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...]
Great price. Online service only.
An umbrella company provides contractors who work under a temporary contract with the following services: invoicing the client or agency for work done, collecting payments and calculating tax and National Insurance payments due, providing employment insurances and facilitating tax-relief on allowable expenses.
Benefits of Umbrella Company Services
An umbrella company is typically the most straightforward and safest option for a contractor to operate under, avoiding the administration burden associated with running a limited company. Being on an agency's or client's payroll is likely to be less tax-efficient, and operating through a limited company is usually more complicated and involves paying the contractor partly in dividends.
Receiving payments in dividends can appear to be beneficial to the contractor, reducing the amount of tax the contractor pays. However, not all contractors are entitled to pay themselves in dividends and this could lead to a large future tax bill and a challenge by HMRC against IR35 tax legislation for unpaid tax and National Insurance.
Using an umbrella company removes many of the hassles associated with running a limited company.
The term umbrella company is often used misleadingly as a general term to cover all types of services to contractors, but a genuine umbrella company will not pay a contractor using dividends.
BBuffalo's online umbrella company service enables contractors to easily and legitimately take home more of the money they earn.
With BBuffalo, contractors are able to claim tax-relief on genuine business expenses. Contractors do not have to worry about end of year or future tax bills when using BBuffalo, because unlike some solutions, with BBuffalo, a contractor's tax and NI is always paid up to date.
BBuffalo's umbrella company is easy to use, the contractor can input all their hours and expenses online via their own secure BBuffalo account. BBuffalo charges an unbeatable £9.50/week for a complete online PAYE umbrella company service. BBuffalo is a fixed fee, pay-as-you-use service with no set-up fees, exit fees or hidden charges.
All BBuffalo contractors are fully insured with Professional Indemnity Insurance and Employer's and Public Liability Insurance. BBuffalo runs a payroll everyday; this means that contractors are not left waiting for the next payroll date to receive their money.
Bbuffalo umbrella company is now under new management, and what a big difference! The new website is clearly laid out and easy to follow. There's no jargon and everything is easy to understand.
Bbuffalo are offering a fully compliant PAYE umbrella company service for just £41 per month. They can offer this fantastic price because everything you need to do is based around their online portal.
All necessary insurances are included in the set price as is everything you need for a tax-efficient payment service. Bbuffalo can cater for contractors from across all industries including IT, telecoms, healthcare and engineering. As with other umbrella companies there is no long term commitment required and you only pay when you are actually working.
Quote Umbrella Compare code KRHIU when contacting BBuffalo.
Note: introductory offers and promotions run by BBuffalo are subject to change without prior notice. Umbrella Compare is not responsible for offers current, planned or discontinued by BBuffalo. 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.