Compare the Umbrella Contractor Payroll Solution
Compare the Umbrella provide contractor payroll services for the professional freelance and contractor market.
Firstly, they offer a commercial arrangement providing UK contractors and freelance professionals tax efficient and admin efficient payroll services. This is, furthermore, across a wide variety of sectors.
So, the crucial difference between the Compare the Umbrella strategy compared to other providers, in the market, is that their strategy is 100% commercially underpinned. In many other schemes, providers are operating via offshore intermediary companies. This, therefore, leaves they, and their contractors, open to attack through anti-avoidance rules.
So, why are they different?
Tax and NI Accounting
Firstly, they offer a strategy which a firm of UK Top 100 accountants actively hosts.
By actively hosting it, they don’t just provide contractors with registered office facilities. The partners personally act as Trustees and or directors of the arrangements they offer.
Therefore, their commercial arrangement gives both contractors and agencies/clients greater comfort. This is because they are entering in employment contracts with an independent umbrella/accounting body.
So, Compare the Umbrella will ensure that they carry out all necessary tax and NIC reporting under RTI. Therefore, there is no risk to the agency or end client.
Onshore Contract Payroll
The added benefit to the employees of this strategy is that employees are also able to apply for a loan facility. This, therefore, ensures HMRC do not see the terms as a benefit in kind.
Compare the Umbrella is a fully tax compliant ‘Onshore’ business based. It is operated within the UK and no funds at any time leave UK shores.
They offer what experts see as the future of contractor payroll and accountancy services. This future is one which uses standard accounting principles to lessen tax liabilities and retain genuine net returns of up to 85%.
So, this is great news for contractors. They can keep more of the money they earn.
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