Onshore Umbrella Company Alternatives
It would be worth contractors looking at onshore umbrella company alternatives. These can give let them keep 85% to 90% of the money they earn.
Freelancers usually take the Personal Service Company or PAYE Umbrella Company route if they don’t go with offshore umbrella companies.
Therefore, if they want to stay onshore, there are a number of alternatives to those.
Indeed, there are a number of Umbrella Company Alternatives which are onshore rather than offshore.
They can be as attractive financially as offshore companies – and none of the money goes offshore.
So, they take advantage of tax incentives in the UK.
Limited Company Alternatives
Another alternative is to use a UK-based Tax Planning solution that allows you to continue to use your limited company.
Sometimes, agencies tell contractors that they have to use one of their recommended umbrella companies. They have a Preferred Supplier List.
There’s a good chance that the agencies are ‘getting a bung’ for doing this or getting some kind of ‘payment in kind’. This is actually illegal under the 2010 Bribery Act.
Agencies and Limited Companies
However, if contractors use one of the Umbrella Company Alternative solutions, which uses a limited company, agencies would not even be aware of it. The contractor would just tell them that they have their own limited company.
Agencies don’t insist that limited company contractors use umbrella companies.
So, here are examples of Umbrella Company Alternatives which use Limited Companies.
They make use of different tax incentives to cut the amount of tax that the contractor pays. All use the contractor’s limited company.
Example of Umbrella Company Alternative
Therefore, you should click on this to find out more information, or to apply, about umbrella company alternatives.
One of these umbrella company alternatives should suit you. Also, they will save you lots of tax.
Furthermore, they use efficient tax planning to save contractors money while still using their limited companies.