One-Stop Umbrella Payroll Companies in UK

Accountancy Seekers Limited aims to offer error-free accounting and tax services to high profile SMEs, large corporate sectors, MNEs, and high-net individuals who are keen for a complete accounting solution with 100% accuracy.

One-Stop Umbrella Limited is the best umbrella company in UK under Accountancy Seekers Limited as a business partnership to ensure the efficacy of our service provision to all our clients.

How it all started?

One-Stop Umbrella Limited, the umbrella company under Accountancy Seekers Limited, was initiated on 28th January 2019, working with a vision to act as an employer for the contractors who are potentially working on fixed terms and conditions. The umbrella payroll company in UK also serves as a medium between the contractors and the clients having a fixed principle to organise their payments for their desired contractor. To ensure maximum efficacy of service provision, they collect all the necessary information regarding contractor earrings from the agency. All contract earnings are subsequently paid back to the contractor with tax deductions and national insurance contributions.

If you have any difficulties in financial management, then we are here to assist you with all of the necessary aspects of your payroll and balance sheets with the desired timeline that falls within your requirements, providing you with accurate statements and records of your company’s capital.

What is IR35, and how is it related?

Intermediaries Legislation came into the observation in April 2000, with schedule 12 of the Act of Finance. The legislation is known as IR35, which comes after the name of Inland Revenue, which possesses its own rules and regulations. The vision is to target all the individuals who are working with their own private limited companies, performing the same works as per the conditions that employees are familiar with. In simple words, if you are focused on working in precisely the same way as a regular employee, then some specific rules might apply to your assignment.

To do compliance with IR35 rules, you have to ensure that both the conditions and terms of your contracts are genuinely underlying as ‘in business on your account’ and not following a ‘disguised employee.’ Contractors that in violation of the standards set by IR35, who are losing the tax benefits of working within a Limited Liability Company (LLC), might be the reason that most contractors choose to go along with umbrella companies rather than being an LLC.

Umbrella Payroll Companies and IR35

Following are the perks and benefits you will get if you will work for umbrella companies,

  • You will be taxed as an employee, and you will pay the income tax and National Insurance Contributions from your income.
  • For instance, if IR35 catches your contract work, then you have to work via your own limited company, and all of your payment will be taxed as an ‘employee’ income.
  • After a deduction of 5% from the total turnover on the relevant engagements, the urge to meet the costs of a running company will be paid as a deemed salary, subjected to the tax rules as of umbrella companies.
  • Moreover, if you violate the standards set by IR35, then some benefits are vastly reduced.

That’s the primary reason why mostly IR35-caught workers prefer to use an umbrella company, as Umbrella companies are IR35 Compliant, making efficient and effective use of employee taxes. Some umbrella companies are using IR35 in their marketing material to exceed their offerings.

So, in reality, all of the umbrella companies are liable to tax their employees in the same way and compete with the total fees they charge to their clients.