Is umbrella company the best option?

Discussion in 'PAYE letters 2010' started by acelski, Jun 19, 2013.

  1. acelski

    acelski UKBF Newcomer Free Member

    2 0
    Hi!

    I have three companies (monetized websites actually) which I registered as LTDs. At first they were okay but eventually, I felt the burden of tax filings and revenue stuff. I am hoping I can put them all under one company to minimize the paperwork, especially taxes. I thought if all accounts and expenses are processed under one company name, it would be easier and more organized.

    Is setting up an umbrella company the best option? I don't have employees, just occasional virtual contractors that I hire for a short time so I don't think I'd have problems with payroll. I just want to have one company to get them all under.

    If umbrella company is the answer, how do I set up one then? Or is there anyone I contact to help me speed things up and become my adviser or something?

    Would very much appreciate your help.

    Thanks in advance!
     
    Posted: Jun 19, 2013 By: acelski Member since: Jun 19, 2013
    #1
  2. NickJ

    NickJ UKBF Enthusiast Free Member

    980 211
    For your own peace of mind, I would strongly suggest you go and speak to an accountant who has experience of the kind of business you're in!
     
    Posted: Jun 19, 2013 By: NickJ Member since: Mar 29, 2012
    #2
  3. Bryan_Centurica

    Bryan_Centurica UKBF Contributor Free Member

    35 15
    I second what NickJ said below, however from I wanted to quickly point you towards one aspect that both yourself and your accountant may miss.

    If you have any plans of selling one of your businesses later on then having them operate from under separate entities will make the process much, much easier. As someone who has sold and purchased over 100 websites I can confidently say that most buyers in this field prefer cases where they are acquiring a whole entity, rather than only an asset, and are willing to pay a premium for this.

    Having the sites operate from under separate entities will also help you keep your books more organised and should you decide to offload one or two of your sites, you will have far less hassle in the Due Diligence phase.
     
    Posted: Jun 19, 2013 By: Bryan_Centurica Member since: Jun 18, 2013
    #3
  4. schisnall78

    schisnall78 UKBF Newcomer Free Member

    5 0
    New to contracting, I found all of the information went in one ear and out the next!I used an umbrella calculator to figure out how I wanted to get paid and they passed me on toa company call Contractor Unlimited,they were really helpful.
     
    Posted: Aug 15, 2013 By: schisnall78 Member since: Jul 25, 2013
    #4
  5. schisnall78

    schisnall78 UKBF Newcomer Free Member

    5 0
    I recently started contracting. All of the information out there completely overwhelmed me. I used Umbrella Calculator (.co.uk I think) to figure out how I wanted to get paid and they passed me onto a company called Contractor Unlimited, who were really helpful.
     
    Posted: Aug 15, 2013 By: schisnall78 Member since: Jul 25, 2013
    #5
  6. Hoppimike

    Hoppimike UKBF Newcomer Free Member

    65 7
    I like doing it as an umbrella company, but only because I'm the kind of person who likes to try different businesses and it means a fraction of the work (only having to do taxes once instead of like 3-5 times!).

    I think it can work well for many people, and it's what was recommended to me when I called them :)
     
    Posted: Aug 22, 2013 By: Hoppimike Member since: Feb 28, 2013
    #6