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Our free guide to your working options is designed to help you make an informed decision of what is best for you.
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Self-employment comes with plenty of benefits, but there are also risks and responsibilities involved. To manage these effectively, it’s important to make sure that you choose the way of working that best suits your need. But with so many options, choosing to work via a limited company as a sole trader or through an umbrella company means balancing the level of responsibility you are prepared to take on, with the level of risk you are comfortable with.
That’s where we come in - with over 17 years experience and comprehensive knowledge of all that comes with self-employment, we’re perfectly placed to give you honest, realistic advice that will lead you to the best choice for you. We’ll never try to steer you in a specific direction. At Brookson, we want to make sure you have everything you need to make the decision that fits your circumstances. A good way to start is to download our FREE Guide to Working Options. It’s full of useful insights into running your own business under whichever structure you choose, as well as how Brookson can help you stay on top of your accounts.
Choices for self-employed professionals
As the owner of a limited company, a sole trader or an employee of an umbrella company, you’ll face plenty of responsibility and make important decisions. There are pros and cons to each way of working, and there is no set path that’s right for everyone. Based on your personal strengths, preferences and circumstances, it will be up to you to decide what the best option is for you.
What do you need to consider?
- Your industry – does the industry in which you work expect a particular business structure?
- Administration – how much paperwork are you prepared to manage? The administrative burden, including accounting and record-keeping, is much higher for some ways of working that others, so you may want to bear this in mind if you plan to deal with the bureaucracy yourself.
- Room to grow – do you have specific goals for the future of your business? A structure that works now may be less suitable in a few years when you reach your next milestone. It could be worthwhile choosing a structure which suits where you see yourself down the line, so that changing your way of working doesn’t cause problems later on.
- Turnover and profit – think about how much you expect your business to make. Your tax obligations will be profoundly affected by your profit and turnover, and it may be that there is a way of working that deals with this better than the others.
- Client expectations – does your customer and client base prefer to work with a certain type of business? Failing to meet their expectations could make it much harder to foster relationships with new clients and even cost you business.
- Risk and responsibility – how much are you willing to take? If problems arise and things go wrong, some ways of working offer you better protection than others. However, they might also be more complicated to run, so it’s a question of finding an option that strikes the right balance.
Expert help whenever you need it
Making such a big decision might seem like a daunting prospect, but with the right support it doesn’t have to be taxing. Since 1996, we’ve been sharing our expertise with contractors, freelancers and self-employed professionals, offering specialist advice so they can make the right decision for them. By making sure you have all the information you need to weigh up your options, Brookson can help you get the best out of your business.
Whether your circumstances have changed or you would like to understand more about your working options and how they affect you financially and the levels of day-to-day responsibility then you will find our FREE, no obligation financial health check really helpful.
Arrange a FREE Financial Health Check
Free Guide to Your Working Options
We’ve put together detailed information on working as a sole trader, limited company or under an umbrella company in our downloadable FREE Guide to Working Options.
It’s full of helpful insights into life under different ways of working, as well as how Brookson can help you make the most of working for yourself by staying on top of your finances.
Working options for contractors
Making the decision to work for yourself can offer substantial benefits. As well as the extra variety that comes with being able to choose your own projects as well as when and how you go about them, having total control over your success can mean the rewards are fantastic.
But being your own boss brings with it a new level of responsibility. As well as drumming up your own business, it’s also down to you to take care of your accounts, stay compliant with all the relevant legislation and make sure your tax liabilities are in hand.
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Running your own business as a limited company can provide an ideal foundation on which to grow your business and give yourself a solid legal and financial base to build on.View the details
Download the guide
Setting yourself up as a sole trader can be a great way to start up in business. There is not much administration and there are no set up costs for registering at Companies House.View the details
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You don’t have to worry about any of the responsibilities of running your own business.
you receive a regular wage and the other benefits of being an employee.View the details
Need help deciding?
Our FREE Guide on Working Options covers Limited, Sole Trader and Umbrella ways of working. This guide will provide you with all the information you need as a self-employed professional helping you to understand the choices available and allowing you to make the right choice for your particular circumstances and your preferred way of working.
Download the guide
Contact us to discuss your working options
Call us today on 0800 230 0213 or fill in the form below and one of our advisors will be in touch.