Financial
The Umbrella Companies and the MSC’s
Managed Service Companies (MSCs) are composite company structures. In these structures, individual contractors will be the shareholders of the company but do not participate in the management of the company. Company will be managed by service provider. But the contractor umbrella would receive salary and the dividends. These are very unlikely to umbrella companies. In fact many people think umbrella companies are very similar to MSC’s but they are wrong, umbrella companies are very different in function and structure.
An ir35 umbrella company is often confused with a Managed Service Company (MSC). ir35 umbrella companies will not fall under the definition of MSC. For a company to be a Managed Service Company it must fulfill all four conditions of Section 61B (1), Chapter 9, Part 2 ITEPA. Umbrella companies do not satisfy the third condition. As umbrella companies do not pay dividends and consider whole income as employment income, they are not Managed service companies.
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