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An umbrella company employs contractors who work on short-term assignments.
They act as intermediaries between a contractor and their 'end client' or agency. As an employer, an umbrella company provides a payroll service for their contractor employees.
When selecting a payroll provider - as a contractor - you have two main options. You can either opt for PAYE - through an agency - or join an umbrella company. Getting paid through an umbrella company combines the flexibility of contracting with the security and reliability of employment.Register Today
For two decades, we've worked alongside contractors, agencies, and the self-employed. And, while we've grown in stature over the last 20 years, our company values haven't changed at all.
Our services are designed with you in mind. So, you can always rely on us to deliver the best advice, information and solutions.
Begin your contract or assignment and provide your services to a third party.
Next, choose your umbrella company. Once selected, you'll sign a contract of employment with your umbrella company and you'll effectively become their 'employee'. Furthermore, if you've signed up to an agency, an agreement will get signed between the agency and the umbrella company.
All you have to do is provide weekly timesheets detailing your hours of work, along with any expenses too (if eligible).
With the timesheet complete, your umbrella company can then invoice your agency for your money.
The money will then be securely transferred to your umbrella company.
Once those funds have been transferred, your umbrella company will set aside your statutory deductions and send them to HMRC.
If applicable, pension contributions will be made too.
Once that's all taken care of, your umbrella company will retain their margin - covering the cost of employment.
This is the final stage before payment. Your umbrella company will take care of your Tax, National Insurance contributions, and any other deductions.
Finally, you'll get your money paid direct into your bank. Furthermore, every time you get paid, you'll get a payslip and reconciliation sheet. This will detail your wages for that week or month.
With an umbrella company, you'll remain in employment both during and between your assignments. The continuity of employment that umbrella companies can provide also helps when applying for things like mortgages or other financial products.