Salary sacrifice isn’t for everyone. However, it can be an excellent way for employees to boost their earnings in a tax-efficient manner. This article sets out to answer the most common questions on salary sacrifice with umbrella companies. Keep reading to find out more. Do umbrella companies offer salary sacrifice? …
Can you use salary sacrifice with umbrella companies? » Read the full story
Some weeks, here at UCHQ, while we spend far more time than we should wondering exactly what the intern does, we also spend a good deal of time wondering how the umbrella company industry managed to get itself into such a mess. The tales of the umbrella companies of old, …
Why a Good Umbrella Won’t Stop You Paying Tax » Read the full story
A new report published by ONS, suggests that just 1 in 5 contractors are putting any money away for their pensions.
Contractors are no doubt aware that the government recently changed the rules on the amount of money people can put aside in a pension scheme and still benefit from tax relief. It used to be £225,000, but earlier this year chancellor Osborne reduced that to a mere £50,000 per year.
There is a substantial gap between the anticipated incomes of men and women in retirement, according to the Class of 2011 study from Prudential. Men expect an average income of £19,400 per year when they retire, whilst women anticipate just £12,200.
The auto-enrolment pension scheme will cost SMEs and umbrella companies an average of £2,550, but the true cost of administering it could be horrendous, warns the FSB.
Young umbrella company contractors need to be encouraged to save for their retirement, but in order to make the prospect appealing, the UK pensions industry need to undergo radical reform, according to George Ladds from the Fair Investment Company.
It was recently reported that many people are not prepared for the day to day financial changes that take place on retirement and one reason for this could be that we simply do not believe that 65 is old.
95% of people, including contractors, nearing retirement age aren’t ready for the financial implications it will bring, according to MGM Advantage.
Each month a new umbrella company bursts on the scene with an offering that inevitably boasts a competitive weekly fee, ‘world class’ customer services and a bullet proof, ‘HMRC-compliant’ expenses policy.
An umbrella company is the ideal solution for contractors who do not wish to set up their own limited company or become self employed. For contractors seeking a way of working which allows them to work on several contracts without administration, then an umbrella company is the answer.
