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From starting out as a contractor to finding the best umbrella company, IR35, claiming business expenses, paperwork & FAQs - look no further!
What is IR35
IR35 is Government legislation (Finance Act 2000), with the aim of stopping contractors avoiding tax they should be paying. At one point in time employees would quit their full time job on a Friday - returning the following Monday as a contractor to do exactly the same job but paying far less tax!
- It was great for the contractors and legal at the time, but HMRC felt it was an unfair way of avoiding tax so changed the law for all contractors, by introducing the IR35 legislation.
This meant that contractors had to pay more tax & NIC than previously. If you're doing the same job as a full-time employee of your client then HMRC may accuse you of 'disguised employment'.
You should still go about Comparing an umbrella company service to managing your own limited company, because there are still advantages of running your own limited company.
The advantages of using an umbrella company service often out-weigh all the options. If you are unsure what to do see our introduction to an umbrella company and our guide on how to find the best umbrella company.