Workwise, you’re in good company
For a growing number of contractors, umbrella companies are becoming the easiest way to receive payment for the contract work they do.
Post the introduction of IR35 legislation in 2000, a contractor umbrella company has become an attractive way of being paid without the hassle of running a company.
Having your payments processed through a contractor umbrella company alleviates the responsibility of running your own company and allows you to focus on your contract without the paperwork.
A Contractor Umbrella Company Service will offer you the following benefits:
- The rewards of contracting without the responsibility of running your own company
- The ability to offset certain business expenses
- You need do nothing more complicated than fill in a timesheet and expenses claim form
- Your tax will be deducted at source so you can be sure that you have paid the correct amount of tax and NI
- No set up or close down fees and your Umbrella Company will fill in all the official paperwork for you
- You completely avoid the IR35 tests and are paid under a PAYE structure
- An Umbrella Company will carry professional indemnity, public liability and employer liability
- Well suited for short-term or low value assignments
What is a Contractors’ Umbrella Company?
A contractors’ umbrella company is an already established limited company (usually managed by accountants), which employs the contractor to work under its shelter – hence the name umbrella.
A contractor will essentially become an employee of the umbrella company for tax purposes. As your employer they can handle all the administration associated with running a business on your behalf.
They will process your timesheets and expense claim forms, and invoice your agency/client to coordinate the collection of funds. After calculating the due Tax and National insurance contributions the Umbrella Company will pay your net salary (Tax and NI deducted) directly into your personal bank account.
By managing your financial affairs in this way you can feel confident that you will have legitimately paid the correct level of Tax and NI and that the money paid into your bank account is legitimately yours to spend.
How do I set up an Umbrella Company?
Once you have talked it through with one of our advisors, JSA can offer you our comprehensive Workwise Umbrella Service that guarantees you get paid in the most efficient and hassle-free way.
Our Workwise umbrella company will process everything on your behalf, from liaising with your agency/client, to calculating your tax and national Insurance contributions – we even send you a text message when we’ve transferred the money into a personal nominated bank account.
Our advisors are able to guide you through our Workwise Umbrella Service and produce an income forecast to give you an indication of what your take-home pay could be.
There are no hidden fees or start up costs and you can use our Umbrella company service almost instantly, provided that we have the correct documentation from you and your agency.
The Workwise service includes:
- A fast and efficient set-up process
- Unlimited support from our customer care team
- Advice on what expenses can be claimed and under what circumstances
- Your payroll processed on the same day that your funds are received
- Invoices issued to your client or agency
- Text message updates throughout the pay cycle
- No set up or closedown fees
- Processing fees paid ONLY when you work
- Professional indemnity insurance
- Public liability and Employers’ liability insurance
- On-going contract administration – for renewals, extensions etc
- Regular newsletters and email updates on important contracting matters
Read on for more trading options...
More information for a First Time Contractor
Limited Company option - The ins and outs of setting up a company
Introduction to contracting – the pros and cons of contracting
Exploring the pros and cons of contract work – Living the dream and avoiding the pitfalls
The Contracting basics - What is contracting and is it a viable option?
Securing a contract – Contracting a lifestyle choice
The contract its terms and conditions - How does IR35 Effect me?
Trading options available to contractors - Umbrella or Limited Company option?
Umbrella Company vs. Limited Company - which is best for me?
For a detailed overview please download JSA's First Timers Guide to Contracting.
You may also find the following pages, guides and testimonials helpful.
Our Services – How JSA can help you
A guide to IR35 – What it means and how it affects you
Case studies – Find out what our current clients have to say about JSA
Request a call/email back – we can call or email you back at a time that suits you
Talk to one of our experts
Register your interest online now.
Email our advisors at newenquiries@jsagroup.co.uk.
Or call free phone 0800 25 26 40