Experienced contractors will be well aware of the myths that some umbrella companies spout as fact. Contractors Umbrella Company published the first umbrella company myths in 2010 after a few contractors that joined us made some odd (and disturbing) comments about the service they had received from other umbrella companies they had used.
These days, most umbrella companies publish myths (we are used to setting the bar). The important thing for us is that contractors are protected, you should never pay for a service to later discover you were deliberately lied to or deceived for the sake of a few pounds.
Contractors Umbrella Company is a well established, professional payroll and accounting solution provider. Confidence and piece of mind are part of the service, no wonder we're the contractors favourite umbrella company.
WRONG! A dispensation does not affect individual contractors. It does not mean a contractor can pay less tax. A dispensation helps companies which do not have systems that can cope with multiple transactions.
WRONG! You must keep receipts for expenditure which you will later claim as a business expense.
WRONG! "The cost of food, drink & accommodation is not in general an expense incurred wholly and exclusively for business purposes, since everyone must eat in order to live..." HMRC
HMRC's stance is that you need to eat & drink whether you are a contractor or a permanent employee.
WRONG! This rule applies to an actual place of work and not the umbrella company you are with. Workplaces are deemed as a temporary site if you're not there more than 24 months.
WRONG! If you claim expenses fraudulently you will be investigated. No company can protect individuals from an HMRC investigation.
90% take home pay is possible, but only if your expenses are very high (and legitimate!). Most umbrella companies will average around 65% take home pay across the board if they are legitimate. Contractors Umbrella Companys mean take home for the past 5 years* is 66% (fluctuating between 65% and 68% from year to year). That's legal, tax compliant take home. Our contractors don't get nasty letters and huge back dated tax bills.
* Taking into consideration ALL of our contractors for each year measured.
PAYE Calculator updated for 2020, free salary illustration for Contractors Umbrella Company in comparison to traditional PAYE employee
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