Umbrella Company alternatives
With Chancellor Geroge Osborne’s attack on them, contractors are now looking at umbrella company alternatives.
These alternatives include:-
Personal Service Companies – they are also under attack from the Chancellor too but contractors will still pay £10,000 a year less using them than from using umbrella companies.
Tax Efficient Limited Companies – Contractors can still use their limited companies but they take advantage of existing UK law to save as much tax as possible. Contractors can retain 85% of their money using this method
Limited partnerships – contractors have self-employed status here and partner with a limited company set up by the service provider. Contractors can retain 85% of their money using this method
Offshore umbrella companies – contractors can retain 85% , or more, of teir income this way