Employment Status

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...]

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Downside to Equality Contractor Insurances

Downside to Equity

The EU Gender directive comes into full effect from 21 December 2012. Women will have to pay more for car insurance and life insurance premiums. Even though women have fewer accidents than men - they live longer. Prices could increase by 35%.

It's a good time to review the policies you have. If you have no policies - get some!

"The stats show that women in the UK are vastly under insured and it makes perfect sense to consider all your options now or pay higher premiums later.

"To have the best chance of having affordable protection in place by 21 December we need to submit your application in the next few weeks, as medical reports may be required."

Must Have Insurances

Life Assurance - Extremely cost effective. For a few pounds per month your family will receive payments if you die. There is also the potential of paying this via a limited company as a legitimate business expense.

Critical Illness - Pays out in the event you a diagnosed with a critical illness that may prevent you from being able to work. You get an income so that you can recover without the worry of paying the regular bills.Guaranteed Premiums - Your provider cannot increase your premium if the price of life insurance does rise.

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HMRC Compliance

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.