What is an Umbrella Company?
A PAYE Umbrella Company offers a contractor an alternative to being self-employed and managing a Ltd Company.
The Umbrella Company deals with off-setting all legitimate business expenses, deducting NI and Tax, processing end of year tax returns, prepares invoices on your behalf, receives income from clients or agencies, and forwards you the correct amount net of PAYE & NI. This means the money you receive each week is yours to spend without worrying about self-assessment, payments on account and Class 4 NI contributions.
Simplify Umbrella as an Umbrella Company provides a PAYE Umbrella solution to contractors who want to keep all the advantages of being a contractor in regards to the flexibility that this offers, yet don’t want to have the hassles of running their own limited company.
The main benefit to a contractor of using a PAYE Umbrella Company is that you work via an overarching contract. This allows you to offset legitimate business expenses and thereby reduce the amount of PAYE & NI you pay. This is how an Umbrella Company helps you to maximise your take home pay.
Another benefit, to a contractor, of using an Umbrella company is that Simplify Umbrella will also insure you under their public and employer's liability insurance. As a self-employed contractor your Ltd Company would have to have these insurances in place.
By working through an Umbrella Company as against running your own Ltd Company you don’t have to file company accounts and annual returns to Companies House each year.
A PAYE umbrella company provides a safe, simple and compliant method of employment for contractors who do not want the hassle of running their own Limited Company.
Industry News
Conservatives pledge to review IR35Mark Prisk, Shadow Minister for Business, has pledged that if the Conservatives win the forth coming election, a Conservative Government would undertake a fundamental review of IR35.
Latest News
NMW Consultation - What it means for Contractor Expenses
The government has recently published the finding of a
consultation into National Minimum Wage Workers – Travel & Subsistence
Expense Schemes.
The findings back the way Simplify Umbrella deals with our Contractors expenses, and Simplify's MD, Emma Hainsworth calls for the recommendations to become law.
