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Umbrella Companies in the UK
Self employed staff and contractors who are just starting out on their lonesome are immediately faced with the problem of what kind of business structure they should adopt. The 2 main decisions these days are Limited Companies or Umbrella Companies. The first option, whereby a freelancer, agency contractor or PC advisor selects to set up an one individual limited company is the tried and tested path to organizing a contracting business, whereas the second option, to line up UK Umbrella Companies, is a rather more recent approach and something that more and more contractors have been doing.
However , another up to date development that also has to be considered when making the choice is IR35 legislation. On paper, it is essential to make it clear that the choice of umbrella company or limited company does not, and shouldn’t, influence in any fashion the IR35 classification of a contract or the modus operandi of any agreements for working. In a similar fashion, whichever route is chosen wouldn’t be influential upon a HMRC call or review to decide whether or not the contract is to fall within IR35 laws. Nonetheless, ever since the 2007 budget introduced Managed Service Legislation the only possible umbrella company option open to contractors has been to utilize a PAYE umbrella company which still means that all revenue will be paid as if the contractor is caught under IR35. This point is crucial as the financial and monetary implications of being caught within IR35 are huge. If you need to find out just how enormous they are you can find out by trying out one of many IR35 calculators found on contractor websites.
If a contractor goes down a company route they must run their limited company themselves in opposition to delegating vital decisions, control and administration to third party organizations. If a contractor operates outside of IR35 they are much more likely to employ a limited company car as it works out better financially. On the other hand if a contractor operates within IR35 neither option will have any effect on the amount of net pay but there are likely to be heavier costs of administration associated with the running of an umbrella company as all responsibilities will be delegated to a 3rd party.
Under an umbrella company solution a contractor has not one of the responsibilities routinely associated with the handling of a limited company and wouldn’t be a director. Instead, the supplier of the umbrella company will manage all taxation matters and accountancy and they can also handle any associated administration. This works by the contractor filling out one timesheet and passing it on to their umbrella company provider who will then be accountable for invoicing any agents. The agent will then make payment to the contractors umbrella company and they may in turn make a payment to their contractor.
For the contractor the umbrella company offers the benefits of taking away the trouble and time associated with limited companies. They get the cash in their accounts at the end of the job as documents breaking down how it got their. They haven’t any need to fill out payroll forms, VAT returns, company accounts and need never trouble with spreadsheets.
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