Have you considered starting a limited company?
Joining an umbrella is great if you’re just starting out in contracting and want to keep some of the benefits of employment such as sick, holiday and maternity pay. You also don’t have to worry about admin or compliance. However, if you’re earning more than £15 per hour, and planning to contract for some time, going limited might be better for you.
There is more responsibility and paperwork, but there are also significant benefits. It tends to be more profitable, as you can pay yourself a combination of salary and dividends to ensure you’re more tax efficient. There’s also a lot more flexibility – you really are your own boss. ClearSky’s expert contractor accounting support will make the switch as easy and seamless as possible.
Ultimately, you need to decide which option is the best for your circumstances and Workstyle. But you don’t have to make the decision on your own. Our best advice team can give you in-depth advice on the pros and cons of each route to help you make the most suitable choice.
Get in touch with them today, or take a look at our other resources to help you decide.