Umbrella Company vs. Limited Company
If you are new to contracting and are deciding on Umbrella Company vs. Limited Company services, the experts at 360 are on hand to offer you professional advice on the best option for you. Whichever service you decide on, 360 will pay you quickly, as we run payroll every day.
The 360 umbrella service is ideal for you if:
• you are looking for simple solutions for short term contracts
• you don’t want the inconveniences of owning and running your own limited company
• you are a contractor looking to increase your net take home pay
• you want to ensure the highest levels of compliance with HMRC rules and regulations
• you want the flexibility of contracting with all the benefits of being employed
Once you have instructed 360 as your employer all you need to do is submit your timesheets and expenses through our secure 24hr online portal and then leave the rest up us. Your dedicated Account Manager will take care of sending your invoice to the agency or client, chasing payment when it’s due and then transferring your net pay direct to your bank account through our faster payment system.
As well as access to a huge range of benefits, ranging from statutory sick or maternity pay to free financial advice and pension options, we are one of the few companies that operate daily pay runs, and our same day CHAPs payment means you will have instant access to your payments.
Many contractors, especially those who see contracting as a long-term career, want the rewards and satisfaction of starting their own limited company. Becoming a Director of a limited company is a compliant, tax efficient and flexible solution, enabling you to maximise your income.
When weighing up the Umbrella Company vs. Limited Company option, starting a limited company can seem a daunting prospect when considering the day to day administration and the legal requirements all limited companies have to comply with.
However with 360, the administration burden of setting up and running a limited business is completely removed with our fixed fee all-inclusive service, so you can concentrate on your clients and business. As well as having a dedicated account manager this includes:
• company formation
• setting up of your bank account
• invoicing your clients
• monthly payroll
• annual account preparation
• corporation tax returns
For more information on whether the Umbrella or Limited Company option is right for you call one of our expert team today on 020 7471 3500