Ltd company contracting or Umbrella company?

Below are some questions to help you decide if you are best suited to use your own Limited company for contracting or go through an umbrella company.

If you are unsure about any of these, do please contact the contractor support team at Orange & Gold Accountancy for further advice.

Question
Are you looking for a permanent job currently?
Are you a new contractor looking for a simple, quick solution?
Would you like someone else to handle most of the paperwork?
Are you happy for an umbrella company to collect and handle your money from your client or agency?
Are you living overseas or an undischarged bankrupt, not eligible to register a Ltd company?
Are you planning to contract for more than a few months?
Are you planning to take up several contracts over time?
Would you like to take advantage of the Flat Rate VAT scheme?
Are you happy to do some administration and form filling – perhaps 40 mins per week?
Are you looking for the most tax-efficient way of contracting?
Are you likely to be earning more than £25k per year?
Are you happy to take on the legal responsibility of a Limited Company and becoming a Director?
Do you want to split your income with a partner?
Do you think that you are outside IR35?
Do you need to claim a wide range of expenses?
Are you organised and able to respond promptly to paperwork from HMRC or your contractor accountant?