Understanding Contractor Payroll

Working as a contractor is an attractive prospect for many people. Indeed, in leaner times when companies are not hiring permanent staff as readily as they once did, it can sometimes be the only choice. It can offer a range of advantages for those who are highly skilled at what they do, not least of which is greater flexibility and the potential for higher earnings. However, it also includes some inescapable obligations which may not be so welcome – organising your contractor payroll and tax, for example, may not be something you are accustomed to dealing with. Futurelink Group can relieve you of the burden. Find out about our contractor tax solutions and the contractor tax advice that we offer.

Contractor payroll can seem quite complex and if it’s not your area of expertise, it can feel like an onerous task. Even if it’s one you are equal to, it can be a struggle to keep on top of all the admin when the work is rolling in. Happily though, you do have choices.

Your own business

If you’re contracting for the long haul, you’ll typically want to set up your own company. Here too you have options. You can either set up a limited company or register as a sole trader. A limited company offers legal and financial protection in the event your business runs into trouble. It also carries more prestige with some companies and could open more doors for you, but it is slightly more complex to set up and manage. Whether you are a limited company contractor or you are in need of sole trader solutions we have a package to suit you.

Not sure yet?

On the other hand, perhaps you’re working as a contractor on a temporary or irregular basis, or you’re just not sure what the future holds yet. In that case, you may not wish set up your own company, and might instead prefer to use an Umbrella Company, in other words a company which invoices your client for you, calculates the tax and National Insurance you need to pay, and deducts it before paying the balance to you. It works in a similar way to the PAYE system which you’re familiar with – your tax is taken at source and you don’t need to give it another thought. We can help with this too.

Construction Industry Scheme (CIS)

Don’t forget that if you work as a contractor or subcontractor in the construction industry, or if your business is otherwise involved in construction operations – for example you are a property developer or run an agency supplying staff for construction work – then you may need to register with this HMRC scheme. The CIS Helpline can help you determine whether your work is covered by the scheme if you are unsure. If it is, then you must adhere to the scheme’s strict regulations for handling payments. Futurelink Group offers a comprehensive CIS tax solution to ensure you are compliant which also includes a full Employers and Public Liability Insurance package.

You can register for any of these packages, or simply get further advice about contractor payroll, by calling us on + 44 (0) 1923 277 900 or signing up via our website.

“I’ll most certainly pass on your details to people I know. You run a great service there, keep up the good work.”

William Cadden, Self-Employed Contractor

“For me, Futurelink Group was the best solution, as a foreign and a lack of knowledge of the UK rules, they were extremely helpful in all aspects. Always fast in answering all my questions. I almost didn’t do anything and they put me on track to invoice and receive my payments. I can fully recommend them.”

Ronaldo, Umbrella PAYE contractor

“WS Contractors Ltd are extremely happy with the services that Futurelink provide. The efficient and friendly staff are always willing to help and assist. The feedback from our operatives is positive and pleasing. We would recommend Futurelink to all new recruits joining our team.”

Michelle Hughes, WS Contractors Ltd

“We at Gemini would like to thank you and your team for all your help and support in connection to payroll solutions. We find Futurelink Groups approach to be responsive to action when required with a courteous and bright manner – keep up the good work!”

Frank Mcfarlane, Gemini Security Services Ltd

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