We look at the advantages and disadvantages of contracting via a limited company - a tax efficient option for many, however directors do carry a number of statutory and financial obligations.
We look at how net pay is calculated for PAYE umbrella company employees, following deductions from your assignment (umbrella rate) and gross pay rate.
The confirmation statement confirms that all of your company information is accurate and up to date and that your company is compliant with company law.
If you work via an umbrella, you can benefit from 'continuity of employment' - where you continue to be employed by the umbrella even when a contract ends.
If you are a contractor working on temporary assignments, there are two common ways in which you will be paid – via agency PAYE or through an umbrella company. Here, we explain the differences.