An umbrella company is a company that acts as an employer who works under a fixed term contract assignment. They deal with the administrative side of things, specifically things relating to payroll and tax. When you get paid, the money will be collected by your umbrella company who will deduct income tax, National Insurance contributions (as well as their fee), and pass the remainder onto you.
The work of an Umbrella Company involves issuing of invoices to the recruitment agency (or client) and on payment of the invoice, ensure that the contractor is paid through PAYE the said amount along with the added benefits of offsetting some of the income through claimant of expenses such as travel, meals and accommodation.
An organisation that is set-up to run your business is called a Limited Company. Limited companies have their own legal identity so that they can own assets in their own right while remaining responsible for their own income and outgoings.
1.Limited Company’s finances are separate to your personal finances.
2.Profits made by Limited Companies are its own.
3.Director a Limited Company is regarded as its employee and entitled to a monthly salary like other employees.
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Tax and Accounting are time consuming and there are so many rules and regulations. But as a business owner you can’t get away from these and they are simply tasks that need to be done and done well.
GLP Accountancy with its knowledge and expertise in all areas of Accounting & Tax is more than happy to take on the bean counting and number crunching for you, leaving you to concentrate on running and developing your business, saving you time and money. . Working with GLP Accountancy, you can expect prompt, friendly & professional quality services, customised to your requirements and all of it at extremely competitive rates
• Tax and tax planning including VAT, Corporation Tax, Self-Assessment and other tax issues
• Preparation of financial statements in UK GAAP and IFRS if required
• Pay-roll Solutions of FPS, EPS, pay-roll end, P11D etc
• Companies house compliance of submission of annual returns and annual accounts.
• Regulation and Compliance
• Tax and Business Advice and Accounts Support
,Ultimately we will take care of everything, allowing you to focus on running and developing your business – saving you time and money.
We offer a cost-effective service delivered in a manner that makes sense to our clients and provides added value to them. We deliver our clients a carefully chosen combination of unique benefits and because of our operating structure we can reduce our costs and pass the savings on to you.
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