IT contracting - own company? Help!

[pugwash]

as far as I understand it, working through an umbrella company doesn't make you IR35 proof, but many of the umbrella companies I looked at (Giant included) give you a fair bit of cover, finanically-wise, for legal fees and, if you lose, they pay any tax that's due for you.

now where's that bloomin' referral email for Giant so I can get my 75 quid!

The more I read, the less I understand.
But from what I've read it seems if you go through a standard umbrella company (rather than a composite), you are within IR35, or at least you are being paid in full rather than through dividends which could give you a tax benenfit.
So the only tax benefits are those you can claim on expenses. And in theory you claim back on expenses even if you work directly (PAYE).

Note that giant say "If you pass IR35, you're better off trading through a limited company where you become an employee and shareholder. "

It also seems Giant only offer IR35 insurance for the 'giant powerhouse' which is a managed LTd co service costing £35 pounds a week .

"All giant powerhouse temporary workers benefit from GIANT CARDS (Contractor Assured Revenue Defence System) which is a unique insurance product developed by giant powerhouse and Qdos. "