Umbrella Companies: Preparing You for the Tax Storm
Tax, taxation and tax affairs simply put are deemed as the most difficult to handle in companies. Big or small, private or public, companies do a great deal of paperwork over tax affairs and accountancy issues. This is where umbrella companies step into the picture.
What exactly are umbrella companies and how do contractors benefit from such? Basically, umbrella companies provide services set by their contractors. Umbrella companies act as employers to the contractors who have a signed agreement under a contract. These umbrella companies also process payrolls for contractors and aside from that they also offset expenses against the contractor’s tax incurred by the business. These expenses include but are not limited to accommodation expenses and travel expenses.
Benefits of umbrella companies are exactly the same as any other employment rights in a direct employment relationship. Aside from being entitled to paternity and maternity leave, auspices of benefits also include entitlement of contractor’s sickness leave. Other advantages of umbrella companies are as follows: no worrying over expenses or taxation's which in turn eliminates legislative concern over the IR35, opportunity in investment of training courses and pension schemes plus greatly reduce amount of paperwork. Other benefits also include accommodation and food allowances, travel and mileage expenses plus insurance to cover for the contractors. The great thing about umbrella companies, salary is never delayed because everything is done on time to make sure everyone is paid on time.
What else do umbrella companies do? Umbrella companies act out as an intermediate between the agency and the contractor. Essentially, umbrella companies keep each party happy by making sure the agency pays the client and contractors don’t lose out on benefits. Umbrella companies aside from holding up the end of tax affairs also protect contractor’s interests meaning you never get exposed to the wrong end of the law.
Exactly why do people then choose to go work for umbrella companies? Umbrella companies offer independence and freedom which is not easily done by individuals who have no experience whatsoever in accounting and even in filing tax returns. Tax affairs are indeed “taxing” thus umbrella companies do the better and efficient way of handling tax.
Umbrella companies assure that everyone is always in touch with the cash they work hard for. They ensure that you can claim all expenses back as long as you are entitled to it. Contractors and umbrella companies form a partnership unlike any other. Provided that correct receipts are handed to them for all expenses then umbrella companies do all the job of reclaiming the money. No stress on your part whatsoever.
As mentioned above, umbrella companies greatly take the load of your shoulders by doing all the necessary paperwork when it comes to tax affairs and accounting issues. Contractors can relax and have a peace of mind knowing that all their tax affairs are in good hands.
Umbrella companies are definitely an effective and efficient process to manage your tax affairs but ensuring the appropriate structure of your business is quite essential as well. So if umbrella companies are what you are looking for then look no further than Access-a.
Access-a provides you with easy to understand and impartial advice. At Access-a, we’re dedicated to work hard simply to ensure you are tax-efficient. Apart from that, Access-a ensures you reclaim 100% of the expenses your business has incurred for no additional charges and tax. Maximum satisfaction is Access-a aim alongside maximum income. We provide you with the best answers in maximizing income in the best legal, highly professional and tax-efficient manner.
Access-a makes use of a “Faster Pay” system so no delays in payments are ever made. Aside from providing you with umbrella companies to help you out in tax affairs, Access-a makes sure that all work records and expenses are collated along with past plus present pay slips. All payments are also monitored be it payments made, payments received or payments due. Access-a offers a maximum net pay of 81%.
Our company with over more than 15 years of experience in handling tax, taxation and tax affairs assures you are given the apt service with our user-friendly portal that is ready to serve you 24-hours a day.
Take the load of your shoulders and avoid administrative hassle, umbrella companies is the answer to all your tax affair needs. Access-a handles it in the most tax-efficient way possible.
Ed Lebbon - About Author:
Ed Lebbon is the owner of Access-a Umbrella Company Access-a is an umbrella company offering the benefits of a limited company without the administration or statutory responsibilities. With our solution, you don’t have to worry about IR35, the Managed Service Company or Third Party Debt Legislation - you are outside of these regulations.
To know more about Umbrella Company visit our website http://access-a.co.uk/
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