After 5 years away, I am returning to being a contractor in 2 weeks and the landscape has changed so much! I will be inside IR35 and cannot use a limited company, therefore I either need to be "employed" through an umbrella company or through the agency directly but with a lower daily rate.
I'd prefer to be under an umbrella to retain control over the process and maintain my daily rate but with so many of them and all seem to be processing pay differently it is proving to be a huge minefield..I need to ensure tax compliance but want to if I can maximize my net take-home pay. I've been recommended one umbrella company that splits the payment between min PAYE with a second payment via capital gains that I would ultimately pay capital gains tax on but instead of retaining around 55% of my contract value, I would be retaining around 70 - 75% of the value. I'd also like an umbrella company that I can have my salary sacrifice pension contributions paid to a private pension before tax to help reduce my tax liabilities if I chose to go down the road of a more traditional, PAYE umbrella company.
With the FSCA holiday pay scandal, I really need to find a legit, good value and ethical umbrella company. Does anyone have any suggestions please?
I'd prefer to be under an umbrella to retain control over the process and maintain my daily rate but with so many of them and all seem to be processing pay differently it is proving to be a huge minefield..I need to ensure tax compliance but want to if I can maximize my net take-home pay. I've been recommended one umbrella company that splits the payment between min PAYE with a second payment via capital gains that I would ultimately pay capital gains tax on but instead of retaining around 55% of my contract value, I would be retaining around 70 - 75% of the value. I'd also like an umbrella company that I can have my salary sacrifice pension contributions paid to a private pension before tax to help reduce my tax liabilities if I chose to go down the road of a more traditional, PAYE umbrella company.
With the FSCA holiday pay scandal, I really need to find a legit, good value and ethical umbrella company. Does anyone have any suggestions please?
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