If you are a contractor or freelancer, then your success lies with a good business model. You can not carry on working as an independent solo contractor. That will not take you to the head of your field. What you want to do is to work either thru umbrella firms or through limited companies.
When you need to make the choice, you actually need to see different things considering each of them and finally making the choice. You will need to make the decision after looking at different advantages and drawbacks of every one of the ways to go about your business. Only then, you will be capable of making the decision that you'll not repent in the short term as well as the long term.
One of the important considerations to make while deciding about the companies is whether you are comfortable with the administrative side of things or you wish to do away with it. If you believe that you can handle the executive side, then you may want to prefer limited company over umbrella company. You will be able to use different methods to save money from taxes. One straightforward way is to remain on low salary and put most money in dividends. Anyhow, there are number of other handy ways you will find out once you are looking for them.
On the other hand, if you do not need to get into the administration and you think you can't take that sort of responsibility, then you might need to work thru umbrella firms. These companies look after everything leaving you free to focus and concentrate on your work.
It is you who has to make the choice. But the important thing is that you make it after looking at both the probabilities and seeing what could work well for you.
When you need to make the choice, you actually need to see different things considering each of them and finally making the choice. You will need to make the decision after looking at different advantages and drawbacks of every one of the ways to go about your business. Only then, you will be capable of making the decision that you'll not repent in the short term as well as the long term.
One of the important considerations to make while deciding about the companies is whether you are comfortable with the administrative side of things or you wish to do away with it. If you believe that you can handle the executive side, then you may want to prefer limited company over umbrella company. You will be able to use different methods to save money from taxes. One straightforward way is to remain on low salary and put most money in dividends. Anyhow, there are number of other handy ways you will find out once you are looking for them.
On the other hand, if you do not need to get into the administration and you think you can't take that sort of responsibility, then you might need to work thru umbrella firms. These companies look after everything leaving you free to focus and concentrate on your work.
It is you who has to make the choice. But the important thing is that you make it after looking at both the probabilities and seeing what could work well for you.
About the Author:
Greg Dickson is the chief of marketing for the Bedouin Group, one the number 1 providers of umbrella company solutions for contractors and self employed staff. Bedouin Money also provider contractor mortgages and pensions.