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...]
Its time to use your Initiative Repeat business is cheaper than new business, make sure your current client always has you top of their list. Being a contractor in business is exactly the same as any other private/public limited company. There are no special rules for freelance contractors; you're up against the world and their dog - so get it right.
Risk-free business? Wake up and smell the coffee, it doesn't exist. Every business has daily risks to overcome - even a monopoly situation. You can't get round this facet of business life. Ignoring risk does nothing but store it up for another day, when it will turn and hit you twice as hard.
You can't have good without bad, heads without tails, up without down. Same principal applies to innovation, initiative, and success. You won't always come up smelling like roses, but that's no excuse for not trying. It's a recipe for a failing business.
Life is not a Hollywood movie. Don't let the phrase 'Failure is not an option' prance around your head or be heard in your business. That's the same as saying 'Innovation is not an option'.
Contractor businesses that don't innovate quickly stagnate, then fall behind, then liquidate - or end up taking £10 an hour contracts. And if that doesn't make you feel uncomfortable then you're not a true freelance contractor.
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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.