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Our umbrella company, My Max, is the award winning umbrella company that covers it all, this makes it the simplest way to get paid for most contractors. My Max takes care of all of your Pay As You Earn and National Insurance contributions leaving you to get on with what you do best. How an umbrella company works really is simple so we’ve answered some of your most frequently asked questions below.
An umbrella company employs contractors typically working on a number of fixed term assignments, which are often sourced by a recruitment business. The umbrella employs the contractor under an overarching contract of employment and is responsible for calculating and paying PAYE (Pay as You Earn) and National Insurance. Click here for additional information about how an umbrella company works.
No, it’s not a problem. Simply provide us with each agency’s details and our Contract Services team will get in touch with the agencies for you and sort out the contract and invoicing with them directly.
The umbrella margin is the amount an umbrella retains each week month from the funds it receives from an agency or client. This is usually agreed in advance with the agency or client.
When a contractor speaks to an umbrella company for the first time the umbrella company should disclose its agreed margin to the contractor and include the margin in an illustration given to the contractor.
When an umbrella company contracts with and receives funds from an agency or client the funds are used:
There is no separate fee to the agency/client or the contractor. The margin received by the umbrella company is used to cover its own costs, including staffing costs, IT costs, processing fees, property overheads and bank charges, providing contractor insurances and also to pay for other costs such as SSP and SMP.
Yes. You need to contact us straight away to let us know if you are sick and unable to attend work. You can self certify for the first 7 days (we can provide the form), thereafter we need to see a doctor’s certificate. Once we have received these we can check against the SSP qualifying conditions and whether you qualify for SSP. If you qualify for SSP then we will make the necessary payments to you each Friday.
To claim Statutory Maternity Pay (SMP) we need your completed MAT B1 Maternity Certificate and a letter notifying us of your personal dates. For Statutory Paternity Pay (SPP) we need an SC3 form and for Adoption pay an SC6 form.
Yes, as an employee of PayStream My Max Limited, you are automatically covered by our insurance. These include:
** A cap below £2m applies in certain specialist sectors. Please contact us if you require further clarification.
Yes, this may be advanced or accrued. Bank holidays are included in the annual holiday allowance.
Umbrella companies don’t manage their own pension schemes but do auto-enrol its employees into a workplace pension run by an authorised pension provider. However, there is an opt-out available.
An umbrella company like PayStream’s MyMax is able to provide a tax efficient salary sacrifice arrangement which enables contributions to be made to a pension provider of the worker’s choice.
Our payment terms reflect those of your Agency. We will pay you depending on the agency payment terms in place, normally weekly or monthly.
You will be paid into your nominated bank account based on a payment timing and frequency agreed with your agency.
No, as our employee you pay employed levels of tax and national insurance so IR35 is not applicable. Contractors who operate through their own limited company and withdraw funds as a dividend need to consider their IR35 status. If at any point you decide to look into operating through your own limited company, we can review your IR35 status to see if this would be a suitable option for you. For more information on this service please email our Contract Services team.
You are our employee. On joining you sign an employment contract and you are entitled to all the standard rights of an employee. We also take care of your insurance and pay all the necessary tax and NI contributions to HMRC on your behalf
You are employed by PayStream. You do not have any direct contractual agreement with your agency.