Setting up as self-employed (i.e., becoming a sole trader) is the most hassle-free way to get started in business. However, contractors will quickly discover that it is extremely difficult to secure contract work through recruitment agencies unless they operate through a limited company or an umbrella company.
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Read the 10-Step Guide →Off-payroll (IR35) – what is a Status Determination Statement (SDS)?
The off-payroll working rules have applied in the private sector since April 2021. In most cases, clients are responsible for determining a contractor's IR35 status. The decision must be documented in a Status Determination Statement (SDS), along … [more]
Do umbrella company employees need to file a self-assessment tax return?
If you work through an umbrella company, your income is normally taxed at source. So, do you still need to complete a Self Assessment tax return? … [more]
Should you pay for health insurance via your limited company or personally?
Private medical insurance (PMI) covers the cost of private medical care if you become ill. For limited company directors, premiums can be paid either personally or through the company. Each option has different tax consequences. … [more]
Capital vs revenue expenses: what limited companies get wrong
One of the most common sources of confusion for limited company directors is the distinction between capital and revenue expenses. The distinction matters because it affects how and when tax relief is given. … [more]
Dual purpose expenses for limited company directors (what HMRC allows)
One of the biggest sources of confusion when it comes to limited company expense claims relates to costs with both business and personal use (i.e, dual purpose costs). … [more]
How do pensions work if you’re an umbrella company employee?
In this guide, we explore how umbrella company pensions work, what tax relief is available, and what to look out for when joining a workplace pension scheme. … [more]
What are umbrella company margins?
As an umbrella employee, you will see an entry for your provider's 'margin' on your payslips. Here, we explain what an umbrella company's margin is and how much it typically costs. … [more]
Why contractors still need professional IR35 contract reviews
Although the off payroll reforms shifted the responsibility to clients for most cases, contractors should still actively check that their work is genuinely outside IR35 and remains compliant. … [more]
Understanding software intellectual property protection
Software, including digital products and applications, can be protected under various forms of intellectual property (IP). … [more]
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