Contractors should be very wary of any provider who promotes themselves as an umbrella company and then offers to pay monies directly into their own limited company as well as offering, what would appear to be, high returns.
Whilst the rules surrounding this area are complex contractors could still find themselves in a worse position than if they had just operated through an Umbrella Provider in the first place.
Professional Passport does not approve any provider operating such an arrangement.
The boom of these copycat arrangements is driven by the providers, who are prepared to disregard the rules, in pursuit of making significant gains for themselves. The schemes that we have been made aware of all operate with extraordinarily high charges and are often masked from the contractor’s view.
We are also aware that many of these providers offer huge incentives to recruitment consultants to promote the offerings, with many consultants providing meaningless assurances regarding compliance.
Contractors should keep their eyes open and recognise that if an offering seems too good to be true it more than likely will be.
If you feel you could be caught in one of these arrangements feel free to reach out to Professional Passport confidentially and we will try to advise accordingly. We will require sight of documents and bank transactions, but we do not disclose anything that could reveal your identity.
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