As a freelance worker working through us, we want you to receive the very best service and advice. In terms of maximising your pay and ensuring that you adhere to the legal rules, regulations and taxes of the country that you work, we highlight here the working options that you have and accountancy companies that we would recommend that you speak with about solution offerings for you.
Limited Company Services
The term 'limited' derives from the fact that the company's finances are distinct from the personal finances of their owners (unlike the sole trader arrangement). Shareholders in limited liability companies are not responsible for company debts, although if required, directors may be required to guarantee loans or credit granted to the company. There are administrative responsibilities such as registering at Companies House.
If you choose to set up your own limited company you will typically benefit from higher take home pay; unlike those who choose the umbrella company option. They will not be required to pay a fee for these services, although you will of course be responsible for your own administration. You will benefit from greater tax flexibility and the option to claim back VAT on a variety of costs as business expenses. Many freelancers choose this option for the challenge and satisfaction of running their own businesses, and the higher take home pay benefit.
We work closely with a number of freelancer services companies who are able to offer help and advice to you in setting up your limited companies. We take our recommendations seriously and hold regular meetings to ensure that our recommendation's processes, quality of service and value for money are best in class and ahead of their competition.
If you are considering forming a limited company then our advice would be to call one of the companies that we have vetted.
Umbrella companies specialise in providing payment services to freelance workers. The range of services includes timesheet management, billing, payroll, contract management pre-employment and background checking, BACS disaster recovery and umbrella payroll services. Umbrella companies also work to ensure that accounts are correctly maintained and that payments are made correctly and in accordance with the laws of the country in which they are working.
We recommend a select few umbrella companies and we take these recommendations very seriously. We conduct regular meetings and audits of those umbrella companies that we endorse as well as their competitors. There are hundreds of umbrella companies that you could choose to work with. We have chosen to endorse two umbrella companies as we believe they offer best in class service, most efficient processes and act professionally at all times.
If you are considering working through an umbrella company then our advice would be to call one of the companies that we have vetted.
Construction Industry Scheme
The Construction Industry Scheme is an alternative payment method for subcontractors working within the construction industry and is operated by HMRC.
The general principles behind the scheme are to allow subcontractors to be engaged on a greater scope of work and to streamline the payment process.
Full details of CIS can be found on HMRC's website
We work with a select few companies who are able to provide guidance and assistance to contractors seeking to work through CIS. We take our recommendations seriously and hold regular meetings to ensure that our recommendation's processes, quality of service and value for money are best in class and ahead of their competition.
If you wish to find out more about the above options then we recommend you speak to Brookson. We have worked with these companies for many years and believe they are the best at what they do in their industry.