Our umbrella company. So what does it cover?
How does your umbrella company work exactly?
As an employee of our umbrella company you send us your timesheets and expense summaries ideally weekly. Our umbrella company (which is limited) then bills your client or agency.
In addition our umbrella company provides credit control, maintains your accounts, makes sure you claim all tax allowable expenses, calculates your tax and NI, and pays you net monthly or weekly.
Best of all, we deal with the Inland Revenue and VAT people – and our umbrella company’s status as your “employer” means we’re legally responsible for PAYE tax, NI and VAT; not you!
So you’re a composite company?
No, our umbrella company is NOT a composite company. Unlike an umbrella company these provide contractors with shares in the company and then pay them using dividends to avoid tax and NI.
Whilst not illegal per se, they’re attracting a lot of attention from HM Revenue & Custom’s inspectors and many “shareholders” are being back taxed several years and hit with penalties.
Our umbrella company will pay you net of tax using the PAYE system and is perfectly within the tax laws and HMRC approved. Don’t risk composite companies at any price! Read about IR35.
What is Liberty Bishop?
Liberty Bishop is a strongly established, well-regarded accountancy firm that provides accountancy services for contractors through its umbrella company and other solutions.
Founded in 1995, we’re reputable, professional and financially secure. Over 8,000 contractors have used our umbrella company and other services.
We're available 9-5.30 Monday to Friday
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Liberty Bishop
Clayton House, 3 Vaughan Road, Harpenden, Hertfordshire AL5 4EF
