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...]
Are you thinking of becoming a contractor? New to contracting? 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 umbrella companies.
If you've just decided to start contracting you might not even know what questions you should be asking your umbrella company. So to make life a lot simpler we've identified exactly what questions you should be thinking about, together with some handy hints on what answers you should be looking for.
An umbrella company is simply a ready-made limited company. Think of it as the fast-food of accounting. Umbrella companies started to become popular about ten years ago. In those days there were only a handful of umbrella companies, today you can choose from hundreds.
Given the massive increase in their numbers it's inevitable that some will be better than others - so here's what you should be considering when choosing an umbrella company.
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
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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.