Advice From Accountants or Financial Planners etc? LTD company vs Umbrella company vs PAYE
Limited company, or Umbrella company, or PAYE (ive discounted this as it pays £7 less per hour although i have set hours and holiday pay.
What is the benefit of each...
Googling it, it seems that an umbrella I work for them and they do all my admin and taxes and files etc and i pay something like £100 per month.
Setting myself up as a LTD company i will be managing director and pay myself a salary from the money that the agency pay my company. However it all then gets a bit confusing and words are thrown around that i lost track of. i.e. paying myself a low wage from the company to avoid NI and income tax and then taking dividends from the company. No idea what any of that means.
What is the process for each, whats the best option?
I am really hoping a wonderous accountant on SHA can spell it out in the simplest terms for me!