Umbrella company loses tract-ion!
An umbrella company has gone to ground and is not responding to more than 1,000 staff and contractors who are likely to be left thousands of pounds out of pocket in unsettled invoices. Tract Management let most of its staff go late last week and has terminated 950 client…
Fallout from the Reed VAT ruling
A recent tax tribunal ruled that Reed Employment could charge VAT on the margin when supplying temporary workers rather than on the full value of its invoices. HMRC has decided not to appeal the decision, which opens the door for other staffing companies to reduce their charges to make…
FPS umbrella is a Bacs Approved Bureau
Little known fact: although most umbrella companies use Bacs to pay their clients, only a very few are Bacs Approved Bureaux. The FPS umbrella company is in the Top 2 of this select group. To be approved, organisations must undergo a thorough vetting process that includes a risk…
A fully regulated umbrella company
FPS Group is licensed by the Isle of Man Financial Supervision Commission and that means it's the UK's only fully regulated umbrella company. FPS's administration office is located in the Isle of Man, and it fully complies with all FSC requirements giving the company's clients extra…
New Bribery Act and contractors
Umbrella company contractors and freelancers can continue to entertain clients and new contacts after 1 July 2011 when the UK's new Bribery Act comes into force. Reasonable hospitality to meet, network and improve relationships with customers is a normal part of business and is not covered by…
Will the Bribery Act impact umbrella companies?
The UK's new Bribery Act comes into effect on 1 July 2011 and creates four new criminal offences; bribing another, being bribed, bribing a foreign official and failing to prevent bribery. Facilitation payments are included in the new act which will impact how…
Will AWR change umbrella companies?
The introduction of the UK Agency Worker Regulations (AWR) later this year will herald a fundamental shift in paradigm for employment agencies, their clients and their suppliers, but a positive way. The new regulations are being brought in to…
Umbrella contractors take bank holiday pay hit
For many umbrella company contractors the upcoming Easter break, May bank holidays and royal wedding celebrations are more than just time off. All these holidays are bound to take a chunk out of take-home pay because in the whole of April there are only 18 working days. Experts predict…
Change to mileage allowance claims
Good news for UK umbrella company contractors and freelancers who are eligible to claim back mileage expenses! They can now claim up to 45p per mile for the first 10,000 miles clocked up. Beyond that threshold, they are still eligible to claim 25p per mile. This applies to contractors…
No changes to IR35 on the cards
UK contractors might have hoped to hear the Chancellor say that the IR35 legislation would be relaxed or scrapped during his recent budget speech, but this hope was in vain. There had been promising signs when a few weeks ago the independent Office of Tax Simplification advised that IR35 be…
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