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...]
If you are an independent contractor working on temporary assignments particularly through employment businesses, you will probably be aware that changes made in tax legislation have had significant effects on the way you can receive your earnings.
In response to this, Gain is pleased to announce the arrival of our PAYE Umbrella Company Service.
This structure sits outside of the Managed Service Company (MSC) legislation and enables you to continue providing your services to your customers without being employed by them. It gives you freedom to work where you like and when you like, helps you maximise take home earnings whilst ensuring that all NI and tax is paid in a proper and timely manner with minimum administration on your part
How do I gain advantage by being part of a Gain umbrella company?
The ability to maximise your earnings through the use of qualifying business expenses, administered for you in an efficient, friendly high customer service environment. Specifically, see some points below:-
Friendly and efficient customer services department just one call away
This is a unique advantage over working for any other umbrella company. You get paid on time even if the money due from the "agency" you have been working through does not arrive on time. Gain guarantees to provide funds to pay you on Friday simply as long as information from the previous week is sent in time by the "agency".
How do you gain advantage?
Gain Advantage comes across as a small niche outfit, and they offer you a compliant PAYE service. They have a small but growing number of clients who will benefit from good customer service.
Their website is a bit sterile and doesn't go into a great amount of detail about how they work with contractors - a minor point. They understand all the latest laws to do with contractors and are a friendly lot.
The reason they are so competitively priced, they state, is because they only make salary payments by BACS (takes 3 days for you to get your money) rather than CHAPS like some other Umbrella companies.
Quote Umbrella Compare code ORRKA when contacting Gain Advantage.
Note: introductory offers and promotions run by Gain Advantage are subject to change without prior notice. Umbrella Compare is not responsible for offers current, planned or discontinued by Gain Advantage. See our terms and conditions for more details.
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With 17 votes, Gain Advantage has an average review score of 3.
3 / 5.0 [17 Votes]
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.