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...]
Helpful, professional and friendly.
Welcome to Priory Contractors
Priory Contractors are an Umbrella company offering an extremely efficient way to maximise Contractors earnings without the hassle of running their own Limited Company!
The Services we offer are 100% HMRC Compliant which gives the Contractor the confidence they are maximising their take home pay through working compliantly with the current Government legislation!
IR35, the diminished benefits of running Limited Companies, the headache of paperwork and accountancy fees are just a few of the reasons why Contractors have decided they best way of working is through an Umbrella Company. At Priory Contractors we take the responsibility for all Payroll administration including tax, expenses and National Insurance Contributions giving the contractor the opportunity to spend more time doing the things they want with more money to do so.
Established in 2006, Priory Contractors is recognised as the first choice amongst many Agencies when recommending an Umbrella Service provider. Our extensive knowledge of the temporary worker, freelance and contractor market allows us to confidently advise our clients on how to become as tax efficient as possible.
As a leading Umbrella Solution we look after contractors all over the UK across various business sectors including Driving, Media, Industrial and Warehouse, Telecom's, Medical, Teaching, Public Sector, I.T. and Security from our Head office in Rugeley, Staffordshire.
The financial benefits of Contracting are highly attractive, but there are many pitfalls where the contractor could fall victim. Therefore every contractor that signs up will be allocated their own dedicated Relationship Manager that will answer any questions, explain procedures, advise on how to maximise their income and most importantly make sure that each and every payroll is paid efficiently and within HMRC guidelines.
The relationship Manager will make sure that each and every contract is set up quickly and easily. They will explain what paperwork is required, when it is required and who requires it. They will liaise with the Agency and where possible implement their systems, which will avoid any additional paperwork and unnecessary time wasting.
We provide competitive Management fees based on a capped percentage fee, please click here to see our fees. There are no joining or (should it be necessary) leaving fees, nor do we charge additional fees for expenses. We also ensure that any Statutory Sick Pay or Statutory Paternity / Maternity / Adoption pay that the Contractor is entitled is paid.
We have approved dispensations from HMRC allowing the Contractor to claim up to specified limits without the need to submit a receipt (this does not exempt the Contractor from retaining their receipts for Income Tax purposes). These will be monitored by the Relationship Manager to ensure that every expense claim remains compliant and there is no comeback on the Contractor. Please click here to see our Allowances Policy.How it Works!
1. The Contractor becomes a member of Priory Contractors Umbrella Service and the Contractor works on behalf of the Agency for the Client.2. We invoice the Agency on behalf of the Contractor for the hours worked and the Gross income is paid to us.3. An Expense sheet is completed by the Contractor and allowable expenses (paid gross of tax) are deducted from the gross income. The balance is then subject to PAYE tax and NIC deductions (both employers and employees.4. The net pay after tax is combined with the allowable expenses and the total sum is paid into the contractor's bank account. Please note that expenses are not paid on top of the Contract income.
Priory Contractors are helpful and willing to answer all your queries. They won't pressure you into claiming more expenses than you actually spend and don't pretend their Dispensation benefits you. They will explain their services in clear simple terms and have a good grasp of current complex legislation that affects you as a contractor. You can access your personal records from a web-portal, as well as using it to submit your time-sheet details each month.
Quote Umbrella Compare code XYBME when contacting Priory Contractors.
Note: introductory offers and promotions run by Priory Contractors are subject to change without prior notice. Umbrella Compare is not responsible for offers current, planned or discontinued by Priory Contractors. See our terms and conditions for more details.
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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.