ContractorUK has provided you with an umbrella tax calculator in order for you to calculate your income when contracting through an umbrella company. An umbrella company provides a ready-made invoicing vehicle for contractors as well as removing the administrative duties associated with contracting via a limited company. The umbrella company normally issues invoices on behalf of the contractor, collects payments from clients, calculates NI and tax, and pays the contractor their net pay direct to their personal bank account. For more information and advice on contracting through an umbrella company please click here.
By Laura Foster