I would add one serious point though. Any service provider can join the FSCA subject to them passing KPMG's audit (which includes an onsite visit).
I was with them - they fuked me over partly my fault tho - T&C's u have to read in detail, missed a clause, only myself to blame.
Basically I'm 8k out, as it stands - as it's a bad debt now I might be able to mitigate my losses somehow but it's accountant time, too hard for me.
Real mess and as under an LLP you are largely self-employed you're in the liable tulip tax wise, as I am now. No Ltd protection, not that there was ever that much under the 'lifting the veil' rule....
Either you can save and save and fight it and worry, or go elsewhere and earn more and just pay it off. As a result I'm off to EU-land, 8k a drop in ocean on this gig but I'd rather pay it off on principal for my own peace of mind, knowing I can return to UK if need be.....
But I don't think I will.
Hold on!
Umbrella companies are risk free compared to LTD.... Or so they all claim....
That depends on the umbrellaand what the claims are based on.
A lot of umbrellas that have gone under leaving a mess for contractors had all of the accreditations and badges of honour going. ultimately they counted for nothing and protected no one.
The FCSA is worth looking into as part of their code of conduct is a full independent audit by a big four accountancy firm, the results of which are then presented to HMRC.
Crystal umbrella