Umbrella Company. Brookson. Here with all the right options. A simple, no-nonsense guide to working as an Umbrella employee.
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1 Not just your everyday accountant Umbrella Company Brookson. Here with all the right options. A simple, no-nonsense guide to working as an Umbrella employee.
2 Not just your everyday accountant Guide Contents An introduction to Umbrella Employment 2 The Main Benefits 3 Appreciating the Financial Benefits 4 Understanding Umbrella Employment 5 Choosing an Provider 6 About Brookson 7
3 1 An Introduction to Umbrella Employment Joining an is not as tax efficient as running your own business through a limited company or as a sole trader. If you do not feel ready, or are not in a position to establish your own business however, an umbrella employment solution provides a credible alternative route into contracting, consulting and freelancing. When working via an you are an employee and therefore taxed as such with PAYE and National Insurance contributions being retained by the. This is balanced out by the fact that you retain the flexibility of being able to choose the assignments you want to work on and claim certain expenses such as travel, subsistence and professional subscriptions. Most of the payroll and other administration is done by the, so this is a hassle free way of working. There can be issues in not having control over processing of payment, such as delays in payment if your umbrella provider does not pay via same day CHAPs. You are also unable to create a brand identity to market yourself. For someone who may be new to contracting however, these factors can be offset by the ease of set up, simple submission of timesheets and expense claims and the fact that your will liaise with your agency or client to gather all the details of your contract. There is also the reassurance that your employment status is clear, so as an employee you will not have to worry about the IR35 legislation. The decision to operate through an is not binding. However you will have an obligation to work the notice period in your contract of employment. At any point you can reconsider your situation and decide to set up your own business. This guide has been produced to help you understand what is involved in joining an. It outlines some of the associated issues, benefits and processes, explains what you need to do, what to expect and what Brookson s umbrella solution offers. Brookson s specialist advisors are always on hand to offer further advice and guidance should you have any questions, simply request a call back or call us on: If you re not sure joining an is what you need please look at our Choices Guide that outlines all available working options If you re already sure you would like to become an employee of Brookson s please go to: Alternatively you can call us on:
4 2 The Main Benefits While working as an employee doesn t have as many advantages and rewards as running your own business, depending on your individual circumstances and goals there are many benefits. n Ease of set up. Joining an frees you from the cost and administration of setting up, and later shutting down a limited company if you are not ready to make a long term commitment or only plan to work for a limited period. n Minimal administration. There is no requirement to manage your own tax, NI, payroll and other issues such as chasing late invoices. Being an employee of an to take care of your administration leaves you free to prioritise your day-to-day workload. n Clear employment status. If you expect that most, or all, of your contracts will be caught by IR35 there is very little financial gain by setting up a limited company. n Flexibility. As an employee of an you can choose the assignments you want to work on. n Expense Claims. You are generally able to claim tax relief on certain expenses such as travel, subsistence, tools and equipment. For a Best Advice Consultation, just call
5 3 Appreciating the Financial Benefits The financial benefits of joining an are not as significant as running your own business however, they are certainly favourable when measured against Agency PAYE. The following breakdown illustrates across a range of incomes, the impact compared to alternative ways of working. Take home pay calculations: Hourly/Annual Agency/PAYE (annual take home) Umbrella (annual take home) Sole Trader (annual take home) Limited (annual take home) 10 / 20,800 15,147 16,894 19,630 19, / 31,200 21,243 24,454 27,295 27, / 41,600 27,339 30,668 34,959 36, / 52,000 33,140 36,883 42,066 44, / 62,400 38,339 42,451 48,327 53, / 83,200 48,738 53,052 60,849 70, / 104,000 59,138 63,653 73,351 88, / 124,800 68,018 73,630 81, , / 166,400 86,341 91, , ,131 Assumptions The calculations are based on 40 hours per week over 52 weeks claiming 2,600 expenses and 10,400 business miles per annum. HMRC Flat Rate VAT Scheme at 13.5%, directors fee of 192 per week. Limited, Sole Trader and Umbrella figures include the Brookson fee or margin. Agency/PAYE includes a rate reduction of 13.8% to accommodate employers NI. Flat rate VAT for Limited is 13.5% providing annual income does not exceed 230,000. If you re already sure you would like to become an employee of Brookson s please go to: Alternatively you can call us on:
