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Which Option?

Which option is right for you and your business.

Call 0161 703 2549 or email info@championcontractors.co.uk newbusiness@championcontractors.co.uk

Having trouble deciding which option to go for? See the table below for the advantages and potential drawbacks of the Limited Company, Umbrella Company and Agency PAYE options.

Limited Company Umbrella Agency PAYE
Advantages
The most tax efficient way to provide services No start up and no termination charges The simplest way to be paid
Ability to claim tax relief on capital and revenue business expenditure No Champion margin applies when on holiday or when in between assignments Very easy to use - you only have to provide a timesheet
Full control of business directions and all financial affairs No invoice and general administration requirements Perfect for contractors who only intend to undertake one assignment
Limited liability protection Ability to claim tax relief on relevant expenses ** All statutory rights are provided
Option to register for Flat Rate VAT All statutory employee rights are provided
Owning and running a Limited Company does not have to be complicated Exclusive Personal Accident / sickness cover included as standard
Opportunities to engage in additional tax planning activities Very simple to use - you only have to provide timesheet and expense information
Access to business partners who can provide added value services Access to business partners who can provide added value services
Perfect for career contractors who are skilled, qualified and pass IR35 tests/measures Perfect for first time contractors and those who fail IR35 tests/measures
Drawbacks
More paperwork and statutory obligations to contend with than other options **Must pass an SDC test to obtain tax relief on relevant expenses Full PAYE is operated
Not a prudent choice for short term contractors and for those who fail IR35 tests/measures Full PAYE is operated No ability to obtain tax relief on out of pocket expenses

Find out why Champion is the right choice for you.

For further information and advice on the above options, please contact us or call one of our qualified advisors on 0161 703 2549.