Budget Tax Implications for Umbrella Company Freelancers

PAYE Umbrella Companies

PAYE Umbrella Company, you have the ability to become one of the employees in that particular company. Once you have become a part of the company, you are told to make sure that the company pays you either weekly or monthly based on your time sheet. The umbrella company then pays you salary after deduction income tax due along with the national insurance contribution.

Once you have achieved a contract with a client, you are required to ask them to send the contract to your umbrella company. The contract then becomes official as it is then between the client and umbrella company; you as the contractor do not have to sign it. If you are looking for an umbrella company, then MAC Professional Solution is the best recommended choice.

Many Umbrella Companies offer contractors a variety of services which is why it is considered amongst the best of these companies. The services which you will be able to avail by signing up are: – Extremely fast and easy set up – Extremely dedicated, focused and round-the-clock availability of excellent customer support services for your business needs. – No extra or hidden charges, fees get charged upon completion of work only – professional life insurance worth 2,000,000 pounds provided along with – 10,000,000 pounds worth of employer’s liability insurance and a public liability having a value of 1,000,000 – Payment to all contractors without any delays to any bank of the world.

 

Two umbrella companies now face liquidation


Contractors warned to ensure they are operating compliantly and conforming to regulations as two umbrella companies now face liquidation. Sunday Solutions and Bradbury & Co have just gone into liquidation due to the umbrella company not paying tax liabilities on behalf of their contractors. Despite the fact contractors believed they had been paid the correct tax and National Insurance contributions they are now liable for what they owe.
Sunday Solutions and Bradbury & Co. handled an estimated £80m for their 1,500 clients. Although the insolvency company reported that none of the money ended up going towards paying the contractors taxes.

This is brilliant example of why contractors need to background check their PAYE umbrella companies for contractors based on other contractors reviews to ascertain the reliability and integrity the umbrella before they put all their trust in it. Online resources such as Umbrella Detective and Umbrella Supermarket provide an impartial ranking of the best umbrella to join.

Commenting on the Sunday Solutions Scheme case, Insolvency Service Investigations Supervisor Chris Mayhew adds: “Anyone considering using an umbrella tax scheme needs to be confident that they are using a reputable company.”

Umbrella Company IT Contractors ‘safer’

Umbrella company contractors specialising in IT are now being seen as “a much safer profession” according to ITContractor.com.

The IT contract market news portal says this could result in tempting traditionally risk-averse permanent workers to reconsider their roles.

Gerry McLaughlin, from the news service, thinks this newfound job security was the result of businesses coming to see IT contractors as a means to cut costs.

He says: “Whereas previously IT contracting was highly cyclical and many contractors spent what they had built up in the good times during long spells out of work, it looks as if IT contracting has become a much safer profession.”

That’s because today companies now see them as the enablers of cost cutting during a downturn as well as being core to the business during an upturn.

Mr McLaughlin explains this means contractors now have an ‘each-way bet’.

Andy Wells Named Operations Director For Umbrella Company FPS Group

Andy Wells Named Operations Director For Umbrella Company FPS Group












(PRWEB) November 29, 2010

Andy Wells has been appointed as Operations Director for FPS Group, a leading British umbrella company.

The new role is a promotion for Andy who was previously Technical Director. With the group since 2006, he has held various technical roles and is the main architect of the company’s back office software system, central to FPS’s core products and services.

David Dean, FPS Chairman, said: “Andy knows the FPS business like no other, thanks to his deep technical understanding of our software systems. This, combined with his broad business acumen gained over a long and successful career, made him a natural choice for the role of operations director.”

Being licensed by the Isle of Man Financial Supervision Commission, FPS is unique in the umbrella industry. The company provides temporary workers with a risk-free and convenient structure to bundle numerous temporary contracts through one company thereby keeping continuity of employment. To recruitment companies, FPS provides a range of back office services including outsource payroll, book-keeping and end of year accounts.

Prior to joining FPS Group, Andy Wells was with insurance company Scottish Provident, now Royal London 360. In addition, he has successfully run his own UK-based IT consultancy company.

Andy Wells said: “I’m pleased to be taking on this new role and look forward to the challenges it brings. FPS’s main focus remains the provision of a highly-personal service while continuing to innovate in order to meet our clients needs in an ever-changing environment.”

-ends-

Sales enquiries: FPS Client Services, (tel) 0800 634 4848, registration(at)fpsgroup(dot)com

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Kingsley Daniels Named Head of Sales for FPS Group

Kingsley Daniels Named Head of Sales for FPS Group












(PRWEB) December 6, 2010

Kingsley Daniels has been appointed as Associate Director of Sales for FPS Group, a leading British umbrella company.

The new role is a promotion for Kingsley who joined the company as sales manager one year ago. He is a graduate of Manchester University, and previously he has held sales roles with various UK-based service oriented companies.

David Dean, FPS Group Chairman, said: “Since he joined FPS, Kingsley has revitalised and fortified our sales function. The umbrella company sector is dynamic and under Kingsley’s direction our sales force has become highly responsive and energetic. This promotion reflects his success.”

Being licensed by the Isle of Man Financial Supervision Commission, FPS is unique in the umbrella industry. FPS provides temporary workers with a risk-free and convenient structure to bundle numerous temporary contracts through one company thereby keeping continuity of employment. To recruitment companies, FPS provides a range of back office services including outsource payroll, book-keeping and end of year accounts.

Kingsley Daniels said: “Providing ‘the human touch’ is what sets our sales team apart. The combination of our highly-personal service and advanced technical expertise resonates in a market that is often marred by indifferent, often under-resourced suppliers. I am pleased to take on this role and look forward to the challenges of the next year.”

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Vocus©Copyright 1997-2010, Vocus PRW Holdings, LLC.
Vocus, PRWeb and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.







More Umbrella Company Press Releases

PAYE Umbrella Company

The PAYE Umbrella Company has come even more to the fore with the abolition of Composite Companies. The two options left for contractors are the PAYE Umbrella Company and Limited Companies.

Those service providers who provided a safe and reliable PAYE Umbrella Company option are now seeing the benefits of not sailing too close to the wind in providing safe and reliable Umbrella Companies.

Union asks HMRC to clamp down on false self employment practices of payroll companies

Construction union, UCATT, has urged HMRC to investigate how some payroll companies have been registering workers as ‘self employed’ in order to slash employers’ National Insurance bills.

Umbrella companies barred from fiddling National Minimum Wage calculations

Updated National Minimum Wage Regulations came into effect on 1st January 2011, which prevent umbrella companies from using travel and subsistence expenses in the calculation of the NMW.

Government plans new initiatives to help new enterprises

The government is keen to see small businesses grow and to help this happen it has launched some new initiatives. It has also been announced that the New Enterprise Allowance scheme is to be extended in the hope of creating up to 40,000 new companies by 2013.

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