{"id":7040,"date":"2021-04-15T11:32:27","date_gmt":"2021-04-15T11:32:27","guid":{"rendered":"https:\/\/coolcompanydev.staging.wpengine.com\/uk\/?post_type=blog&#038;p=7040"},"modified":"2023-10-02T08:17:50","modified_gmt":"2023-10-02T08:17:50","slug":"whats-the-difference-umbrella-vs-limited-vs-self-employed","status":"publish","type":"blog","link":"https:\/\/coolcompany.com\/uk\/blog\/whats-the-difference-umbrella-vs-limited-vs-self-employed\/","title":{"rendered":"What&#8217;s the difference? Umbrella vs Limited vs Self-Employed"},"content":{"rendered":"\n<section class=\"wp-block-coolcompany-section has-light-primary-background-color has-background has-light-primary-background-color has-background\">\n<div class=\"wp-block-columns are-vertically-aligned-center is-style-right-image is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\"><div class=\"breadcrumbs align  wp-block-bcn-breadcrumb-trail has-text-color has-background\" vocab=\"https:\/\/schema.org\/\" typeof=\"BreadcrumbList\">\n\t<span><\/span>\n\t<\/div>\n\n\n\n<h1 class=\"wp-block-heading\" id=\"h-the-difference-between-self-employed-and-limited-company-vs-umbrella-company\">The difference between self employed and limited company vs umbrella company<\/h1>\n\n\n\n<p>When you venture out in the business world, one of the first questions you will ask yourself is: \u201cLimited company vs umbrella vs self-employed, what is right for me?\u201d Even experienced agencies and contractors often wonder about the difference between an <a href=\"https:\/\/coolcompany.com\/uk\/business\/\">umbrella company<\/a> and a limited company. Allow me to explain the pros and cons of both solutions \u2013 and for good measure, I will throw in Self-employed, too!<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/coolcompany.com\/uk\/wp-content\/uploads\/sites\/3\/2022\/01\/tjej-i-byggvaruhus.png\" alt=\"\" class=\"wp-image-8001\" style=\"width:332px;height:360px\" width=\"332\" height=\"360\" srcset=\"https:\/\/coolcompany.com\/uk\/wp-content\/uploads\/sites\/3\/2022\/01\/tjej-i-byggvaruhus.png 582w, https:\/\/coolcompany.com\/uk\/wp-content\/uploads\/sites\/3\/2022\/01\/tjej-i-byggvaruhus-277x300.png 277w, https:\/\/coolcompany.com\/uk\/wp-content\/uploads\/sites\/3\/2022\/01\/tjej-i-byggvaruhus-480x520.png 480w\" sizes=\"auto, (max-width: 332px) 100vw, 332px\" \/><\/figure>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<div class=\"wp-block-coolcompany-separator is-style-default has-lighter-primary-background-color has-background\"><\/div>\n\n\n\n<section class=\"wp-block-coolcompany-section\">\n<div class=\"wp-block-columns is-style-columns2 is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-style-larger-col is-layout-flow wp-block-column-is-layout-flow\">\n<h2 class=\"wp-block-heading\"><strong>Limited company<\/strong><\/h2>\n\n\n\n<p>Let\u2019s start with the most complex model available, a Limited Liability Company \/ Personal Service Company\/ Ltd Co (it has many names!) is exactly that, it\u2019s a rLet\u2019s start with the most complex model available, a Limited Liability Company aka Personal Service Company aka Ltd Co\u2026 it has many names! A limited company is a registered business in the UK. You will have registered the business name at Companies House and depending on the amount of revenue, you may need to register for VAT. As it stands, a ltd company is currently the most tax-efficient model in the UK. However, the dark side is that this model has more restrictions and legislations placed on it than all of the other solutions. Have a look at the pros and cons:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Pros and cons of a private limited company<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Pros<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Most tax efficient model<\/li>\n\n\n\n<li>Limited liability means your personal assets are protected<\/li>\n\n\n\n<li>Professional appearance to clients<\/li>\n\n\n\n<li>You have full management of your cashflow<\/li>\n\n\n\n<li>Legitimate business expenses are tax deductable<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Cons<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Accountancy knowledge needed or a personal accountant (additional cost)<\/li>\n\n\n\n<li>Not legal for everyone&nbsp;(read our guide on <a href=\"https:\/\/coolcompany.com\/uk\/ir35\/\">IR35<\/a>)<\/li>\n\n\n\n<li>Professional indemnity