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Prosperity4 umbrella company - PCG concerned

Posted Sep 12, 2007

As many IT Contractors may have heard, IT contractor employment management company "Prosperity4" went into administration in August 2007. Despite this, the company website suggests that the business in running as usual.

The Professional Contractors Group, which represents the interests of IT Contractors, says it "remains concerned" about the Prosperity4 situation and would like to hear from any contractors affected by the administration of Prosperity4 or have received unsolicited approaches from those previously connected with Prosperity4.

If you are affected, you can email the PCG with details of your circumstances and contact details to p4@pcg.org.uk (Copy email address into your mail handler).

The Group also stated that umbrella companies, which some contractors prefer to use, must be entirely above board in their approach to tax planning for contractors and that contrived expense arrangements are to be viewed with a great deal of suspicion.

The PCG further recommends that contractors should consider setting up their own limited company in order to help them trade and ensure their financial independence. You can read the Contract Eye guide to setting up a limited company.

You can read more about the Prosperity4 situation at Contractor UK here.

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