New to Contracting
If you are new to contracting, there may be a few things that you’re struggling to understand – after all, it can be a difficult transition to make, but well done for taking the first step!
- Would you like support on understanding the IR35 tax legislation?
- Are you in need of support in setting up as a limited company?
- Do you require helpful advice on PAYE?
- Could we help you better understand and manage the financial aspects of your business?
From the moment you get in touch, we will help you understand how we can help and how what we do will benefit your business. It’s essential that you get the right support in order to strive as a UK contractor.
First Time Contracting?
We know that taking the plunge and leaving a 9-5 job can be daunting – but it can be so worthwhile in the long run. At Industria, well help you:
- Set up your very own limited company if that’s the route you would like to go down.
- Review your IR35 contracts ensuring that you are compliant in everything you do.
- Tackle all aspects of your business.
We Can’t Wait to Talk
We believe that staying relevant and up-to-date is highly important in this fast-paced day and age. At Industria, we strive to keep our finger on the pulse at all times, staying tuned in to what’s happening within the industry. We use effective communication methods and keep you up-to-date and in the loop. Simply get in touch with us by telephone number 0151 909 3835. We’re here to help you between the hours 9:00 am to 5:00 pm Monday to Friday.
Operating as a Limited Company
Here’s what you need to know when you operate as a limited company: Operating as a limited company means that you are the director, you are responsible for all tax contributions and paperwork. If you earn over £25,000 and want to work as a contractor, a limited company may the best route for you to go down.
Limited Company Advantages
- It’s the most tax efficient way of working as a contractor.
- You have the potential to take home a higher income.
- There are a number of expenses that you can claim that cover accountancy fees, equipment, software and so much more.
- You are in complete control of your financial affairs at all times.
Limited Company Disadvantages
- The paperwork required can be vast.
- The accounts of your company are your sole responsibility.
- Your contract may fall inside IR35, which can incur greater tax and National Insurance contributions – always check first.
Contracting Through an Umbrella Company
Using Industria as an umbrella company removes the stress and hassle from you as we take care of the complexities of your business. Our excellent range of umbrella services may be best suited to you if you earn under £25,000 or you tend to take short terms contracts (less than three months). You will usually take home 60% to 65% of your contract when working under an umbrella company.
Umbrella Company Advantages
- An umbrella company is easy to use. All you have to do is enter the details on your time-sheet and wait to be paid payment.
- All tax and NI is deducted for you.
- There are benefits to be enjoyed such as sick pay and pension contributions.
Umbrella Company Disadvantages
- Your salary is subject to full PAYE Tax and NI just like a permanent employee.
- You are reliant on the umbrella company to collect your money from clients or agents and pay it on to you which takes away some of the control from you.