insurance required at a minimum (additional cost)<\/li>\n\n\n\n<li>You have full responsibility for tax payments and penalties<\/li>\n\n\n\n<li>You have no employment rights<\/li>\n<\/ul>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-style-smaller-col is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-coolcompany-maskedimage blob_mask_1\"><div class=\"gradient-background\" style=\"background:linear-gradient(45deg, #7142E9 0%, #BA37F9 100%)\"><\/div>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/coolcompany.com\/uk\/wp-content\/uploads\/sites\/3\/2021\/04\/SQ-GettyImages-970162142-300x300-1.jpg\" alt=\"\" class=\"wp-image-7056\" srcset=\"https:\/\/coolcompany.com\/uk\/wp-content\/uploads\/sites\/3\/2021\/04\/SQ-GettyImages-970162142-300x300-1.jpg 300w, https:\/\/coolcompany.com\/uk\/wp-content\/uploads\/sites\/3\/2021\/04\/SQ-GettyImages-970162142-300x300-1-150x150.jpg 150w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<div class=\"wp-block-coolcompany-separator is-style-has-shadow\"><\/div>\n\n\n\n<div class=\"wp-block-columns is-style-default is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-style-default is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<section class=\"wp-block-coolcompany-section\">\n<div class=\"wp-block-columns is-style-columns2 is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h2 class=\"wp-block-heading\"><strong>Umbrella Company<\/strong><\/h2>\n\n\n\n<p>An umbrella company or intermediary is a business that provides contractors with an employment vehicle that manages their tax and national insurance payments as a service. In short: An umbrella company guarantees <a href=\"https:\/\/coolcompany.com\/uk\/simple-contracting\/\">simple contracting<\/a>! It is particularly popular in the recruitment sector as it allows a great amount of flexibility for contractors without undertaking a large amount of responsibility. One important difference between an umbrella company and a limited company is that umbrella employees (contractors) have access to all the rights provided by the Employment Rights Act 1996. For contractors, this solution is ideal as it poses no risk to the contractor while adding greater protection for the workers compared to other solutions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Pros and cons of an umbrella company<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Pros<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>No tax administration as all managed by the umbrella company<\/li>\n\n\n\n<li>Access to auto-enrolment pension programs<\/li>\n\n\n\n<li>Continual employment record even when you\u2019re not working<\/li>\n\n\n\n<li>Compliant with HMRC tax rules<\/li>\n\n\n\n<li>Outside of the scope of IR35<\/li>\n\n\n\n<li>Employment rights included<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Cons<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Not the most tax-efficient<\/li>\n\n\n\n<li>Limited access to expenses claims<\/li>\n<\/ul>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h2 class=\"wp-block-heading\"><strong>Being self-employed<\/strong><\/h2>\n\n\n\n<p>While self-employment is very common in the UK, it\u2019s not so common when assignments are engaged via the recruitment sector. To clarify, self-employed individuals are not working via a limited company. They are registered with HMRC as an individual and will complete taxes via a self-employment tax return annually. This solution is ideal for those with a small or independent business.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Pros and cons of self-employment<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Pros<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Can claim work-related expenses<\/li>\n\n\n\n<li>You have full control of cashflow<\/li>\n\n\n\n<li>Class 2 or Class 4 National Insurance contributions<\/li>\n\n\n\n<li>Efficient tax structure for all individuals<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Cons<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Your personal assets are at risk, no protection against claims<\/li>\n\n\n\n<li>Accountancy knowledge needed or a personal accountant (additional cost)<\/li>\n\n\n\n<li>You have no employment protection<\/li>\n\n\n\n<li>Not accepted for assignments engaged by recruitment agencies (False Self-employment law)<strong><br><\/strong><\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-conclusion-limited-company-vs-umbrella-company\"><strong>Conclusion: