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...]
An umbrella company is the alternative to having to set-up and manage your own limited company. You get both limited company status and a back-office facility to turn time sheets into cash. It's the cheapest and easiest way to be a contractor.
Carrying out your contract assignment often means you will have to spend money out of your own pocket on things like travel and maybe training. You can reduce your tax bill by claiming such expenses through your umbrella company.
You can either register with an umbrella company online, or via the telephone. If you decide to call, you'll need to know what questions to ask. We've listed out what you should ask and what you should know before hand.
How do you go about choosing an umbrella company? How would you know what to look out for, what questions to ask or the things to avoid? The answer is you don't. This guide will help you pick the right service for you.
The actual contracting part of this career is simple enough, you're just doing your job at various locations for different companies. The tiresome part is the shackles called administration.
But if you go about it right, you can forget about all the paperwork and get on with earning money! Using an umbrella company service is part of this, but there's more....
Looking for an umbrella company service? Make sure you use one meeting the 2 key criteria of being:
Are you ready to go umbrella? Use our umbrella company comparison calculator and compare prices, reviews and view a personal take home pay example.
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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.