You may already be self-employed as a contractor or similar and may be wondering about the advantages of an umbrella payroll solution.
The primary benefit is to create a tax-efficient way of earning money, ensuring that all your expenses are claimed properly and that you maximise your take home pay. Contracting is becoming more commonplace in the UK not least because of the flexibility it offers. Some companies will make very bold statements about what you can earn net of tax and offer some very intricate expenses/tax savings. However, HMRC’s position is very clear and you simply cannot claim non-legitimate expenses just to reduce your taxable income. If you do then you run the risk of having to repay HMRC at a later date, causing yourself a lot of stress and needless hassle.
We can run a payroll for you in a tax-efficient way which is fully HMRC compliant and ensure you benefit from current HMRC policy. We can organise your pay on a weekly or monthly basis, transfer your money and produce your payslips. We can offer you free advice on how to manage all your financial affairs and if need be refer you to professional practitioners who can give you specific advice in key areas.
We work alongside the recruitment industry where umbrella payroll is very commonplace and we can run multiple staff systems that benefit from the usual associated savings. All of your employee rights are retained along with holiday pay and the usual employee benefits. The key advantage to you is that by using up your expenses in a tax-efficient way you increase your take home pay, which wouldn’t be the case as a standard employee.
For clients with large staffing requirements or logistics operators we can offer a very tax-efficient method of running your payroll which guarantees savings in excess of 15% per annum.
If you want to learn more about your payroll options then please just give us a call and we will be only too happy to help you any way we can.