Umbrella
Running payroll for hundreds of workers can be time-consuming, stressful and expensive. Employer’s responsibilities for so many people requires a lot of administration work, compliance with current legislation, correct calculations of tax and NI, handling payments to HMRC and employees. That is why plenty of recruitment agencies and organisations engaging with temporary workers prefer to outsource their payroll responsibilities. By outsourcing payroll to an umbrella company, temporary workers can be paid without any problems and deal with the umbrella company, while firms can focus on growing their business.
So what is an Umbrella Company?
Contracting through the umbrella company means that the contractor would be subject to full tax and NI as if a full-time employee would be. Contractors employed under the umbrella system will enjoy all the benefits and protections as any other employee would have. However, there are a variety of other benefits to joining an umbrella company.
Benefits for the contractor and for the company:
If you’re a contractor, you can be ensured that :
- All your taxes and NI contributions are correctly calculated and reported to HMRC.
- You will be covered by the insurances of Umbrella Company such as Professional Indemnity, Employers’ Liability and Public Liability.
- You will be able to claim tax relief on some of the business costs and expenses - subject to the SDC status.
- There will be minimal administration - all you need to do is register as an employee and confirm your timesheet online.
- You will not have to complete your self-assessment if previously working as Self Employed (de-registration is required).
- No reason to pay for accountancy services as you will no longer be working through a Limited Company.
- You can also benefit from the pension scheme.
If you’re an organisation looking to outsource payroll to Umbrella Companies:
- You can save time and money on a payroll service provider and associated costs of payroll software, training costs, distributing payslips and all related activities.
- You will not be required to check employees’ right to work in the UK or worry about keeping employment records for HMRC.
- You can enjoy less administrative work such as preparing payslips, contacting employees, sending P45/P60s, preparing registration forms.
- You will not be liable for employers costs (NI and pension).
- Peace of mind with sending RTI and IR35 reports on time.
- No liability for paying NI and PAYE taxes to HMRC. Compliance with taxation and payroll legislation lies with the umbrella company.
Why us?
Why choose the Finanspol Group Ltd umbrella?
- Secure Online Portal for contractors and organisations – easy access to employment record, pension contributions, payslips and P60s.
- Employee Support Team – We are available for employees from Monday to Friday via phone and online.
- Fixed Fee Margin - We have a simple system of charging margin from employees. You will not be surprised by any hidden costs.
- Insurance – We have insurance that covers employees for up to £10M. This includes employer’s liability, professional indemnity and public liability insurance.
- Expenses – We can discuss how to maximise income by claiming legitimate and compliant expenses.
- Pension – Every employee can benefit from saving money for retirement or opt-out from the scheme.
If you join Finanspol Group Ltd, you can rest assured that all the responsibility for paperwork, tax compliance, payments, calculations and employee administration will be handled with care. Since 2014, when starting as an umbrella company to one contractor who needed a Polish-speaking employer, we have grown to be an umbrella employer to over 1000s of employees throughout the UK.
We are proud to be a family run business and our dedication, expert advice and excellent support set us apart from other providers.