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PlanIT Umbrella Company - IR35 umbrella company scheme for contractors, freelancers and engineers in the UK. Enables contractors to maximise their earnings from contracts and enjoy the benefits normally associated with being a salaried employee.

There are a number of ways of working as a freelancer, each with differing financial returns, responsibilities and levels of administration. Umbrella companies can provide a simple, efficient and reliable way of getting paid.

With umbrella employment, a freelancer becomes an employee of an umbrella company. The umbrella company then contracts with an agency to provide the services of that individual. The umbrella option is similar to working through an agency under PAYE, in that the contractor receives net take home pay after deductions of PAYE and NI, which the umbrella provider then pays over to HMRC when due.

If you work through an umbrella company, you are an employee of that company. This employment can continue if you change assignments even if the new assignment is with another agency. In addition, you may have the ability to claim tax relief on certain additional expenses that can deliver tax savings.

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Orangegenie - Find full details of the services provided by this umbrella provider. Umbrella companies can be useful for contractors who fall under the IR35 legislation. As a general rule if a contractor only has one current contract, they will not meet the Inland Revenue's self employment definition and will fall under the IR35 legislation.

Umbrella services provide a ready made invoicing vehicle for contractors whilst also removing the administrative duties associated with running a limited company. The provider will issue invoices on the contractor's behalf, collect payments from clients/agencies, calculates tax & NIC and pay the contractor their net pay direct to their personal bank account.

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