Contractors
Entering the contractor market has many benefits but also brings with it a number of challenges and obstacles. The first hurdle is to choose the right trading vehicle for you ; be it Limited Company, Sole Trader, Partnership or PAYE Umbrella.
The table below illustrates the difference in earnings retention for a single contractor with a day rate of £300, expenses of £500 per month, and a directors salary of £1,200 per month.
| Limited Company | Sole Trader | PAYE Umbrella | |
| Turnover | £69,000 | £69,000 | £69,000 |
| Take home pay | £49,297 | £47,789 | £42,645 |
| Retention (%) | 71% | 69% | 62% |
MyAccountant.co.uk have all the experience to guide you through your options, with an objective appraisal of the best fit for your requirements, advice on IR35 issues and maximising take-home pay. We then tailor our services to your decision, assign you a qualified personal accountant and agree a fixed monthly fee with you.
Our wide-ranging services include :
- Free start-up consultation
- Company Formation (usually within 24 hours)
- Sole Trader registration
- Expert, tailored accountancy and business advice, including IR35 guidance
- Assigned qualified Personal Accountant
- Preparation and submission of annual accounts
- Comprehensive, accurate bookkeeping services
- Payroll services including payslips, returns and advice
- VAT computation and returns
- Preparation of Sales Invoices
- Claimable expenses guidance
- Agency liaison service
