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As a contractor working through a PAYE umbrella company, it's likely you've become accustomed to the process of submitting timesheets and expenses and then waiting for you payment to be made by your PAYE umbrella company. The main benefits of contracting through an Umbrella Company is the fact that they administer your PAYE tax and National Insurance Contributions whilst you get to claim tax deductable expenses, of which you have incurred to do carry out the job you've been contracted out to do.
Have you ever thought about working through  Beats By Dre Custom Headphones your own Contractor Limited Company?
Working through your own Limited Company may be a feasible option, or it may not be. There are a few elements that you must consider before you commit to operating via your own Limited Company and I've summarised these elements below;
Contracting in the Long-term ? Operating through a Limited Company is much more a long term commitment, so if you think you might work on a 4 month contract and then go into permanent employment, a Limited Company isn't for you.
Basis of pay ? Generally speaking, if you are earning over £16.00 an hour (working a normal week ? 37.5 hours or so), operating through your own Limited Company is likely to be the most tax efficient way for you to receive your earnings.
Working practice ? This element looks at the job that you do. If you are a ?Professional Contractor' offering  Dr Dre Beats Studios a skilled & exclusive service, then a Limited Company  Beats By Dre Cheap Price is fitting to your working practice. If you are a tea lady, a Limited Company wouldn't be suitable due to your working practice.
IR35 ? It's likely you have come across this legislation. Basically, the legislation seeks to establish whether you can operate as a business (reaping the tax benefits) or that you should really be operating as  Monster Beats Canada an employee. There are a number of elements which you can look at to determine whether you are caught by IR35 (should be operating as an employee) or fall outside of IR35 (have the right to reap the rewards operating as a business). find out more on IR35
Degree of administration done personally ? If you did form and operate through your own Limited Company, extra responsibility is involved when compared to operating as an employee under a PAYE Umbrella company.  Cheap Dre Beats Studio As a director of your limited company, you would be responsible for ensuring it is run compliantly  Pink Dr Dre Beats and in line with company law. On a less daunting note, specialist contractor accountants like Danbro, alleviate the administration and tax affairs associated with running a Limited Company, allowing you to concentrate on contracting.
Benefits of operating through your own Limited Company
1.The most tax-efficient way of working
2.You can keep complete control of your financial affairs meaning you do not have to risk your money with any third party administrator.
3.Flexible tax planning and management of business monies
If you have been considering moving from a PAYE Umbrella to a Limited Company, I hope these elements I've put forward have helped.
About Danbro
Danbro are one of the UK's leading providers of accounting and payroll solutions for contractors. Whether you choose to form and operate through your own Limited Company, or register to work through their PAYE Umbrella Company, they can give you all the advice you need.
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