IR35 legislation changes are impending. Countless contractors have to assess their options, whether to work under an umbrella company or start a limited company.
Reduced take-home pay is predominantly one of the main reasons that put contractors off using an umbrella company. However, there are many positives to working under one. This blog will look at our top benefits for using an umbrella company, such as Unique Payroll.
There are no concerns about being caught out by IR35
Unique Payroll has actively looked to educate as many people as possible on the impending changes. HMRC created the legislation to identify contractors or freelancers who were ‘disguised employees.’ Look at one of our previous posts found here to find out more.
But, by using the services of an umbrella company (regardless of your IR35 status), you become an employee of the umbrella company, which takes care of paying your PAYE, National Insurance Contributions (NIC), and all of your tax due from the company you’re doing work for. They’ll minus fees, and you’ll be paid the rest. Using (a compliant) umbrella company will leave you in good stead with HMRC, with nothing to worry about.
Our specialist team is here to help however we can. If you require any more information or some guidance on picking the right umbrella company. Call us on 01473 461 028 or by visiting https://uniquepayroll.co.uk/.