Using a special scheme or businesses structure such as a PTC or CIS can often help self employed contractors to earn an income in the most tax efficient way possible.
Yet the range of different payment options on offer for contractors can often be confusing, with Umbrella Companies, sole traders, Personal Trading Companies, and the Construction Industry Scheme for contractors working in the construction sector.
A new online calculator has been developed by Oriel at http://www.orielgroup.co.uk/Contractors/Calculator to help contractors see different illustrations of how much tax they would pay through some of the most common schemes. Users of the calculator can then apply online for the scheme which best suits them.
Oriel Group is one of the leading contractor companies in the UK and provides a range of different payment solutions to contractors and self employed workers, and to recruitment agencies managing payroll. These services give workers greater freedom and flexibility, whilst relieving them of any administrative burdens.
Services provided by Oriel include Construction Industry Scheme (CIS) solutions, Personal Trading Company (PTC) solutions, Umbrella solutions, allowing contractors to claim tax relief for their business expenses, and specialist payroll services, tailored to both construction and non-construction workers alike.
As well as specialising in contractor payments, Oriel is a specialist provider of outsourced financial solutions and business services to recruitment agencies and SMEs. Since 2000 theyve been helping clients start, manage and grow their businesses successfully; becoming a market leader in the process. With head offices centrally located in Cheltenham, Oriel has a team of more than 100 staff, focused on applying in-depth experience and up-to-date knowledge to help you towards an even brighter business future.
There is extensive information on each of the main agency and contractor payment solutions available at the Oriel Group website, or more information is available from Oriel Group directly on 0845 226 1843.