IT Contractor Advice for Umbrella Company
Selecting the right Umbrella business group is a minefield for IT Contractors.
So how does an IT Contractor know how which umbrella company will suit him or her?
Well, the first thing for an IT Contractor to do is to write down what she or he wants from an Umbrella Company.
Risky or Safe?
Is it a risky Umbrella corporation but with high returns that you want or an Umbrella Company with low returns but which will allow you to sleep well in your bed at night?
Is it an Umbrella Company where you do some of the paperwork or an Umbrella corporation who does everything for you that you want but who charges more for that?
Once you have answered these two questions you are well on your way to the Umbrella business that you want.
PAYE Company
For those who want to sleep well at night not worrying whether the taxman will come after you in the future and who would rather concentrate on IT contracting and let the Umbrella business attend to the administration then a safe PAYE Umbrella Company would be just up your street.
However, if you are willing to take a bit of a chance with the promise of up to 87% returns on your money earned, then there are a number of offshore Umbrella Companies called EBTs which are basically Trust Funds set up on your behalf in places like the Isle of Man.
How to choose
It’s your choice as to which type of Umbrella Corporation that you want and which particular Umbrella Company to choose from and it will depend mainly on what type of person and IT Contractor that you see yourself as.
As I said, there are Umbrella Companies and then there are Umbrella Companies and there are Umbrella Companies. Which one is for you?
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