Carrington Umbrella

Umbrella or Ltd - Which one is right for you?

Carrington Accountancy offers completely unbiased advice to contractors who may need to set up and run a limited or who may need to work through an Umbrella Company. Carrington Accountancy provide expert services tailored around the client's individual business needs and their personal aspirations.

  • Ideal for short term contractors
  • You are free to join and leave us, no tie ins or notice periods
  • No initial set up costs
  • Very little paperwork - ideal for time restrained or disorganised people
  • Fully HMRC compliant - No IR35 concerns
  • You use your own personal bank account
  • Ideal if earning within the basic rate of tax
  • Claim legitimate expenses to offset against tax
  • No need to worry about taking out insurance, all provided as part of the weekly fee
  • Ideal if in between permanent jobs and looking for a simple solution
  • We invoice your agency and pay your tax to HMRC for you, you don't have to raise a finger!

Facts about

Umbrella Contracting

vs.

Facts about

Limited Company Contracting

  • Can structure your income more tax efficiently that an Umbrella contractor
  • Better suited to those intending to contract for 10 months or more
  • Ideal for those earning in the higher rate of tax
  • You will need to register a company with Companies House
  • You will need to pay for the services of a reliable accountant to file VAT returns, PAYE returns and Corporation Tax (CT600) on your behalf
  • You must open a business bank account (Carrington can help you do this)
  • Raise your own invoices and pay your own taxes
  • MSC (Managed Service Company) is not a concern as you manage your own affairs
  • You must always consider IR35 legislation
  • At the start of each new contract, always have an IR35 contract review done (Carrington offers this service)
  • No. of claimable expenses will generally be more than an Umbrella Contractor
  • Able to buy a Christmas Turkey and hold a Christmas company function as a business expense!

Need personal advice about setting up your own limited company? It's our specialty! Find out more at http://www.carringtonaccountancy.com/limited-company