Umbrella Company

Top 10 Benefits Of Using An Umbrella Company

Umbrella companies are being used by contractors more than ever due to the major benefits they provide.

There are many financial advantages of using an umbrella company and often some additional benefits are available.

Working for an umbrella company as a contractor is a good solution for many situations, including those who are looking for long term jobs, professionals wanting to gain varied experiences or knowledge, and those who are not quite ready to become their own bosses or own their own companies.

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Company structure Umbrella Company

Private Limited Company advantages and disadvantages

When working as a contractor it’s a great idea to consider private limited company advantages and disadvantages.

There are currently more than 2.7 million limited companies in the UK according to data from Inform Direct online company records.

Below is a detailed look at some of the main pros and cons:

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IR35

IR35 Rules explained

Introduced in April 2000 in the UK, the Intermediaries Legislation, or IR35, is aimed at contractors who work for clients via intermediaries.

It was created to ensure that contractors pay their taxes and National Insurance contributions as employees rather than as self-employed contractors.

Before its enactment, some contractors were using intermediaries such as limited companies to ease their tax burden and National Insurance contributions. This denied the UK government tax revenue an did not make them happy.

Here is a detailed look at IR35 and its legal implications:

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Umbrella Company

What is an umbrella company?

An umbrella company is simply a firm that acts as an employer to contractors who operate under a fixed term contract.

The question is this.

Could an umbrella company work for you?

To answer this question effectively, you have to understand how these companies work. You also need to know some of the amazing time and cost-saving services an umbrella company can offer your firm.

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