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...]
As a contractor/freelancer the most important decision you make is how you manage your payroll and accounting. It's a simple choice, you either need to setup your own limited company or work through an umbrella company.
Making the decision of umbrella or limited company can seem complex. The good news, you are not on your own. Every year thousands of contractors and freelancers use Umbrella Compare to help understand which accounting and payroll option is right for their contract and circumstances.
We are happy to help you choose which option is best, simply call us or use the form below and we can email or call you back.
You can calculate your potential take home pay using online IR35 calculators but they can be confusing as you may not be sure whether you:
Umbrella Compare keep it simple. We won't ask you to fill out forms which you may be confused by. We won't force you into an umbrella or limited solution. We simply provide the right information and support so that you can decide whether to use the services of an umbrella company or a limited company.
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.