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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Are you thinking of becoming a contractor? Excellent, UK businesses depend on contractors to augment their workforce and provide specailist skills for projects and development. Contracting can lead into permenant positions, almost a try before you buy policy that works well for the employer and employee
Are you new to contracting? Congratulations, contracting provides rewarding careers with diversity and challenge.
Suddenly found yourself in need of your own limited company or an umbrella company? It very common, the excitement of finding your first contract or new contract to to fear and uncertainty as you discover you dont know what an umbrella company is or how to run your own business.
Not sure which option is best? Don't fancy spending hours of your 'free' time in front of the computer filling in forms and spreadsheets? Then you'll need to know more about the umbrella company service.
If you've just decided to start contracting you probably don't know what questions you should be asking.
Umbrella companies are quick fix, efficient, low cost, low commitment flexaible payroll and accounting solution for contractors.
Asking these questions should give you an idea of what it will be like working with them. Your relationship with your umbrella company is important, so don't make your decision lightly.
Now you have the questions you need, it's time to build up your knowledge base. The umbrella company articles and contractor articles below under further reading are the best place to start.
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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.