A contractor's dilemma

We'll help guide you to your best financial place

That way you'll be able to trade in the most beneficial way for you.

Limited company

Numberworx accounting software with dedicated accountant

More take-home pay
Traditionally a limited company will provide you with higher take-home pay, as you can decide on the most tax efficent way of taking your money
More reclaimable expenses
You can claim most business expenses through your limited company, and also take advantage of tax relief on your lifestyle benefits such as pensions and life insurance
Work for more than one client
Since you would own your own business you can undertake activities outside of your normal contracts. Above all, you are in control of your business activities, weʼre here to help you
Financial protection
Because your company is a separate legal entity to you, your personal finances and assets are protected in the event of any claim against your company.
More business credibility
Having your own limited company also means you are perceived as an established, professional business
Simple and fast to set up
Numberworx can register your new limited company and provide you with your business bank account within just a few hours

Numberworx accounting software with dedicated accountant

Legal obligations
As the Director of a limited company you will be responsible for operating in a compliant manner. We can help make sure you operate within the IR35 legislation .. particularly neccessary if you are going to work for a public sector body
Have to meet admin deadlines
There are various official deadlines you will need to meet including filing your accounts and filing your Company Tax Return. Numberworx can do all this for you so you donʼt have to

Umbrella company

Numberworx accounting software with dedicated accountant

Less PAYE admin
You donʼt need to worry about calculating income tax and national insurance contributions, all of this is done by the Umbrella company
Employee benefits
The Umbrella company is your employer and so will offer you statutory employment benefits. These include 28 days holiday, national minimum wage, maternity and paternity pay

Numberworx accounting software with dedicated accountant

Less control of your payments
You do not have as much control over your business activities as you would with a limited company. You are also reliant on the Umbrella company processing your invoices and collecting your money quickly.
Inflexibility for multiple clients
if you switch agencies it is highly likely that you will need to change the Umbrella provider
No growing room
An Umbrella company will not support your business plans should you want to develop beyond working as a contractor. You are an employee of the Umbrella company.
Other Income is more difficult
If you earn income outside your contract you will need to find a way of being paid - be it a new Umbrella, limited company or self-employed.
More difficult expenses claims
Dependent on your Umbrella arrangements you may need to claim tax relief on your expenses separately through a self assessment tax return
More personal liability
There are some less scrupulous operators out there who claim to be “Umbrella Companies”. You need to make sure that any deductions are being paid to HMRC and you are not going to be left with an unexpected tax bill. Remember, if your take home pay sounds too good to be true - it probably is and this could be a tax avoidance scheme that may unravel in the future. Beware!

To summarise

Your own personal bookkeeperYour own personal bookkeeper

VAT returns preparedYour tax & VAT returns done

Speak to the same person every timSpeak to the same person every time

Receive monthly bank reconciliatiReceive monthly reports

Build a relationshipWe build a relationship with you

Unlimited helpUnlimited help & support

Free expert tax and accountancy adviceWe liaise with HMRC for you

Free expert tax and accountancy adviceSpeak to the same person every time

Free expert tax and accountancy adviceFree expert accountancy advice

No fixed term contractNo fixed term contract

Rolling 30-day agreementRolling 30-day agreement

No need to worry about upgrades or new versionsNo need to worry about upgrades

Free cloud-based softwareFree cloud-based software

Military grade securityMilitary grade security

Access from any internet enabled deviceAccess from any device

Accounting SoftwareFree online accounting software

Simple to useQuick, smart and simple to use

Online dashboardOnline summary dashboard