Switching to Benifacts Umbrella
Are you already contracting and thinking of switching to another Umbrella service provider?
There might be various reasons why you’re thinking of changing your current provider. You can be rest assured that you will receive expert guidance from our experts. We will assess your current circumstance and will give you the best solution that suits your requirement
5 easy steps to get started with Benifacts:
If you are having a limited company and do not wish to take any headache of paperwork, compliance and accounting
- Speak to our expert how we can help you
- Register Online with Benifacts
- Request your current employer to give you P45
- Inform your recruitment agency about your switching over to us
- Start submitting your timesheets and expense claims.
How to move from a Limited Company to Umbrella
If you’re thinking about moving from a limited company to an Umbrella company then it’s probably safe to assume that you’ve been contracting for some time and have an idea of the advantages that you will obtain from switching to an Umbrella offersg
Five Reasons Contractors Move from Limited to Umbrella
- Looking for an easy contracting life
- Self- control & Short-Term Aims or short term contracting
- Existing Tax Problems
- Other Personal Issues
Quick Steps to Switching
Once you’ve decided to make the jump and move over to an Umbrella company, Below are the steps that you need to follow:
Go Dormant or Close it down
Your first decision will be if you want to make a permanent change or do it for the time being. If you want to try out the Umbrella company option for a while then you will want to simply keep your company dormant. If you already know you are ready for the ‘full Umbrella’ then you should close your company down completely.
In order to make your company dormant you need to set a date and then complete all transactions on your account up to that date. Thereafter you should ensure that no more transactions pass through the company. HMRC will need to see that you have stopped trading and don’t plan to look for new business and they will check that there are no new contracts, that you have closed the payroll and that you have paid (or are paying) the outstanding tax you owe. Even bank interest is seen to be a transaction so it is important to close your bank accounts. To stay dormant you will then need to still submit annual returns to HMRC as well as abbreviated accounts and you will need to maintain the registered office address.
Closing Down the Limited Company.
To close down your company you need to get in touch with Companies House and inform then you want to shut down the company. They will then begin their company dissolution procedure, which can take anything from three to six months. At the same time you will need to let HMRC know that your company payroll and corporation tax schemes need to be closed and that you will need to be deregistered for VAT.
Signing On with Benifacts Umbrella
Welcome to Benifacts! Hassle free working and an Umbrella company does maximum of your paperwork. It's cheaper than paying for an accountant, and leaves you free of red-tape. It’s as simple as a phone call and then you can start working, with only a timesheet and expenses form to send them at the end of the week. Getting Started