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All You Need to Know About Umbrella Companies

Companies / SME Aug 06, 2018 - 11:29 AM GMT

By: David_Milsont

Companies

While many people new to the contracting world choose starting their own Limited Company to be their own boss, many do this without knowing about the benefits of Umbrella companies. While having full control can be very tempting, it can often be overwhelming, especially when just starting out as a contractor. Many choose the best of both worlds, Umbrella Companies.

Brookson bring you all you need to know about Umbrella Companies compared to Limited Companies and why they might be a good choice for you!


How Do They Work?
It’s best to know how Umbrella companies work before joining one, after all, jumping right into either Umbrella or Limited isn’t advised. In step-by-step format, Umbrella companies usually work like so:

  1. Joining the Umbrella company via online or via phone
  2. Signing the contract between you and the umbrella company
  3. At the end of the working week you submit your hours & expenses using their online portal
  4. The umbrella company invoices your client
  5. Umbrella company pays you through PAYE, after deducting business expenses
  6. At the end of the tax year you receive your p60 and p11d from your Umbrella company

Sounds fairly simple right? That’s because it is, and it’s why many people choose it over running your own Limited company. Many people choosing contracting after full-time employment, wanting more control of their job. Umbrella company  merges both worlds by essentially being your employer. They pay you a monthly wage and sort all financial administration out for you for a monthly fee. Giving you more focus on the work itself and leisure time, less on the accounting.

IR35
You may have heard about IR35 through friends in the contracting business or through your own research. IR35 was put into place to catch out contractors that have an ‘employment relationship’ with their clients, where they’re essentially an employee of that client, yet work as a contractor to gain certain tax benefits.

Working under an Umbrella company you do not have to worry about that at all! As you won’t be affected by it at all, only if you work as a Limited company. A huge plus to Umbrella companies since many people rightly so don’t want the headache of IR35 potentially affecting them whenever they’re signing a new contract for work.

Umbrella companies work for a wide range of people, whether you’re just starting out in contracting or you’re looking for a contracting career without the hassle of accountancy bogging you down.

Speak to a specialist contractor accountant today, such as Brookson, and they’ll be able to help you with any questions you have on Umbrella Companies!

By David Milsont

© 2018 Copyright David Milsont - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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