Pay Angels- Umbrella Company- any used them?

[Corpulent Tosser]

I have had contact from a company called Pay Angels, who promise to save me money.

Basis of the deal is I am a contractor and I would be employed by Pay Angels, they would invoice my agent and pay me a set amount per month on which I would pay tax and NI, the remainder less their fees, would be paid into a trust from which I would get loans which would never be paid back.

I have heard of this kind of thing before and thought this loophole had been closed. Rangers Football Club got into bother with the tax man over it but so far the tax man is losing, or so I believe.

The chap I spoke to assures me it is legal and 'compliant' though what it complies with I don't know.

So anyone any experience of this or similar company, is it legal ?

[Corpulent Tosser]

My first thought are, if it sounds too good to be true it probably is, but I am curious to know if anyone has tried it and how they got/are getting on with it.

I am fairly sure if I ask my accountant there will be a sharp intake of breath and a shake of the head.

[Corpulent Tosser]

Murph7355 said:

I think crankedup rates them highly and believes them to be a morally "straight" player. You might want to drop him a PM as I'm sure he wouldn't mind his afternoon nap interrupted to be able to help a fellow PHer.