People who are new to contracting have several choices for getting paid; umbrella company, limited company or PAYE with agency (not always available).
What is an umbrella company?
- An umbrella company allows you to get paid in a similar way to a PAYE employee*, but with the added benefit of being able to claim expenses.
* You receive a salary and pay Employee's and Employers National Insurance and PAYE tax.
iBalance is an umbrella company, and as such offers the following advantages:
- iBalance takes care of all taxation and administration matters on your behalf.
- All you need to do is enter your hours and expenses online.
- iBalance is fully insured for Public Liability, Professional Indemnity and Employers' Liability.
- You are paid through a PAYE scheme so you do not have to worry about IR35 or MSC legislation.
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