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...]
You know how important an income is - top three in life's priorities. So, what are you doing to protect this vital asset?
You should look into Income Protection, it's a type of insurance. It provides you with a replacement income if you are unable to work due to an:
It protects your current lifestyle, makes sure it doesn't have to change if you cannot work. It will pay your bills and living expenses until you return to work, or if not, until your retirement age.
December 21, 2012
On December 21, 2012, the use of gender in calculating insurance premiums across Europe will be abolished. This is a result of a European Court of Justice ruling.
"When unisex rates become available on December 21, 2012, Income Protection is set to become significantly more expensive for men."
Contractors do not have benefit packages that include payment whilst off work.
"If the worst should happen and you are unable to work, Income Protection will pay out a regular tax-free 'income' and the benefits will continue to be paid until you are able to return to work or the policy ends! Added Yerou.
Financial planning is essential for all contractors. Can you afford not to?
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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.