Limited company vs umbrella company<\/strong><\/h2>\n\n\n\n<p>As you can see when comparing limited company vs umbrella company \u2013 each model has its unique benefits and drawbacks. They mainly relate to the way you source your assignments. If we exclude self-employment due to high personal risks, the question remains: Umbrella company vs limited company \u2013 what is the verdict? A limited company is no-doubt the most tax-efficient solution but it comes with a considerable downside in the form of administrative hassles. With the ever-changing legislative landscape in the UK (IR35!), an umbrella company is the best solution if you want to leave all administration to the experts and fully focus on your work. Regardless of how you source your assignments, Cool Company will take care of your payments, taxation, and employment protection. Learn more about how to <a href=\"https:\/\/coolcompany.com\/uk\/get-started\/\">get started with your free account<\/a>.<\/p>\n<\/section>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-coolcompany-separator is-style-has-shadow\"><svg width=\"100%\" viewBox=\"0 0 1600 60\" fill=\"none\" xmlns=\"https:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\"><path fill=\"rgb(241,236,253)\" d=\"M0 0L29.6667 1.75612C59.5 3.36587 118.833 6.87807 178 12C237.167 17.122 296.167 23.8537 355.333 22.6829C414.5 21.5122 473.833 12.1464 533.333 9.07319C592.833 5.85368 652.167 8.78051 711.333 11.2683C770.5 13.6098 829.5 15.6585 888.667 18.7317C947.833 21.9512 1007.17 26.3415 1066.67 27.8049C1126.17 29.2683 1185.5 27.8049 1244.67 23.7073C1303.83 19.4634 1362.83 12.7317 1422 8.34148C1481.17 3.95124 1540.5 1.90246 1570.33 1.02441L1600 0V60H1570.33C1540.5 60 1481.17 60 1422 60C1362.83 60 1303.83 60 1244.67 60C1185.5 60 1126.17 60 1066.67 60C1007.17 60 947.833 60 888.667 60C829.5 60 770.5 60 711.333 60C652.167 60 592.833 60 533.333 60C473.833 60 414.5 60 355.333 60C296.167 60 237.167 60 178 60C118.833 60 59.5 60 29.6667 60H0V0Z\"><\/path><\/svg><\/div>\n\n\n\n<section class=\"wp-block-coolcompany-section is-style-no-space has-light-primary-background-color has-background has-light-primary-background-color has-background\">\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"h-do-you-want-to-know-more\">Do you want to know more?<\/h2>\n\n\n\n<p class=\"has-text-align-center\">Do you have any questions or are you ready to get started with Cool Company? <\/p>\n\n\n\n<div class=\"wp-block-buttons is-horizontal is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-499968f5 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-primary\"><a class=\"wp-block-button__link has-blue-background-color has-background wp-element-button\" href=\"https:\/\/freelance.coolcompany.com\/signup\/password\">Sign up<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-primary\"><a class=\"wp-block-button__link has-blue-background-color has-background wp-element-button\" href=\"https:\/\/coolcompany.com\/uk\/why-choose-cool-company\/\">Read more<\/a><\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Let us explain the difference between an Umbrella, a Limited Company and being Self-Employed. Pros and cons, from start to finish to make it easy for you.<\/p>\n","protected":false},"featured_media":7056,"template":"singular.php","categories":[6465,6757],"tags":[6753,6771],"class_list":["post-7040","blog","type-blog","status-publish","has-post-thumbnail","hentry","category-cc-insights","category-tips-inspiration","tag-blog","tag-tips-inspiration"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.2 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Umbrella vs Limited vs Self-Employed | Cool Company UK<\/title>\n<meta name=\"description\" content=\"What\u2019s the difference between self employed and limited company vs umbrella company? \u2713Pros and cons \u2713Easy definitions. Learn more \u2192\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coolcompany.com\/uk\/blog\/whats-the-difference-umbrella-vs-limited-vs-self-employed\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What&#039;s the difference? Umbrella vs Limited vs Self-Employed\" \/>\n<meta property=\"og:description\" content=\"What\u2019s the difference between self employed and limited company vs umbrella company? \u2713Pros and cons \u2713Easy definitions. 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