What are your options?
There are many options available to contractors, Lesters Accounting will only offer solutions that are compliant.
There are many factors that you will need to consider when choosing which option will suit your requirements. Lesters will discuss your particular circumstances and preferences and give best advice to help you select the right option for you.
The options are:
- Limited Company - Operating your own business, under your own private Limited company (often known as PSC – personal services company)
- Sole Trader - Operating your own business as a sole trader
- Partnership - Operating your own business in partnership with others
- Umbrella Company - Operating via an umbrella company – employed and paid under PAYE with certain tax deductible expenses
- CIS - Operating via an CIS umbrella company – for workers in the construction industry, engaged as a self-employed contractor paid under a CIS Scheme
- PAYE - Being paid by the end client or your recruitment company under their PAYE scheme
Each of these options have their own advantages and disadvantages and it can be a little daunting when you are considering which option to choose. Lesters employs friendly and knowledgeable staff who will help you make the right decision and then guide you through the process.
Some important things to consider when choosing an option :-
- Your expected contract pay rate, turnover and profit
- Length of time you expect to remain as a contractor
- Your attitude to risk
- Your IR35 status
- How much administration you are comfortable with
- The way in which your chosen option will be perceived by your customers
- Your saving and retirement plans
Please call us on +44 (0) 20 8735 6370, we can help you decide.