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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Directors and Officers Liability Insurance What is required

Directors and Officers Liability Insurance

Directors and officers of businesses have various duties, responsibilities and powers in connection with their position.

In most cases these are set out in a job description or terms of reference. As a result they can be held responsible for a range of issues including:

  • Health and safety
  • Data protection
  • Maintaining satisfactory accounts
  • Fraud
  • Negligence

Directors' and officers' liability insurance (DandO) enables the directors and officers of a company, or the company itself, to cover themselves against such damages.

If a director or officer is found to have accidentally acted outside their terms of reference and this results in a claim, compensation and legal fees will be covered by the DandO policy. If the act was deliberate, then it may not be covered.

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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.