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Running your accounts through an umbrella or limited company can offer you many benefits as a contractor. Before you choose your structure, you should first get to know the differences between both in order to make an informed decision.
An umbrella company acts as an employer to contractors. It’s an easy option for first time contractors or freelancers. If you aren’t sure if contracting is for you, or if you think that you may go back to permanent employment at a later stage, then an umbrella company might be your best bet.
Advantages
Disadvantages
This is a business structure that offers you, the shareholders, and the directors of the company many advantages. Because your personal finances are kept separate from the company’s, your personal liability is limited. This means you’re protected if anything happens to the company.
Advantages
Disadvantages
*This article was provided by 1st Contact Accounting, who gives forward-thinking individuals the tools to steer their financial affairs forward.
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Comments [1]
Anonymous says:
Limited is the way to go if you have been contracting for a while, but if you are not sure and are new to the contracting world, an Umbrella Company will have you setup in no time to start earning.
Exactly, nice article.
Without umbrella companies, many construction firms would be in trouble and they are vital for the growth of the economy.
http://umbrellapayrollcompany.co.uk/