You need a comprehensive accounting service that guarantees you peace of mind and the maximum legal take home pay. Churchill Knight will give you:
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Whatever industry you work in, and no matter how much you earn, we’re sure we can help you save time and money. All our solutions take account of the latest tax rulings – so you don’t have to worry about tax at all. Our team of experts have vast experience, working with thousands of consultants for more than twelve years.
We work hard to maximise your pay, and let you focus on your contract and minimise your non-paying administration time. Our team will deal with all your accounting paperwork, saving you the hassle and the time.
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One of the most time consuming aspects of running a business is dealing with payment issues. But if your weekends and evenings are being taken up trying to sort out your PAYE contributions, another option may be to employ the services of an umbrella company.
Umbrella companies specialise in dealing with outsourced payroll issues. Rather than having the cost and hassle setting up a limited company, you can work with an umbrella company. An umbrella company solution means that the contractor is not a director of a company, nor does he or she have the responsibilities associated with running a limited company.
Umbrella companies deal with all accountancy and some taxation matters. They can also deal with all administration matters as well, hence the term ‘umbrella’. Everything is covered by one operation, taking the time consuming business of bookkeeping and monitoring payments out of your hands and into the hands of a dedicated team of
experts.
By employing the services of an umbrella company, it also means that any ir35 tax problems can be spotted early on and possibly avoided, as using a PAYE umbrella system means that your income will be treated as though you are eligible to pay ir35 tax. This means that umbrella companies that specialise in dealing with small business operators, like our own umbrella company, Bond Consultancy Limited, can spot any potential problems very early on.
Using umbrella companies to deal with your payroll issues is easy. The contractor completes timesheets for each job carried out. These timesheets are then forwarded to the umbrella company, which invoices the agent directly. Once payment to the umbrella company has been received, a payment is then made directly to the contractor, usually on a same-day turnaround principle.
Since the Managed Service Company Legislation was introduced in the 2007 budget, there is only one choice for an umbrella company, and that is the PAYE Umbrella company model. The PAYE umbrella company treats all your taxable income as salary, meaning that you pay employer’s National Insurance payments, employee’s NIC and PAYE tax on all your taxable income.
The advantages of using umbrella companies are particularly relevant for small businesses. Employing the services of an umbrella company means that you avoid the pitfalls and time constraints in setting up a limited company. After selecting your umbrella company, from that point on you merely forward your timesheets to them and they then invoice the agent. As soon as the money is received by the umbrella company, they then complete your payroll the same day.
Umbrella companies take the hassle out of running a business. By using the services of umbrella companies like Churchill-Knight’s partner Bond Consultancy Limited, you can reduce your paperwork by passing it to experts working for umbrella companies that specialise in business protocols and taxation. You can set up with an umbrella company instantly, and reduce your risk of ir35 investigations to zero. Umbrella companies realise that the important part of the business is you and that your time really is money, so it’s quick and easy to set up. All you pay is a simple, weekly fee, and you only pay that if you are working.
Using umbrella companies to deal with your payments from agents gives you the reassurance that, unlike having to chase for payment yourself, your money comes through quickly and with the minimum amount of hassle. Your own, personal account manager will keep you informed every step of the way and manage your account to ensure it runs smoothly, so you can get on with the business of business.
Unlike some other umbrella companies, Churchill-Knight’s umbrella company service also includes free professional insurance cover, giving you peace of mind as well as money in the bank. Some umbrella companies also have tie-in clauses and can charge a leaving fee if you decide to discontinue your relationship with them. We don’t. There are no hidden charges with us.
Umbrella companies work on a very strong principle of trust. You have to feel that you can trust your third party partner to look after your interests for you. We have built up a reputation for trust over many years, and our client’s testimonies bear that out. Umbrella companies operate as your silent partner in business, looking after the day to day running of your accounts, leaving you free to concentrate on growing your business. By employing the services of a company like Churchill-Knight and Bond Consultancy Limited, you are also showing your partners that you really do mean business.
If you would like to know more about how umbrella companies can help you get peace of mind and give you control of your finances, call Churchill-Knight now and talk to one of our expert advisors.