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.
10 minute online sign up process
Dedicated account managers
Inclusive insurance: £10m employers liability, £5m public liability and £5m professional indemnity. Personal accident cover is also available as part of PayStream rewards
If you are not subject to Supervision, Direction or Control (or the right thereof), you can claim tax relief on allowable travel and subsistence expenses.
This may increase your take home pay.
A margin is agreed with your agency and is applied each time your timesheet is processed. This means that there is no margin when you are not working. The margin is £27.
Should your payment be delayed due to a PayStream error, we will compensate you by an amount equal to the margin. However due to PayStream's PSL agreement with Hays, we can pay you on the basis of an advance request, not just on receipt of funds. Should the margin change, you will be notified in advance.
Your margin is payable to PayStream My Max Limited.