Are you a contractor? If you work for someone else, it is important to know whether you are working for that person in an employed capacity or in a self-employed capacity as an independent contractor.
Your employment status will determine the charge to tax on income from your employment or self-employment. It will also determine the class of NICs, which are to be paid.
Umbrella Companies employ you for tax purposes and complete central returns for all their contractors. It's less hassle and more flexible for you but take home pay is typically less than that the limited company option.
The best option for you depends on your plans, 'one off' contract or 'contractor for life'? [Read More...]
Umbrella Compare is an information portal designed to support contractors and freelancers who are looking at forming their own limited company or using the services of an Umbrella Company.
Umbrella Companies are a ready to go ltd company solution for contractors. There are hundreds of umbrella companies in the UK, but you need to choose a good one. The Umbrella Company section provides an education for contractors who are new to umbrella companies or are considering changing their umbrella company. Complete with tips and insights on how to select an umbrella company.
Ready to set up your own limited company? It can seem daunting, balancing your contractor workload and setting up and running your own limited company. The contracting industry has grown from strength to strength over the past 20 years and there are now a wealth of limited company accountants which specialize in providing limited company accounting and payroll solutions to contractors.
Contracting can be simple and a very rewarding way to work. Salaries are typically higher but you will need to balance your contracts and be prepared for gaps between contracts. In our contractor guides section, we provide sound information and guidance that will enable to have a successful and rewarding career as a contractor. Clear, easy to digest information that will help you secure your first contract, plan for your interview, remain tax compliant and stay up to date with the latest tax and revenue information for contractors. In the contractor guides we provide a complete step by step walk through Umbrella Company solutions and Limited Company solutions for contractors.
It is important you understand your IR35 status as a contractor before you choose an accounting solution. Your IR35 status will influence whether a Limited on Umbrella solution is viable for your contract. This set of calculators will indictae your IR35 status and relative take home pay whether in or outside IR35.
It's the basics... Compliance with Tax, VAT, PAYE and fiscal arrangements is mandatory for contractors regardless of whether you use an umbrella company or your own limited company.
Incredible then that there are still rogue umbrella companies and limited company accountants who expose their contractors to fraud. Umbrella Compare provides THE solution, we thoroughly vet all umbrella companies and limited company accountants that we list [Read more...].
Umbrella Compare provides a holistic overview of contracting with the aim of helping new and old contractors find the right payroll solutions. Contracting should be about focusing on the contract, not payroll, accounting, HMRC and bureaucracy.