CFC CFC GLOBAL UMBRELLA WELCOME GUIDE. SETUP PROCESS 03 Steps 1-4 and Agency Update 04 Setting Up with Agencies. CONTACT 21 Contact CFCG

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1 CFC CFC Global LLP CFC GLOBAL UMBRELLA WELCOME GUIDE 01 UMBRELLA SERVICES EXPENSES EXPLAINED Expenses Explained CFCG Referral Details and Form to CONTACT 21 Contact CFCG

2 WELCOME! As a contractor you have choices, thank you for choosing CFC Global. CFC GLOBAL UMBRELLA SERVICE You concentrate on your job and career development while we take care of all the tax and legal compliance aspects for you. Expenses Explained to CFC Global Umbrella is an employment management company that offers all contractors a fully compliant and tax-efficient payroll service. We give impartial tax advice through one point of contact. You will have a personal account manager who will handle all the administration of your payroll, from setting up contracts all the way to invoicing the agency and paying you. There is also a good range of benefits, all put together to make contracting a more pleasant and rewarding experience for you. CFC Global Umbrella offers only HM Revenue & Customs (HMRC) approved payroll solutions, so you can rest assured that your financial affairs will be dealt with efficiently, accurately and in accordance with all current legislation. We are administered by a compliant, professional and reliable team who have been advising and pay rolling contractors for a number of years. By joining us you will receive a friendly, super efficient, low cost service, unlimited telephone and support and a dedicated account manager. 01

3 Expenses Explained THE UMBRELLA SERVICE The contractor enters into a Contract of Employment with the Umbrella company. You will be referred to as an Umbrella worker. After securing a job, usually with the help of an agency, the Umbrella will enter into a Contract for Services with the agency or end user. The Umbrella Company will raise and issue invoices for the services you perform, collect payments from the agency or end user, calculate Income tax and National Insurance Contributions (NIC) due on this amount, and then pay your net pay direct to your personal bank account. When operating through an Umbrella scheme certain expenses can be claimed before Income tax and NIC are applied, which reduces your overall tax burden. These expenses must be incurred wholly, exclusively and necessarily and in the performance of your duties in order to be allowable. Please refer to the Expenses guidelines. Some of the advantages of the CFC Global umbrella option are: to It is flexible - you can stay with CFC Global for as long as you contract. No joining fees or tie-ins. You only pay for our service when you are working. Moving from one contract to the next is not a problem. Absolute peace-of-mind knowing you will be paid on time and all your tax and NIC payments are always up to date. Payroll is run everyday so you do not have to wait for your money. No need to worry about IR35 - CFC Global operate a full PAYE payroll and therefore are not affected by IR35 High take home pay - keep more of your hard-earned money. Cheaper than running your own limited company without the hassles. 02

4 1. You sign up with CFC Global and we send you our contract. You will need to sign and return the contract along with: Expenses Explained to proof of identity (original passport) - eligibility to work in the UK (and VISA page if applicable) - proof of current address (recent utility bill or bank statement - original documents) - form P45 from your previous employer (if applicable) or a completed and signed for P46 - form P86 (where applicable) - the 48 hour working week opt-out agreement (optional) - the conduct of employment agencies and employment businesses regulations opt-out agreement (optional) 2. You submit your timesheets to us and to your agency, and submit and provide to us, proof of the details of the expenses that you incurred in the performance of your duties. 3. We will raise and send an invoice to your Agency / End Client for payment 4. Once funds are received by us, we calculate your expenses and process your payroll ON THE SAME DAY and transfer your net pay directly into your bank account. Every time you get paid we will send you complete details of your payment and deductions in the form of payslips. Let your Agency know about us: After joining CFC Global, all you need to do is tell your agency that you are using our services and pass their details on to us. We will contact them and get the necessary procedures in place so you can concentrate on your job.

