With so many different solutions in the market place to choose from, first time Contractors may be left confused in deciding what the best option is for them. Choosing whether to set up an individual ‘one man band’ limited company or plugging into a traditional Umbrella Company is the age-old dilemma for many contractors. Lets compare Limited vs Umbrella Company.
Difference between Umbrella Company and Limited Company
Umbrella companies can be bureaucratic, overly standardised and costly. Similarly, one man and companies are subject to increasing aggressive attacks by tax authorities in Europe and are particularly challenging to maintain compliantly when working in foreign countries. Further, many end-clients are demanding contractors who are employed by locally registered entities that are proven to be locally tax complain and fully insured.
White November International Contracting Solutions
What makes WNIC unique in the employment solutions market is that many of our solutions aim to offer the best advantages of both having a limited company and being part of an umbrella company.
Essentially under the WNIC suite of solutions, contractors can become employees, partners, shareholder or all of the above within one of bespoke solutions. This flexibility allows our contractors to tailor an employment solution that best suits the needs taking into account the characteristics of their individual contract, such as the jurisdiction(s) involved and the proposed length of their contracting career.
The underlying goal of all our solutions? To primarily remain personally tax compliant, but also remain complaint with local employment legislation and optimising income retention in the long term.
What are the Benefits for Contractors when partnering with WNIC?
Contractor will benefit from all the usual umbrella company benefits when they partner with White November including, but not limited to:
- Assistance in local tax registration process
- You will be an employee within a company that is registered locally in the jurisdiction of you employment allowing you immediate and long-term access to social benefits
- Administration and management of all legal contracts with agencies and end clients
- Calculation and processing of local income tax, social security, payroll, payslips and payments
- Full coverage under our group insurances
- No personal liability or risks
Under many of our solutions you also may have an option to offset relevant expenses. WNIC will be able to assist with the refund and of all the administration, payment of taxes and any other required deductions.
Limited vs Umbrella company?
To conclude, although both personal limited companies and umbrella companies have their pros and cons, using a combination of both may just be the perfect solution in certain cases. Here at White November International Contracting (WNIC), we specialise in helping Contractors in choosing the right solution for their needs. With a variety of options available, using a variety of European jurisdiction to optimise the best solutions for complaint EU taxation purposes, a WNIC Relationship Manager can guide you through the process of selecting and building the right option for you.