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The first major decision you’ll face as you launch your contracting career will be deciding which contracting vehicle is best for you.  Both Umbrella and Limited Company options offer their own unique pros and cons, but ultimately the decision lies with your individual needs and preferences.

Our guide below will give you an insight into both possibilities and what that means for you.

ComparisonSmartwork UmbrellaMyAccountant
Greater earning potential than permanent employment
Fast setup
Ideal for contract lengths ofUnder six monthsSix months or more
Suitable for contract rates of£9 per hour or more
£150 per day or more
Dedicated contactPersonal business managerPersonal ACCA qualified accounts manager
ComplianceFull FCSA member & ASPCo affiliateFull FCSA member
Eligible to full statutory employee benefits
Can claim expenses
Widest range of expenses
Minimal admin
Most tax efficient (highest take home %)
No IR35 issues
No Supervision, Direction or Control issues
More tax planning options
No requirement to file annual Self Assessment
Eligible to full statutory employee benefits
Professional Indemnity and Employers/Public Liability insurances covered by fee

“I have been with MyAccountant for many years and they have supported me through a range of different business needs. From my being a marketing consultant to my running a small publishing company, and now becoming a traditionally published author across several countries...”

Tina

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