Our blog
What does it mean to be paid twice in a tax period as an Umbrella Company employee?
As an Umbrella Company employee, you may find yourself being paid twice in any given tax period. So, what does this mean, will it cause any issues, and do you need to do anything? In this blog we explore all those points, to help you understand what it means. Being paid twice Working under an Umbrella Company means that on [...]
Understanding your tax code as an Umbrella Company contractor
If you’re new to contracting under an Umbrella Company you’ll no doubt have questions regarding your tax code, and how it compares to permanent employment or when contracting through your Limited Company. In this blog we take a closer look at tax codes to help you understand how they work, and to prevent an unexpected end-of-year tax bill. Your tax [...]
SG Umbrella is FCSA accredited for another year running
Here at SG Umbrella we’re delighted to announce that our FCSA accreditation has been renewed for another year. To become an accredited member we annually have to undertake an independent and rigorous assessment of all our business services, operations, policies and processes, which are all examined to ensure we’re complying with the FCSA’s high compliance standards. You can view our [...]
How to choose the right Umbrella Company for you
If you’re just starting out in your contracting career, your first step will likely be choosing an Umbrella Company to contract under. But with so many options, how can you tell which one is right for you? In this blog, we’ll cover what you should be looking for when evaluating Umbrella Companies. Check for FCSA Accreditation The Freelancer and Contractor [...]
Do you owe tax on cryptocurrency in the UK?
If you’re currently dealing with cryptoassets or have done so in the past, you likely have a tax liability from this. Previously, it was unclear how tax on cryptoassets would be treated, but HMRC have now clarified their position. How has HMRC’s stance on crypto tax has changed? In 2014, HMRC likened cryptoassets to gambling, suggesting that it was a [...]
The Budget 2024
Chancellor Jeremy Hunt has just finished delivering his Spring Budget 2024, in which he said the Conservatives have a plan to 'grow the economy'. He confidently stated that his Budget will "unleash people power and put this country back on the path to lower taxes. Growth up, jobs up, taxes down." Property tax – The furnished holiday let regime is [...]
Crypto nudge letters from HMRC – did you get one?
Whilst cryptocurrency may seem like a relatively new concept, since its inception back in 2009 it’s fast becoming one of the most popular forms of investment. So if you’ve already taken the leap and invested, do you understand the tax implications? HMRC are quickly realising how much profit people are making, and therefore how much tax money there is to [...]
What are the benefits of using an Umbrella Company when contracting?
If you’re just starting out in the world of contracting and considering your options when it comes to Limited Company vs Umbrella, you may be wondering what an Umbrella Company even is. In this blog we explore the benefits of using an Umbrella Company, and how it can benefit you. What is an Umbrella Company? An Umbrella Company is a [...]
The Autumn Statement 2023
Chancellor Jeremy Hunt has just finished delivering his Autumn Statement 2023, which he’s hailed a ‘huge boost’ for British competitiveness in his statement for growth. A series of measures were announced with the ‘overall impact of £20bn a year within the decade – the biggest ever business boost for business investment in modern times’. The headlines are as follows, with [...]
Staying on the right side of the taxman – how to spot a non-compliant Umbrella Company
Umbrella Companies have proven to be a lifeline for those contractors who are either inside IR35, or need the flexibility of an umbrella for their current contract, to ensure their tax obligations are being met. Sadly the umbrella industry is unregulated, and therefore not all Umbrella Companies are compliant, and some run tax avoidance schemes which may seem tempting from [...]
SG Umbrella’s essential tips for new Umbrella Company Contractors
If you're brand new to contracting or just switching over to an Umbrella Company for the length of your contract, you may be unfamiliar with how it all works. This blog is specifically tailored to first-time users of Umbrella Companies, and provides valuable tips to help you get as much out of the experience as possible. Understand your take-home pay [...]
Beginners tips for a first time Umbrella company contractor
Congratulations on your decision to start a career in contracting! What an exciting and freeing career you’re about to embark on. Whilst there’s plenty of elements to look forward to, there’s lots of decisions to be made before you start your first contract. One of those decisions is whether you’ll form your own Limited Company and contract through it, or [...]
The Spring Budget 2023
Spring Budget 2023 Chancellor Jeremy Hunt delivered a ‘Budget for Growth’ after the Office for Budget Responsibility forecast a stronger than expected performance from the UK economy this year with inflation continuing to fall. Driving business investment The Chancellor announced a £27 billion transformation of capital allowances from April this year, which will include the Full Expensing of investment [...]
The Autumn Statement 2022 Full Report – what it means for contractors
Since the reversal of Liz Truss’s tax policy changes last month, new PM Rishi Sunak and Chancellor Jeremy Hunt have promised a new statement, concluding that now is the right time to proceed with a package of tax cuts. In today’s statement there was a focus on energy prices & Covid, as being responsible for necessary tax increases. Taken together [...]
BREAKING NEWS – Repeal of IR35 reforms and back track on Corporation Tax
Jeremy Hunt, The Chancellor of the Exchequer, has today scrapped the plans to repeal the Off-payroll IR35 Reforms, which had been announced by Kwasi Kwarteng on 22 September 2022. As part of his ‘Growth Plan’, Kwarteng had set out a number of tax cuts designed to support the growth of the British Economy. However, following widespread criticism and instability in [...]
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