Working through Excellium with the award winning E-Umbrella is considerably easier than managing your own Limited company.
Limited Company
You may find administering your very own limited company a huge commitment and extremely hard work, in our opinion it depends on the level of support you receive from your accountancy practice. Incorporating and running your own limited company may well lead to a higher net income after the deduction of taxes. However, it includes responsibilities and deadlines that mean you may not always be free to get on with the work you are good at and enjoy… it generally means the following:
You are a director of your own company and need to keep companies house informed of your tax and legal status.
You will need to pay for the services of a reliable accountant
You must produce detailed accounts, invoicing and VAT records.
You will be responsible for submitting and paying accurate corporation tax returns
You must ensure that you conduct regular IR35 reviews to ensure you are on the correct side of tax law
You will be required to respond to communications from accountants/HMRC/Companies House etc.
You will be responsible for invoicing the agent
You will need to run a company bank account
You must ensure that all documents/returns are filed in good time to avoid late filing penalties
You will be required to complete an annual self assessment form to declare any dividends received to the HMRC and pay any extra tax liabilities due on these dividends each year and estimated amounts throughout the following year.
Umbrella Company
The award winning E-Umbrella from Excellium is one of the most comprehensive umbrella offerings available throughout the world. By working through E-Umbrella you will eliminate the pitfalls and administrative burdens of running your own limited company.
The E-Umbrella service gives its members the ability to benefit from being legally tax-efficient, without having to worry about their IR35 status. Many of the tax efficiencies you will receive working with Excellium come from the genuine business expenses allowances that can be offset against tax which are directly negotiated with and agreed by HM Revenue and Customs (HMRC). The mechanism that allows this to be organised on your behalf occurs as we are not obliged to report every single detail of an expense claim (travel, subsistence, etc.) on a tax return and can "dispense" with much of the paperwork, hence "dispensations".
Excellium employ's our contractors directly as "flexible employees" and we calculate and deduct tax and National Insurance Contributions at source. This means our contractors receive their pay correctly and according to the rules laid down by HM Revenue and Customs for employed workers.
The main benefits of working with E-Umbrella through Excellium are:
Complete peace of mind of knowing that all legal, contractual and tax obligations are being met.
All your client billing, payroll management, expenses claims and tax deductions are left to the experts.
Secure access to EBS. The market leading portal for contract workers, making contracting easier
Service assurances that your weekly or monthly pay is taken care of and you get paid on time, every time.
Dedicated account management team providing you with round the clock help, advice and support.
You get a complete employment rights package and inclusion of comprehensive Professional Indemnity Insurance and Employers/Public Liability as part of the service.
Additional benefits and affiliate offers, specifically tailored to contractors and freelancers.
