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.
| Comparison | Smartwork Umbrella | MyAccountant |
|---|---|---|
| Greater earning potential than permanent employment | ||
| Fast setup | ||
| Ideal for contract lengths of | Under six months | Six months or more |
| Suitable for contract rates of | £9 per hour or more | £150 per day or more |
| Dedicated contact | Personal business manager | Personal ACCA qualified accounts manager |
| Compliance | Full FCSA member & ASPCo affiliate | Full 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 |