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...]
Starting and sustaining a successful career as a contractor can be challenging at times. In the early days it's all about understanding legislation, what tax you should pay, what accounting solution you should use, how to claim expenses. As time progresses and you settle into your career the challenges change. It becomes more about how you access specific financial packages like mortgages, pensions and savings.
In the guides section, we maintain up to date articles and information on each and every aspect of contracting. Umbrella Company and Limited Company articles are split for ease of those new to contracting.
Umbrella Company Guides
Limited Company Guides
General Contractor Guides
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.