5 We work with all agencies: You can choose any agency. We are probably already working with them. If not, we will contact them to obtain details of your contract and to find out how they operate. If necessary we will adjust our systems to fit in with their requirements. Even if you change contracts, or go to a different agency, you can continue to use CFC Global. Expenses Explained to

6 Expenses Explained One of the biggest advantages you have being a contractor is being able to claim tax-free expenses. You will probably incur business expenses as you perform your duties as a contractor. By using the services of CFC Global you will be able to claim tax relief on these expenses. This greatly reduces the amount of tax and national insurance that you pay and puts more money in your pocket. Make the most out of contracting by claiming properly allowable business expenses. It will make a great deal of difference to the net amount that you receive each week. Make sure you claim what is rightfully yours. How much can you claim? to There's no limit as to how much you can claim, except that: your expenses must be incurred wholly, exclusively and necessarily in the performance of your duties your gross taxable pay does not fall below the National Minimum Wage Note that tax free expenses are not paid to you as an extra payment over and above the amount received from your Agency. We simply offset them against your gross pay and in doing so reduce the amount of tax and national insurance that you pay. The result is more take home pay! Again, simplicity works: It could not be easier to claim expenses through CFC Global.

7 Expenses Explained to You simply collect your receipts and send them together with your expense template to us. The expenses will be processed and used on your next payroll. It is your responsibility to keep copies of all your receipts to support a claim as HMRC may ask to see them. You must be able to produce these copies should that happen. Points to remember: We do not charge for processing your expenses It is your right to claim allowable expenses Allowable expenses reduce the amount of tax and national insurance that you pay You will take more money home! See the CFC Global Umbrella Expenses Guide for a detailed breakdown. 06

8 Expenses Explained to Typical Types of Expenses you can claim as a CFC Global worker Business Entertaining Expenses Flight and Associated Subsistence Costs Home Telephone Home Expenses Mobile Telephone Costs Professional Subscriptions Relocation Expenses Daily Subsistence Overnight Subsistence Overnight Incidental Expenses Sundry Expenses Travel Expenses Motor Motorcycle Bicycle Passenger allowance VDU Eye Tests/Spectacles Work-related Training 07

9 Expenses Explained to FREQUENTLY ASKED QUESTIONS 1. What is an Umbrella Company? If you are contracting, including if you have secured a contract with the help of an Agency, you will be able to maximise your pay by opting to work through an Umbrella Company. The purpose of an Umbrella Company is to make life simpler for contractors by taking care of the tax, payroll, compliance and administrative affairs whilst helping them maximise their earnings by reducing the amount of tax they pay. 2. How does an Umbrella Company work? The Umbrella Company is your employer and allows you to choose temporary contracts. The Umbrella Company s Expenses Policy will allow you access to tax deductions for a range of business expenses incurred. This greatly reduces the amount of income tax and National Insurance Contributions (NIC) that you pay and puts more money in your pocket. 3. Does it cost anything to work through an Umbrella Company? The Umbrella Company charges you a fee for the provision of its service, but you are still better off than someone who is working directly through an Agency or in permanent employment. 4. How much does it cost to join CFC Global? There is no cost to join CFC Global. There are no set up (or leaving) fees. All you pay is an administration fee for every week you work. 5. Are there any penalties if I decide to leave CFC Global? There are no leaving fees or penalties if you decide to leave CFC Global. All we ask is for a written notice period (one week if paid weekly, one month if paid monthly).

10 Expenses Explained to I have not got round to signing my contract with CFC Global yet, is this a problem? Yes, we need this signed before we can process the payroll and make any payment to you. 7. What information is CFC Global legally obliged to obtain from me before I can join? To satisfy the Proceeds of Crime Act, Money Laundering Regulations and Home Office requirements, CFC Global is legally obligated to obtain proof of your identity, proof of your address and proof of your eligibility to work in the UK before you can sign up. 8. What is the 48 hour Opt Out agreement and should I sign it? The law stipulates that workers cannot be forced to work more than 48 hours a week on average, normally averaged over 17 weeks. You can work more than 48 hours in one week, as long as the average over 17 weeks is less than 48 hours per week. If you are 18 or over and wish to work more than 48 hours a week, you can choose to opt out of the 48 hour limit. Signing this Opt Out is voluntary. 9. What is the Conduct of Employment Regulations Opt Out agreement and should I sign it? These regulations were introduced to govern the conduct of the private recruitment industry and establish a framework of minimum standards that clients, both work hirers and work seekers, are entitled to expect. Opting out of these regulations lessens the administrative burden on both the worker and the Agency. For example, under these regulations the Agency is required to verify much of the personal information and career references of the contractor. Equally, contractors are required to provide the documentation on all of their contracts over their career as the Agency is obligated to check them. As this can be costly and time consuming for both parties, many workers choose to Opt Out of these regulations. Signing this Opt Out is voluntary. 09

