An umbrella company is a business that employs professional contractors carrying out short-term assignments for recruitment agencies and / or end clients. The umbrella company makes your Pay As You Earn (PAYE) and National Insurance deductions for you, ensuring that you pay the right amount of tax.
An umbrella service gives you legal employee status and handles all the paperwork. It's the simplest solution for most contractors, with no unexpected tax bills and because you're employed you will still have access to state benefits such as a state pension and maternity pay. It also provides a record of continuous employment which will help with mortgage or loan applications, will ensure you're always on the right tax code and means you'll have just the one pension pot to manage.
If you'd like to find out more, call us now on 0800 197 6516 (option 1). Or you can complete the form below and we'll be in touch with more details.
want one employer whilst you are contracting
want access to a pension plan
want to build up an employment record for the purpose of mortgage applications
want the benefit of continuous employment, without setting up a limited company.
In April 2016 the rules on the ability to claim tax relief on allowable Travel and Subsistence changed for contractors inside IR35, however if you are not subject to Supervision, Direction or Control or the right of Supervision, Direction or Control you may still be able to claim tax relief on allowable Travel expenses.
So, regardless of whether you are or aren't subject to supervision, direction and control PayStream's umbrella service is right for you. My Max has been developed to ensure that contractors get paid on time, every time and stay HMRC compliant, with minimum fuss.
If you're a contractor or freelancer, one of your most unpleasant tasks may be keeping track of the administrative aspects of your business. Completing tax forms, chasing payments from clients and filing expense claims can be time-consuming activities that distract you from your actual work or - even worse - eat into your leisure time. The solution to these problems is simple - use an umbrella company such as PayStream - we'll take care of everything for you and what's more, you won't need to worry about IR35.At PayStream, we offer a number of services to help lift the burden of administrative tasks and we are committed to providing you with the highest level of customer care, letting you get on with your other responsibilities. Our umbrella company services are the perfect option for contractors and freelancers who don't want to deal with accountancy requirements. Not only do we take away the stress and liability of calculating and submitting PAYE-based tax and National Insurance contributions, but our services also include a variety of other benefits.
In the UK, an umbrella company directly employs contractors and freelancers who wish to work inside the IR35 regulations. Generally, an umbrella company's services are accountancy-based - such as managing timesheets, calculating PAYE tax and NI contributions, invoicing the client and paying the contractor.Other services provided by an umbrella company may also include HR support, and insurance cover.Overall, an umbrella company makes it easy for contractors and freelancers to do their jobs without having to navigate the confusing and stressful maze of tax paperwork and administration. Ideal for new contractors who don't know where to start, PayStream's umbrella company services are also extremely useful for those who have been contracting for many years.
An umbrella company will treat you in a similar manner to an employee in a more traditional business environment. You will receive a contract of employment and we will take care of all the administrative paperwork.Once registered, you will submit timesheets to the umbrella company, as well as any other expenses that you need to claim. The umbrella company will then invoice your client and pay the money direct to your bank account, with your PAYE tax and NI contributions calculated and paid.Umbrella company services from PayStream help take some of the stress and hassle out of being a contractor. You won't need to worry about keeping compliant with tax legislation, meaning you can get on with your work. You will also receive comprehensive insurance, including £2m professional indemnity.
PayStream's umbrella company service is reliable and efficient, helping to ensure that you receive the provisions most appropriate to your requirements. My Max is an umbrella company service that helps ensure you receive the best possible net pay and gives you the opportunity to claim allowable business expenses. When you contact PayStream, a member of our New Business Team will review your circumstances and provide guidance about if an umbrella company service best suits your needs. We take pride in our excellent customer care and our highly skilled accountants will be sure to give you peace of mind while helping you optimise your earnings.