Two Contractors can work through the same Limited Company. The pros are for couples because when one is earning more than the other, or one is without a contract, the tax can be equalized and it can help avoid Higher Rate Tax. Accountancy costs can be saved because...
Four factors are usually used to decide whether you are caught by the IR35 rule (working like an employee vs self-employed person). You are not caught by IR35 if: CONTROL: You decide how you work and it is not controlled by the client. SUBSTITUTION: If you have a...
As a Contractor you can handle your income in 3 different ways. Go on an agency payroll – the simplest option but you will pay PAYE and NI on your earnings; use an Umbrella Company where you again pay PAYE and NI plus pay the Umbrella Company a fee and possibly not...
There are three main types of insurance that a Contractor should consider: Public liability insurance This covers physical damage or harm done by the contractor whilst representing their business. This is a legal requirement – and contracts generally require £5m...
I have a client who recently came to us for help with her tax return with some letters from HMRC. She is a social worker who was getting work via an Agency – and she was being paid by an Umbrella Company. The lady isn’t British and took all the advice she received...
Yes you can. Advantages: You could pay yourselves equal amounts to minimise the risk of Higher Rate Tax to one of you. Only one set of accounts will need to be prepared each year, rather than two, saving on accountancy fees. Disadvantages: If either of you are in...
