Hi, a client is a contractor through his own limited company, with PAYE scheme operating. His work is usually from separate fixed term contracts outside of IR35 rules. However he is potentially being offered a contract for 6 months inside IR35 , being paid by an umbrella company.
I'm thinking any contract for the work will be with his company, but with him being the 'employee' of the umbrella company. If the monies are paid into his company bank account will he just pay this umbrella company money back out to himself. Would he report 'no pay' for his own PAYE scheme. I'm sure this is going to happen a lot now - any help would be appreciated.
There is a lot of guidance about umbrella companies on the internet, but not a lot about how to treat umbrella company income in your own company records.
Many thanks.
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