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Looking for umbrella accounting services?

Joining an umbrella company is a great way for inexperienced or short-term contractors to cut down on tax and general business admin. However, it is not as tax efficient as setting up a limited company.

Many contractors looking to join an umbrella company could be just as well, if not better, served by setting up a limited company.

Umbrella vs. Limited
What are the key differences?

Umbrella company

  • The company acts as your employer
  • Little involvement in administration
  • Submit timesheets to get paid
  • Deducts and pays tax on your behalf
  • Higher take-home pay compared to PAYE

Limited company

  • Higher earning potential
  • You run your own business
  • The admin responsibility is yours
  • You’re responsible for paying taxes
  • Manage company bank accounts and invoices
 

 

Ask yourself:

Is an umbrella company for you?

  • You don’t want the hassle of administration
  • You’re likely to have a rate of less than £15 per hour
  • Your contracts will usually be less than six months

Is a limited company for you?

  • You’re happy to take on the admin responsibility
  • You’re likely to have a rate of more than £15 per hour
  • You will accept contracts of six months or more
 

For advice and guidance on how you can best set up
a limited company, get hold of one of our contractor accounting experts on 080 8141 1643.

Alternatively fill in this form and we’ll get back to you:

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1st Contact is rebranding to Sable International!

For the last 18 months we've been merging with our big brother, Sable International. By the end of the year, we're going to complete the rebrand.

The accountants, brokers, advisors and caseworkers that you are used to dealing with will not be going anywhere as the entire 1st Contact team will be in the same roles at Sable International. You'll still get that same great service, just under a new name.

We'll be keeping you in the loop as we prepare for the next exciting phase in this rebranding.

If you have any questions, please feel free to contact us directly.

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