11 Expenses Explained to What is a tax year? The tax year is a 12 month period which runs from 6th April to 5th April (the following year). 11. What do CFC Global need to put me on the payroll? CFC Global will need your P45 from your last employer or if you do not have a P45 for any reason (i.e. you have not been employed in the UK in this tax year) you need to complete a P What is a P45? When you leave one employment and move to another you should receive a P45 from your former employer. Your former employer is legally obligated to provide you with a P45, so please insist on one. This should be handed to your new employer, in this case CFC Global, before you start working. It contains details of your pay and tax paid-to-date in this tax year, your tax code, tax reference and National Insurance number. If for some reason you don t have a P45 when you start working, we will need you to complete a P What is a P46 and where can I get this form from? This provides information to enable us to work out what code number to operate against your pay. We can supply you with a form P46 to complete. Please request this form from us if you don t have a P How do I complete a P46? You only need to complete the first page of the P46 with the information requested, tick a box indicating your present working circumstances and sign the form. You are also required to indicate if you have an outstanding student loan. It is important we receive the completed and signedd P46 before you are set up on the payroll otherwise you may initially pay too much tax (as it will be calculated on a basic rate basis, currently %). 10

12 15. What is PAYE? PAYE means Pay As You Earn. This is the system HM Revenue & Customs (HMRC) uses to collect Income Tax and National Insurance Contributions (NIC) from employees pay as they earn it. Employers are responsible for deducting Income Tax and NIC from the employees pay before paying them. Employers are also responsible for paying the Income Tax and NIC to HMRC on the employees behalf. 16. What Income tax rates do I pay on my taxable pay through the PAYE system? Expenses Explained Income up to 37,400 % Income above 37,400 40% Income above 150,000 50% 17. What are NICs? to You pay NIC to build up your entitlement to certain Social Security benefits, including the State Pension. 18. How is Employees NIC calculated? Employee s NIC is calculated according to your taxable pay. The Employee s NIC rate is currently 11% and 1%. The weekly tax free allowance is currently 110. The following brackets apply to Employee s NIC: % % Over 844 1% By way of example - Taxable pay 1,000 per week: Continued... 11

13 Expenses Explained to ((Taxable Pay free allowance Excess over 844) x 11%) + ((Taxable Pay free allowance Middle bracket) x 1%) = (( 1, ) x 11%) + (( 1, ) x 1%) = (( 734) x 11%) + (( 156) x 1%) = What is Employer s NIC? All employers in the UK have to pay Employer s NIC (currently at 12.8%) on employees salaries to HMRC. If you were employed directly by your Agency, the Agency would pay the Employer s NIC.. Does Employers National Insurance Contributions apply to Umbrella workers? Employers in the UK have to pay Employer s NIC of 12.8% on employees pay to HM Revenue & Customs (HMRC). If you worked directly for your Client, they would be responsible for paying over the Employer s NIC to HMRC. If you were working directly through your Agency, they would be responsible for paying over the Employer s NIC to HMRC. When you work through an Umbrella company, the Employer s NIC still needs to be paid to HMRC. Your Agency pays the Umbrella Company an amount which includes your PAYE pay rate plus the Employer s NIC portion which the Umbrella Company then pays to HMRC. There is often confusion by contractors between the amount that the Agency pays the Umbrella Company inclusive of Employer s NIC (Paid to HMRC) and the PAYE pay rate (which the Umbrella pays to the worker). 21. How is Employer s NIC calculated? Employer s NIC is calculated according to your Taxable Pay. The Employer s NIC rate is currently12.8%. The weekly free allowance is 110 (as for Employee s NIC). 12

14 Expenses Explained to You can calculate this as follows if your Taxable pay is e.g. 1,000 (Taxable Pay free allowance ) x 12.8% = 1, = 890 x12.8% = How can I check how my salary is calculated? CFC Global will send you a payslip every time you are paid. We will also send you a pay advice which provides a breakdown of the gross amount received from the Agency to the net pay you receive in your bank account. 23. What is a National Insurance number? Your National Insurance (NI) number is your own personal account number. The number ensures that NIC is properly recorded to your account. It also acts as a reference number for the entire Social Security system and assists in tracing your records within HMRC. 24. Do I need a National Insurance number and how do I obtain one? You will need an NI number if you are starting or intending to work. You need to visit your local Job Centre Plus to apply for one in person. You must call to book an appointment beforehand. 25. What is the difference between Reimbursable and Claimable expenses? Reimbursable Expenses are expenses that you have incurred and that the Agency/Client agrees to refund to you. Claimable Expenses are expenses that are incurred wholly, exclusively and necessarily in the Continued... 13

