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Thinking of going Limited?

Could working through your own Limited Company be a wise decision? Well for some it may well be, whilst others may choose an Umbrella Company for ease and simplicity.

Form a Limited Company

The three main things you will need to do are: Form a Limited Company, open a business bank account and appoint an accountant, some contracts also insist on professional indemnity and professional liability insurance.

The real decision comes down to personal choice - yes you may take home more money, but you will spend more time managing and operating your company. A specialist firm of accountants like Dolan Accountancy,  can help manage your tax affairs but there will inevitably be some administration you will need to complete each month. 

A full review of the pros and cons of each method can be found below. If you would like more information about going limited we suggest downloading Dolan Accountancy's guide to contracting through your own limited company.

If you have any question about contracting or would like any further advice, please either call our new client services helpdesk on 01206 591 000 or e-mail info@contractorumbrella.com

PAYE Umbrella Company Limited Company
Pros Pros
Very easy to use, you simply enter your timesheet and expense details and wait to be paid. The most tax efficient way of working.
All tax and NI is deducted before you receive your money, so you will have no further taxes to pay. You keep complete control of your financial affairs.
Ideal for short term contracts. Access to the Flat Rate VAT scheme.
Insurance policies included as part of the service. Running your own business isn't difficult (it may be time consuming but it isn't hard).
Most importantly someone else will be doing all the paperwork. Greater opportunity for tax planning than PAYE Umbrella.
Perfect if you are unsure if contracting is for you and you're really just in between permanent jobs.  
Cons Cons
Your salary will be subject to full PAYE Tax and NI. There is a certain amount of paperwork involved.
You are reliant on the umbrella company to collect your money from the client or agent and then to pay it  to you. ContractorUmbrella will chase any overdue payments, on your behalf, free of charge. Can be costly if you contract for a very short period of time and than go back to permanent employment. You will be tied into a full 12 months of accountancy fees, regardless of contract length, and have to pay out for annual insurance policies.
  Not ideal for low earners.

More about Dolan Accountancy.

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Our contractor accountancy package includes free:

  • Company Formation
  • Business Banking
  • Access to FreeAgent
  • Registered & Director’s Service Office Address
  • Free use of ContratcorUmbrella for those contacts that better suit umbrella employment.

Dolan Accountancy can be contacted on 01442 795 100 or email sophie.lewis@dolanaccountancy.com.

 

Why Choose ContractorUmbrella?

ContractorUmbrella is the hassle-free, straight talking umbrella company that provides umbrella employment for UK based contractors and freelancers. Independently voted as the best umbrella company by the readers of Contractor UK.

As one of the most trusted umbrella companies in the UK, we guarantee our employees peace of mind, absolute compliance and complete security. We are one of the longest standing and most respected umbrella companies in the UK.

Benefits of working through ContractorUmbrella;

  • Fast and easy registration-  be ready to work in 24 hours, simply register online and we’ll take care of the rest.
  • Calculate your take home pay- use our online calculator to find out how much you could be taking home through ContractorUmbrella.
  • Same day payments- we offer same day payments as standard, for no additional fee.
  • Our Commitment Charter- is our guarantee that you will be looked after at every step of the way.
  • Flexible Limited Company accountancy- when you sign up to our sister company Dolan Accountancy, you can transfer to ContractorUmbrella when umbrella employment better suits or your assignment sits inside IR35.
  • Employee Benefits- at ContractorUmbrella there are many benefits available to you as our employee including Childcare Vouchers, our Employee Rewards Scheme, Group Pension Scheme, Foreign Currency Exchange, Contractor Accommodation, Contractor Mortgages and much more.
  • Personal Employee Liaison Officer- we believe in the personal touch, so you will have your very own dedicated Employee Liaison Officer during your employment with us. Read some of the glowing testimonials we've received about our lovely staff and the outstanding commitment they give to all our employees and clients.

If you’d like to find out more, call us on 01206 591 000 or request a call back by completing our online form.