After we got fed up of doing everything over the phone, we built F-ndr to offer an interactive comparison tool for Umbrella Companies.
An Umbrella Company is a unique service provider designed to provide PAYE payroll to contractors. The Umbrella will invoice an agency for the contractor’s time & expenses and pay the contractor the funds less tax & fees.
There is no difference. As a result, all umbrella companies pay their contractors through the “pay as you earn” scheme. This means they pay your income tax & national insurance to HMRC and provide you with a payslip.
There are two main umbrella accreditations, FCSA & Professional Passport. Both of these have different requirements and standards. Some agencies will only work with an Umbrella Company if it holds one of these accreditations because they are perceived to operate “compliantly.”
Not all umbrella companies offer the same benefits like faster payments. Some are accredited by external auditors. All this will contribute to the fee they charge for providing their payroll services.
Umbrella Companies are great for first-time contractors who have never contracted before. This is because they are quick & easy to work with, with setup taking less than a day. This means it’s the fastest way for contractors to get paid less tax.
Yes. The umbrella company will become your employer to process your payments through PAYE. This won’t affect how you perform your contract, but it will mean you don’t need to complete a self-assessment or tax return.
An umbrella company will not only process your payments through PAYE. In addition, they will provide you with insurance cover for your work, holiday pay, and other statutory payments like sick pay. Some higher-end umbrella companies will also offer perks like store discounts.
F-ndr has developed an umbrella company comparrison tool that’s designed ot help contractors compare, side by side, the UK’s most trusted umbrellas in order to help them find the best umbrella in the UK.
