsome people not a bad word to say very helpfull