7. Pension and health insurance – contractors have to pay this themselves. Even though you will be paid a premium for your contracting and these are partly tax-deductible you will still need to budget to pay them. So before you make the move to contract, calculate what these are worth for you as part of
4. Payment issues – this is a serious concern for contractors. Being involved in a payment chain means that there could be delays in your payment. An Agency or Umbrella can delay a payment to you if the client delays paying them (some clients have a long lead time contractually before they pay). It’s important
1. Administration – if you are using a PAYE Umbrella solution this isn’t going to be such an issue. Providing information to your Umbrella service on your private pension as well as a few other big ticket items is all there is. Your main admin will centre around providing your time-sheet to your umbrella service
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