When first entering the market of contract freelancing, many people want to focus on the client facing element of their work and not have to apply any thought or time to the administrative side of being in business for themselves. Using an umbrella company is an easy option but not necessarily a good option financially.
The upside of working through an umbrella company is that all you need to do is, either weekly or monthly: raise a timesheet; list your expenses; and then just pass these simple details to the umbrella company.
The downside to the umbrella route is that you may be giving up thousands of pounds a year to save a very small amount of time, as most one or two director limited companies can be run very efficiently with the right support.
The umbrella route is a good choice for anyone that needs a solution between full time roles or is really working for only a short amount of time or expecting to earn less than £25k in a year. However, there is no magic number for the tipping point when making the decision to work through an umbrella company or through your own limited company; so we always advise that you speak to an expert and get a true projection of when it will become beneficial for you to make the change.
Don’t forget that all accountants and their clients in the UK are currently bound by the same rules, laws and regulations so if you would like to know what your take home could be if making this choice, please contact us.
Why Integro Accounting?
Integro Accounting is the UK’s only specialist provider of fixed fee, limited company accountancy services for contractors, consultants and freelancers that was established to an award winning standard – our Practice Manager, Maria Hickmott FCCA, won The British Accountancy Awards’ ‘Accountant of the Year’ in 2011.
We were set up with the vision of providing a service that is the ultimate for the dynamic, busy professional of today in a language you understand.
Integro Accounting have designed a bespoke service for the contractor who is always on the go; never forgetting that one size will never fit all.
The relationship you have with your accountant is the most important factor in our service which is why we will always offer unlimited contact with your own personal accountant; whether that contact is via the phone, email or face to face.
We have our 3 offices located in London, the South-West and on the Bedfordshire and Buckinghamshire border. There are also meeting locations in many of the major cities and towns across the Home counties, South-West and South Wales, all conveniently placed so that you never have to travel far to meet your accountant.
If you have any questions about contracting or would like to find out more about how Integro Accounting can help you and business please call Christian on 01525 303984, email firstname.lastname@example.org or request a callback.