Danbro, the specialist accountancy firm for contractors and freelance workers, has once again expanded the range of services it provides by launching a new ‘personal umbrella’ product.
Danbro Personal Umbrella (DPU) is designed for contractors who require the services of an umbrella company to manage their payroll, but have little or no personal expenses, which would limit the benefit of a non-personal umbrella company.
By using the DPU service, many contractors can have the services of Danbro for FREE and in some cases have as much as £50 per week extra n their pocket. This is because Danbro passes on any financial advantage derived from using the flat rate VAT scheme .
Under the DPU, the contractor would become a director of their umbrella company. This brings with it a requirement to provide a personal tax return, which Danbro can administer free of charge.
Danbro business development manager Michael Rhodes said: “The main benefit of any umbrella company is that fact that a contractor can claim certain expenses as tax-deductible, minimising the tax they pay.
“But we don’t think it’s fair for contractors to pay the standard fee if they have no expenses for us to process, which is why we’ve launched this new service, which will leave contractors with no expenses better off.”
As with any umbrella company, contractors can claim any expenses which are incurred ‘wholly, exclusively and necessarily for the purpose of the business’, where necessary. Mr Rhodes also explained that this solution would be ‘fully compliant with the Agency Worker Regulations’ (AWR).
Danbro is one of the country’s leading providers of umbrella company services and has been named in the Sunday Times FastTrack 100 list of the 100 fastest-growing companies in the UK for the third year running, as well as being shortlisted in three separate categories in the 2009 Accountancy Age Awards.
