New IR35 rules due to take effect in the private sector from April 2021 could force thousands of limited company contractors to shutter their limited company and start using an umbrella company for the first time.
Joining an umbrella company is a tax efficient way to ensure IR35 compliance while also enjoying some for the benefits that come along with being an employee, such as holiday and sick pay.
Unfortunately some non-PAYE payment vehicles also describe themselves as ‘umbrellas’ and these schemes are often illegitimate.
