What is an umbrella company?
An umbrella company will employ you and most importantly pay you. It will invoice your agency or end client for the work you have done, obtain payment and then deduct the correct tax before paying it into your bank account.
By using an umbrella company all the administration around getting paid is taken care for you. You also will benefit from being an employee of the umbrella company that could be useful if you are applying for a mortgage and need employment history.
Why use an umbrella company?
For many working on temporary contracts using an umbrella company is more convenient and simple when working on assignments with different agencies. This is because there is only one payroll to deal with under one employment contract. There is also an administration saving in that apart from the timesheet and the initial application, paperwork is minimal. As an employee of the umbrella company you are entitled to statutory benefits and protection. This includes insurances, holiday pay, sick pay and maternity/paternity leave as well as access to a workplace pension.
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How do you get paid?
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Join an Umbrella company - Once you have secured your assignment, then apply to your chosen umbrella company. You will need to complete a short application form and provide supporting documentation to prove who you are and that you are eligible to work in the UK. You will sign a contract of employment.
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Complete a timesheet – Your agency will ask you to complete a timesheet and get it signed off by your client.
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Raising an invoice – To receive payment from your agency, the Umbrella company will raise an invoice based on the information you supplied in your timesheet
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Getting paid – Your agency will pay the invoice that the umbrella company has raised. This is usually in the week after you have worked. Your umbrella company will deduct their margin and then calculate your net pay. Your net pay will be paid directly into your bank account and you will receive a payslip outlining the deductions.
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