15 performance of your work duties. These should not be confused with expenses the Agency/Client has agreed to repay you. Claimable expenses are those you are allowed to claim through the Umbrella Company by submitting your expenses as per the Expense Policy Guidelines. Claimable expenses are not paid as an extra payment over and above your normal pay received from your Agency/Client (as with reimbursable expenses). CFC Global simply offset these expenses against your gross pay and in doing so reduce the amount of tax and NIC you pay. The result is you take home more pay. 26. What happens once I ve been working at the same client site for 24 months? Expenses Explained to When you have been at the same client's site for 24 months, or you become aware that your contracted period will extend beyond 24 months (whichever is earliest), your workplace is no longer deemed as temporary. Once you have breached the 24-month rule and you spend 40% or more of your time at the same site, you will no longer be able to claim travel between your home and that place of work. 27. What do I do with my timesheets? You will need to comply with the Agency's/Clients' procedures for timesheet submission. Please make sure that timesheets are signed off and approved by your line manager. Timesheets need to be submitted as per the Agency s/clients schedule. Send a copy to us via fax or and send the original to your Agency/Client. It is essential that you submit your timesheet as soon as possible. We invoice your Agency/Client immediately after receiving your timesheet. Please note that some Agencies/Clients have specific payroll days and to make sure you are not left off the payroll please confirm this date with your Agency/Client. 28. If the Agency does not pay do I still get paid? We can only process your pay once we have been paid by the Agency/Client. 14

16 Expenses Explained to If I miss the Agency s invoice deadline to submit my timesheet by a day will my payment be delayed by a day? No, because you would have missed the Agency s/clients payroll deadline, your money will only be processed in the following pay cycle. (i.e. following week/month) 30. How long does my money take to clear into my bank account? If you have chosen the Faster Payments method of being paid, you will receive your pay on the same day the agency pays CFC Global. Alternatively, if you select the BACS payment option, funds will take 3 working days to clear. The three working days are set out as follows: Day One - We receive the funds from your Agency and process the payroll Day Two - The funds are processed by the bank Day Three - Funds are cleared into your account (this can be at any time until close of business that day). For example, funds sent to us on Monday, Tuesday or Wednesday will be processed on Wednesday and clear into your account on Friday of that week. Funds sent to us on Thursday or Friday will be processed on Friday and clear into your account on Tuesday the following week. If you would like a clear indication of when you will be getting paid, you will need to contact your Agency and find out from them when they will be making the payment to us (and how they make their payments, as this will affect how long the funds take to clear into our account), as we cannot process the payment for you until it has cleared into our account. 15

17 Expenses Explained to Am I covered by insurance if I work through CFC Global? As a CFC Global employee you are automatically covered for Professional Indemnity, Employer s Liability and Public Liability. 32. Can I claim relocation costs if I am moving to the UK from another country? If you sign up with CFC Global before you leave your home country, you can claim relocation costs as part of your expenses. You may be able to claim up to 8,000 in relocation costs. Please ask one of our consultants for further information. 33. How much can I benefit financially from working through CFC Global? Please ask one of our consultants to send you a comparison table based on your individual personal circumstances. 34. Does CFC Global offer any incentive if I recommend a friend or colleague? Yes. For every successful referral you will receive 50 on condition that your friend or colleague stays with CFC Global for a minimum of 6 weeks. 35. Do I need to send receipts for all expenses claimed? No. It is not necessary to send receipts in respect of Overnight Incidental Expenses. Neither is it necessary to send receipts for Daily Subsistence but you must retain original receipts as you may be asked to produce these. In respect of Mileage Allowances, when making a claim you should maintain a mileage log to support your claim. 16

