umbrella company
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- paraselene
hi everybody.
so, about a month into my freelance career, my umbrella company has "discontinued" my financial "product."
so, now that they've registered a business in my name (acefavour - great, isn't it!?) i can do one of three things:
a. switch to a different "product" that runs on PAYE rather than through acefavour
b. keep acefavour and strike out on my own, doing my own accounting and the like
c. take acefavour (cos they said i could keep it if i left) to another umbrella company
so, i'm obviously tempted to just go it alone, but not sure i can keep up with the paperwork. any advice?
- UndoUndo0
sole trader or VAT registered?
- neue75_bold0
What has this career change done to your speak? I dunno what you're talking about lurve...
If I hear you say 'synergistic' it's over...
- paraselene0
not sure, undo. think it must be sole trader. how do i find that out?
sorry, snuggs, i'm a producer now. i have to talk like one or they might downsource my outsizes...
:l
- UndoUndo0
if yr earning over 61K (which im sure you do in a couple of weeks ;)) you have to go VAT registered. if you do you have to use a chartered accountant (more expensive) if not a standard accountant will do. standard accs up here arent too bad and you can get a fixed fee for doing yr books (it will be more down with you).
id suggest getting a recommendation for an accountant and then sitting down with them and talk about what yr doing, where you see yrself in a year or two and they should be able to let you know your options.
- paraselene0
i'm supposed to decide today!!!
:l
here's the thing, though. i'm not going to earn anywhere near 61k, so i can just use a normal accountant. or do it myself, i suppose.
but i'm not going to be doing this for long. these freelance gigs are probably going to lead to a full-time job, somtime in the fall, i'd imagine...
- UndoUndo0
do it yrself and forget setting up a comp then, if you do do it then try to keep on top of yr accounts on a regular basis (bi-weekly or monthly) and it'll stop the dread at tax return time!
- moth0
You'll need an accountant.
It's a mine field of paper work and one you'll actually want to pay to get out of.
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"my umbrella company has "discontinued" my financial "product." "......
-------------And that sounds like bullshit. What are they trying to say? Sounds like they're trying to be underhand.
- paraselene0
i think some accountants have a fixed fee that you pay them and it's not that bad according to what i've heard. it's just a matter of being sure that you set aside the money as you go.
it is bullshit, moth. they have caused all sorts of trouble and my agency is recommending to all the freelancers that we ditch them for screwing up so badly.
- robotron3k0
(imo) the correct answer would be "b", keep acefavour and strike out on your own-plus it never hurts to learn some accounting...
- paraselene0
i think that's what i'll do.
thanks!
:)
- moth0
You'd only need an account a couple of times a month at most. Set aside £200 for it.
At least though - buy a big fat file, and file EVERYTHING.
And do it soon too.I've seen the Inland Revenue spam that gets sent through the post.... half a rainforest.
- _salisae_0
what is acefavour?
best of luck .. i have nothing to suggest. my instinct would be to look for other opportunities.