For those contractors who want to retain their autonomy while achieving a reduction in their tax liability, an umbrella company could be just what they are looking for. Umbrellas are ideal for those contractors who would rather not work as a sole trader or set up their own limited company. Just think, you could wave goodbye to all that administration that would burden you if you were operating your own limited company such as expenses, timesheets, expenses, contracts, filing and tax calculations. By working through an umbrella you effectively become its employee while choosing for yourself which contracts to accept, what rates of pay to accept and the terms and conditions for your work.
Of course, these are not the only benefits of working through an umbrella company. Your umbrella will work with you to reduce your tax liability and can also offer you further cover such as public Liability and Employer cover in the event of any legal action based on services rendered. Many umbrellas can also offer extra benefits which are tailored to each contractor’s personal requirements. Such benefits include pension plans and health cover.
Crystal Umbrella makes sure its customers are aware of the guidelines that it is proud to work within. All umbrella companies have a responsibility to work within the HMRC guidelines. Crystal Umbrella makes sure that it also adheres to the HMRC benchmark scale rate for expense allowances. This means that our customers are at a much reduced risk of being subject to an HMRC investigation based on an artificially high and unrealistic dispensation.