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Working out of India for UK company from 1 Jan 2016 on contract
Work under UK umbrella company.  By this you are thinking of creating a new legal entity in UK, then its not a very great idea. There will be lot of paperwork, additional taxes in UK and not much benefit.  Ask UK company to remit money to Indian savings bank account   Ask UK company to remit money to Indian business bank account Both are same from tax point of view. Opening a business bank account needs some more paper work and can be avoided.  Note as an independent contractor you are still liable to pay taxes in India. Please pay periodically and in advance and do not wait till year end. You can claim some benefits as work related expenses [for example a laptop / mobile purchase, certain other expenses] and reduce from the total income the UK company is paying