Is an umbrella company the best choice?

[businessor]

Hello

I am looking to undertake two simultaneous contracts that are inside IR35.

Is an Umbrella company the best option in terms of maximising the take home profits?

Can you suggest a trustworthy Umbrella company?

Thanks!

[Lance]

read this https://www.contractoruk.com/forums/...-umbrella.html

and yes an umbrella is the best choice, in that a LTD company would cost you but have no benefits.

[northernladuk]

Yes and speak to Lucy at Clarity Umbrella. She's a regular poster on the forums and knows her stuff.

[eek]

Hello

I am looking to undertake two simultaneous contracts that are inside IR35.

Is an Umbrella company the best option in terms of maximising the take home profits?

Can you suggest a trustworthy Umbrella company?

Thanks!

Its worth saying umbrella companies cannot maximise your take home pay - except for their fees your take home pay will be identical regardless of the umbrella you pick.

And if you find an umbrella that is offering / paying you more take home* than others that's not actually possible as you are personally responsible for the tax you pay so it's only going to give you a short term benefit followed by a lot of long term pain.

* Umbrella companies may be able to soften the tax pain in other ways though - say by salary sacrifice into a pension or cycle to work or car lease scheme.

[businessor]

Thanks for the info.

My employer is flexible to offer me a permanent role or a contract.

Would an Umbrella company have a benefit than a permanent role in terms of profits?

[eek]

Thanks for the info.

My employer is flexible to offer me a permanent role or a contract.

Would an Umbrella company have a benefit than a permanent role in terms of profits?

You started off with 2 separate contracts, now you talk about a permanent role?

So I'm confused over that part and we can't answer any question as to whether a permanent role is better than an inside IR35 contracts as that really does depend on the company.

[GhostofTarbera]

Thanks for the info.

My employer is flexible to offer me a permanent role or a contract.

Would an Umbrella company have a benefit than a permanent role in terms of profits?

Profits ?? You are PAYE under umbrella

Add both contacts day rates together

53% of that rate will be your take home pay

Any other questions?


Sent from my iPhone using Contractor UK Forum

[WTFH]

It started with him having 2 permanent jobs (which he called "contracts"):
https://www.contractoruk.com/forums/...contracts.html

Then he said they might not be permanent.

Then he went to Umbrella with 2 temporary contracts and having an employer as well:
https://www.contractoruk.com/forums/...st-choice.html

And then he was back to permanent employment or temporary contract:
https://www.contractoruk.com/forums/...aily-rate.html