Entering the contractor market has many benefits but also brings with it a number of challenges and obstacles. The first hurdle is to choose the right trading vehicle for you ; be it Limited Company, Sole Trader, Partnership or PAYE Umbrella.
The table below illustrates the difference in earnings retention for a single contractor with a day rate of £300, expenses of £500 per month, and a directors salary of £1,200 per month.
|Limited Company||Sole Trader||PAYE Umbrella|
|Take home pay||£49,297||£47,789||£42,645|
Our Accountants have all the experience to guide you through your options, with an objective appraisal of the best fit for your requirements, advice on IR35 issues and maximising take-home pay. We then tailor our services to your decision, assign you a qualified personal accountant and agree a fixed monthly fee with you