Re: FN-FORUM: Umbrella Companies

date posted 17th July 2005 09:22

Oxygen360 charge a flat fee of =A330 per week.
If you do a lot of mileage getting to client sites or need to stay in
B&B regularly they allow you to retain between 70 and 80 percent of
gross. I've used them for a while and haven't been disappointed.

I work with guys who use Prosperity4 and seem pleased with the service
they get. They're pricing structure is more complicated however and
gives the impression that they are less transparent. My mates say they
get a similar retention ratio and have no complaints.

The umbrella company is basically just an accounting firm that
specialises in doing taxes for contractors. If the IR decides to audit
you, you're on your own. Having said that, they are very efficient
with the service they do provide and if you groan at the thought of
doing the books like I do then you'll get every pennies wort out of
'em.

If you decide not to use an umbrella company, make sure you set aside
a percentage of your take. A mate of mine didn't discipline himself
thusly and ended up with a nasty tax suprise at the end of the year.

/rob

On 17 Jul 2005 06:54:44 -0000, Tam Denholm [EMAIL REMOVED] wrote:
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> Hey, i was just wondering if anyone used one of these unbrella
> companies to take all the hassle out of the tax and administration
> stuff. Any good/bad experiences, recommendations or just general
> information on them.
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> Thanks
> Tam Denholm
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> --
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> Call 0870 870 4414 or visit www.prosperity4.com
> and benefit from Inland Revenue approved expenses today.
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>