There have always been two main routes for an IT Contractor to be paid: Umbrella Company or your own Limited Company. Using a contractor umbrella company is simple, just submit your timesheets and expenses and wait for your monthly pay. The downside of the arrangement is the level of return you achieve, maybe 60% of your annual contract value. A Limited Company set up may give you a return of 70% and in spite of the additional administration involved and possible IR35 complications,the Limited Company option is often the most common route.