From Limited to Umbrella, and back again! Switching with SG
Whether you’re new to the game of contracting or you’ve already been playing for a while, IR35 has and will continue to play a significant role in the way in which you contract. Whether it’s impacting the contracts you choose to complete or the way in which you operate, it’ll always have a say in your final decision.
The ability to adapt and survive is the key to success as a contractor, and here at SG we’ve also done that to ensure you can continue to contract in the most tax efficient way possible, and bring home the maximum amount of your contractor pay. Here’s how:
Limited Company services
Over at SG Accounting we provide Limited Company contractors a truly all-inclusive expert accounting service, starting from only £49.50 per month. For that you get:
- Unlimited advice from a dedicated Director level accountant
- Full FreeAgent access as standard
- IR35 advice and reviews included
- Free use of SG Umbrella services
- Face to face (Zoom) tax and wealth management advice
Umbrella Company services
Here at SG Umbrella we provide contractors with an Umbrella solution that’s run by contractor accountants, and is backed by the UKs leading contractor compliance body, the FCSA. If you’re new to contracting and unsure what an Umbrella Company does, take a look at our blog here. We provide our clients with:
- The ability to pay as much as you like into your preferred pension fund, saving Tax and National Insurance
- FCSA accreditation for the highest levels of compliance within the industry
- Ability to switch to and from SG Accounting for Limited Company services if / when needed
- Run by specialist contractor accountants
- IR35 and tax planning advice as standard
- Fixed margin, no hidden fees, great value
Switch whenever you need – or use both at the same time!
As an SG client both our Limited and Umbrella services are available to you, along with the ability to switch between the two depending on your contract’s IR35 status, or use both at the same time if you have more than one contract.
You get the same expert accountant team overseeing your accounts no matter which service you’re using, so there’s no confusion when you switch from one to the other.
So which service should you sign up to?
You would be better suited to joining SG Umbrella if:
- You’re new to contracting and are testing the waters to see if it’s a career choice for you
- Will be earning less than £30,000 pa
- Be contracting for less than 6 months
- Your contract has been found inside IR35
- You don’t yet have a Limited Company, or don’t plan on setting one up in the foreseeable future
You’d be better suited to SG Accounting if:
- You’re a seasoned contractor
- You’ll be earning more than £30,000 pa
- Be contracting for longer than 6 months
- Are likely to be working on more than one contract
- Your contract has been found outside IR35
If you already have a Limited Company but are considering joining SG Umbrella, we strongly advise that you join SG Accounting with your Limited Company and put it into a dormant state, rather than closing it down completely.
Not sure which option is right for you?
No problem, get in touch with one of our expert contractor accountants who will be able to talk through your circumstances and advise you on which service is right for you at the present time.
How do you get started?
Simply get in touch and we’ll talk you through the process. We look forward to welcoming you to the SG family and helping you be a contracting success!
Note: All the information and advice in this blog post was correct at the time of writing.
