It's a choice that faces many new contractors and each approach offers its own benefits. Ultimately it will come down to some of your own personal traits and skill set. In this article we will look at what it means to work for a PAYE umbrella company and running a limited company.

Umbrella Company

Umbrella companies support contractors of many types and take care of administrative activities such as PAYE Michael Dickson Jersey , tax, invoicing and business expenses. This lets contractors do what they do best. Umbrella companies in essence take away the stress of running your own business and helps minimise risk.

Umbrella companies work by paying you directly and invoicing your recruitment agency or client. This is done by the umbrella company for a weekly fee. Umbrella companies can help individuals with contractor's tax and increase the amount of pay you take home.

In recent years the number of people using umbrella companies has increased dramatically. Some of the reasons for this can be seen below.

- Get paid quickly and on time
- Full employment rights. This included statutory holidays
- Spend less time on admin on more on the things you love
- Recover expenses on certain business activities
- Tax and legal obligations taken care of
- Take home more pay Shaquem Griffin Jersey , in most cases

As you can see umbrella companies offer many benefits.

Limited Company

A limited company is a company whose liability is limited by its shares. Limited companies are one of the most common company types in the UK and keeps personal and company finances completely separate. It's an attractive prospect for many as it gives individuals complete control over their work.

Taking on a company can be a lot of responsibility and requires a lot of extra work. This is because you won't be doing your just your usual job. It will require you to sell your services and perform lots of administrative duties. With this in mind you will need to consider some of the following things when considering setting up a limited company.

- Be organised. The amount of paperwork you will have will increase significantly. Filing paper work late can result in penalties or extra payment. Consider hiring an accountant.

- Extra responsibility. You will need to source work and keep on top of tax returns and other accounting jobs.

- Responsible for your own expenses and time. More difficult to take holidays.

- Setup separate bank accounts. This is vital for keeping your finances separate.

- Paper work. Need to keep accurate records of your activities.

Being your own boss is an attractive prospect to many however it is not as easy as it sounds. You take on a lot of extra responsibility and if you are not the most organised or business focussed person it can quickly become overwhelming. This makes umbrella companies a sensible option.

Umbrella companies serve a wide range of sectors and contractors should be able to find ones there fit their sector fairly easily. Umbrella companies also charge surprisingly little. How to build Ecommerce Websites
Posted On : Jul-22-2010 | seen (203) times | Article Word Count : 390 |

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