18 Expenses Explained to Does a special 'dispensation' with HMRC mean one Umbrella can allow contractors to claim more expenses than another? When expenses are processed an employer records the details for HMRC on a form called a P11D. The employer is required to produce receipts to support those expenses. This creates a large amount of administration for an Umbrella business so they apply for a dispensation from HMRC. This dispensation allows them to process some expenses without having to record them on the P11D or file the corresponding receipts. A dispensation does not apply to individuals therefore your receipts still need to be retained. It is also not an indication of the expenses that you are entitled to claim. To claim an expense you must have first incurred the cost and it must be wholly, exclusively and necessarily incurred in the performance of your job. Any amounts quoted on the dispensation are the limits up to which the Umbrella Company can process expense claims without having to record them. If the limit shown for accommodation is say 50 it does not mean that you can claim this amount each night that you stay away from home, so if you only spend 45 you can only claim Can I claim a daily subsistence allowance without receipts or if I didn t actually buy anything? If you did not actually incur an expense then no cost can be claimed. All expenses incurred must be supported by a original receipt(s). HMRC require that you keep your receipts for a period of up to 5 years. The only expense where a receipt is not necessary relates to the overnight incidental expenses. HMRC allows up to 5 per night for stays in the UK ( 10 if abroad) for each night spent away from home during the course of your assignment. 38. Can an Umbrella Companies charge a higher fee but then guarantee that I will pay less tax? Actually, the higher the Umbrella Company fee, the lower your net take home pay. You can only pay less tax if you are claiming allowable business expenses. No Umbrella company can guarantee or determine how much tax you pay. 17

19 Expenses Explained to Does an online calculator only need my hourly or daily rate to work out my earnings? Your net earnings will be affected by your tax code and the expenses that you can claim. An online calculator will use a standard tax code and a calculator that does not ask for your expenses will assume a figure. This means that the calculation will only give an estimate as everyone's circumstances may be different. 40. Can an Umbrella Company help me minimise the tax I pay? Umbrella Companies operate the PAYE system. Your tax contribution is deducted according to your tax code. Your taxable income will be reduced when you claim expenses but HMRC dictate what expenses you can claim and not the Umbrella Company and therefore your net earnings (or take home pay) should be the same whichever umbrella you use. 41. Can I claim for subsistence for every day I go to work? You can claim subsistence costs whilst you are working away from your normal place of employment and when you are required to stay away from home overnight on business under the terms of your Umbrella dispensation. Remember, you must actually incur the cost. Please refer to our expenses guidelines. 42. Will my net pay be higher, the more my expenses? Yes this is true that any allowable business expenses you incur will reduce the amount of tax you pay, however remember that in order to receive the expenses you actually need to spend the money on an allowable business expense, so whilst your net pay may be higher, so will your actual expenses. 18

20 Expenses Explained 43. Am I protected from investigation from HMRC by my Umbrella? If you claim expenses fraudulently and HMRC become aware of it, they will seek any underpayments of tax, NIC and interest and associated penalties. It is worth noting that HMRC will investigate at random and no business can offer you protection against an investigation of fraudulent claims. 44. Can an offshore Umbrella reduce my tax and NI liabilities as UK tax regulations do not apply to them? An offshore Umbrella Company may do the complete opposite, potentially leaving you facing a large tax liability and penalty. Be warned. 45. Can I switch Umbrella Companies when I breach the 24-month rule and continue to claim the same expenses? to Changing your Umbrella Company will not change the situation as the rule applies to your actual place of work rather than the Umbrella you use. A workplace is deemed as a temporary site providing your attendance is not expected at the outset or established during the contract to last more than 24 months. After 24 months a workplace is viewed as a permanent site and you are no longer able to claim travel and subsistence costs between home and that place. 46. What if I have more questions? If you still have any unanswered questions please contact us. 19

21 Expenses Explained Refer a friend or colleague to umbrella freedom: If you know anyone who could benefit from our services, tell us who they are and if their application is successful we will reward you for your efforts: Individuals and Agency Consultants can benefit from 50 per successful referral After your referral has worked with us for 6 weeks, simply print out the form below, complete it, and send it to us. We will contact you to obtain your personal banking details to make the referral payment. All fields marked with an * must contain information before the form data can be successfully processed. to CFC GLOBAL RAL FORM Your Full Name* Your Address* Referree s Name* Referree s Telephone Number (incl. STD code) Referree's Address* Referral - Terms & Conditions By submitting this form, you agree to the following referral terms and conditions: Referrals will not qualify if CFC Global has been in contact with the referred candidate at any time prior to the referral being made. Where the candidate is introduced by more than one person, we will operate a first come first served policy. The candidate must be paid through us for 6 weeks in order to qualify. In the event of any disputed fees, CFC Global decision will be final.

22 CFC CFC Global LLP CONTACT CFC Global LLP 9-13 Fulham High Street, London, SW6 3JH T: +44(0) F: +44(0) Partnership No. OC Registered in England and Wales

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