If you’re working as a consultant, freelancer, or a contractor looking to maximise your take home pay (and who isn’t, in this economy?), joining an umbrella company might be just the thing for getting you the most out of your freelance business.
While a large proportion of your finances will depend on how much you claim on expenses, how many assignments you take on and how long they last, and your hourly rate, you can almost always benefit from using an umbrella company, as many will provide interim workers with NI and PAYE deductions before transferring wages to their bank account and also providing full contract of employment. Not only that, but umbrella companies can offset your expenses against taxable pay, maximising your take home pay as a result and leaving more money in your pockets at the end of the day.
Any skilled professional from a wide range of sectors can join umbrella companies; it makes no difference whether you’re an IT, engineering or public sector contractor, as you’ll reap the benefits of the flexibility and freedom that goes along with freelancing while keeping the security that comes with traditional permanent employment. But there are more benefits than just that, as umbrella companies minimise hassle for the contract worker, as umbrella companies not only organise invoicing and pay retreival, but also classify the contractors that work through them as employees, obviating the need for you to complete a tax return.
Umbrella companies are one of the best options when it comes to finding employment as a contract worker in the current economic environment – why go it alone when you’ve got industry professionals at your back helping you along?
