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Almost as soon as the government passed its IR35 legislation in 2000 umbrella companies began to pop up all over the UK, which for many contractors was a good thing.
IR35 legislation was designed to stop people who worked for a company leaving that company on Friday and returning to the same desk on Monday as a, so called, self employed contractor. The problem the government had with this practice was, of course, that by working as a contractor a lot less tax had to be paid. This practice was becoming common in so many industries that the government put an end to it using IR35 legislation.
The Advantages of Umbrella Companies for Contractors
If you work as a contractor there are 2 legal ways in which you get paid. The first is to set yourself up as a one person Limited company. This means that you are the director of the company, so you are responsible for ensuring that everything you do complies with all of the relevant laws. So this means registering with Companies House, producing accounts, being responsible for all payroll matters and many other things that add up to a pretty heavy burden of responsibility.
The big advantage of using an umbrella company is that they are responsible for all of these things. They look after everything, but of course you pay a fee for getting them to do this for you.
If most of the work you do falls within IR35 legislation the service umbrella companies’ offer is almost certainly for you. However, if much of the work you do does not fall into the category of IR35 you may find that by using an umbrella company you are adding an additional expense to your business because you may pay income tax at a higher rate.
Finding Umbrella Companies
The services umbrella companies offer varies considerably, so you should shop around and compare one with another. Look for those firms that offer a truly personalised service. The best firms will assign you an account manager who will deal exclusively with you and your contracts.
Plan It Solutions is one of the most experienced of all the umbrella companies out there. They have been advising contractors for 13 years, so offer the best possible service.
IR35 legislation was designed to stop people who worked for a company leaving that company on Friday and returning to the same desk on Monday as a, so called, self employed contractor. The problem the government had with this practice was, of course, that by working as a contractor a lot less tax had to be paid. This practice was becoming common in so many industries that the government put an end to it using IR35 legislation.
The Advantages of Umbrella Companies for Contractors
If you work as a contractor there are 2 legal ways in which you get paid. The first is to set yourself up as a one person Limited company. This means that you are the director of the company, so you are responsible for ensuring that everything you do complies with all of the relevant laws. So this means registering with Companies House, producing accounts, being responsible for all payroll matters and many other things that add up to a pretty heavy burden of responsibility.
The big advantage of using an umbrella company is that they are responsible for all of these things. They look after everything, but of course you pay a fee for getting them to do this for you.
If most of the work you do falls within IR35 legislation the service umbrella companies’ offer is almost certainly for you. However, if much of the work you do does not fall into the category of IR35 you may find that by using an umbrella company you are adding an additional expense to your business because you may pay income tax at a higher rate.
Finding Umbrella Companies
The services umbrella companies offer varies considerably, so you should shop around and compare one with another. Look for those firms that offer a truly personalised service. The best firms will assign you an account manager who will deal exclusively with you and your contracts.
Plan It Solutions is one of the most experienced of all the umbrella companies out there. They have been advising contractors for 13 years, so offer the best possible service.