The decision is up to you but generally an Umbrella Company is simpler than working through your own Limited Company, but you will take home less money from your contract.
As a general guide if you take home more than £25,000 per annum, or if you take on a contract for more than three months then the Limited Company would be the best route.
Switching is easier than you think!
a) Form a Limited Company
b) Open a Limited Company Bank Account
c) Appoint Ingleby Accountants to take over
This tax law tries to differentiate between genuine contractors and “disguised employees”.
Providing you have a contract that is outside of IR35 and your working practices reflect your a standard Limited Company and not an employee you will be fine. Let Ingleby Accountants review this for you.
Worse case scenario is you pay tax as if you were employed.
Don’t worry about this I know the Tax Man sounds scary but honestly isn’t that bad, let us help you sort it out.