6 4 Understanding Umbrella Employment An is a solution generally used by contractors and freelancers as a fully compliant method of getting paid for temporary assignments. In contracting, an is considered the main alternative to setting up a limited company. It acts as an intermediary between a worker and their client (either an agency or the hirer). By joining an you are employed on a permanent basis, then supplied on a fixed term contract or assignment to different end clients. Once the contract is agreed, you submit timesheets to the and in turn they will raise an invoice to the client. When the invoice is paid the will pay your salary, having retained their margin and any tax or NI due with the added benefit of offsetting some of the income through claiming expenses such as mileage & general travel, hotel and accommodation and professional subscriptions. The process works as follows: n You sign an employment contract with the. n The signs a contract with your agency or client. n You submit both timesheet and expense claims to the. n The will invoice your agent or client for the work you have done. n The umbrella receives payment for the invoice from the agency or client. n You receive your salary after the Umbrella provider has retained any NI contributions and the margin. If you re already sure you would like to become an employee of Brookson s please go to: Alternatively you can call us on: For a Best Advice Consultation, just call
7 5 Choosing an Umbrella Company Provider There are a number of factors to consider when deciding which provider you will join. All umbrella companies use the same PAYE calculations to ascertain how much tax should be paid. The only differences between umbrella companies will be the margin they retain, the employee benefits they offer and the level of support they provide. Different umbrella companies have their own payment schedules; some will forward your salary on the same day as they receive the funds from the agency or client, others pay on date set by them. You should also be clear about the margin which will be retained by the Umbrella Provider which can be either a fixed amount or a percentage of earnings. You should also be mindful of online take home pay calculators, as some use uniform assumptions to calculate your take home pay. It always best to speak to an umbrella provider directly to ascertain this information based on your personal circumstances. If you re already sure you would like to become an employee of Brookson s please go to: Alternatively you can call us on: For a Best Advice Consultation, just call
8 6 About Brookson Over the past 20 years, Brookson have helped a number of individuals from a range of industries and sectors and where you see the real benefit with Brookson is in how we will guide and help you to work compliantly. Operating within the latest legislation you ll benefit from tax planning opportunities and outstanding support through an employee relations team available six days a week. A smarter way of working Brookson take all the worry and hassle out of employment status, administration and taxation by helping you navigate around all the potential pitfalls. It s part of our unique approach, providing you with a more innovative and relevant way of working. We understand both the legislation surrounding the freelance market and the needs of freelance individuals. We blend expertise with up-to-the-minute technology and a personalised approach throughout our range of advice and support. It s a legal requirement for all umbrella employers to have insurance cover in place for their employees and Brookson provides outstanding cover for Professional Indemnity, Employers and Public Liability Insurance your employment with us. Being a contractor or freelancer is a lifestyle choice. Circumstances change and you need different advice at various stages of your working life. We also provide access to a wealth of business expertise from qualified solicitors, financial advisors and insurance experts. 7
9 With you every step of the way As an employee of Brookson s we will be able to advise and support you in: n Increasing your take home pay where it is compliant and safe to do so. n Providing comprehensive insurance cover. n Taking away the administrative burden. n Providing ongoing support and the right advice when you need it. n Fully understanding your responsibilities and commitments from day one. n Reviewing all your expense claims to ensure compliance. n Tax planning advice tailored to your circumstances. Key benefits of Brookson s Umbrella Solution Employment with Brookson s provides you with all of these key benefits: n Payment of funds into your personal bank account via same day CHAPS payment. n SMS notification of salary being paid into your bank account. n Comprehensive business insurance of 4 Professional Indemnity, 5m Public Liability and 25m Employers Liability. n Ability to claim tax relief on allowable expenses. n Holiday pay. n Health and Safety review for each assignment. n All statutory employer responsibilities met in full. n Secure online portal Connect that allows you to submit time sheets, prepare expenses claims and access your payslips 24/7. n Access to financial advice on pensions, investments and other financial products. n Dedicated Employee Relations Team, available six days a week. n We take away the administrative burden leaving you to focus on your work. 8
10 You re in safe hands It s essential to be aware the many changes in tax and employment regulations to be sure you are compliant at all times. We re here to make your life easier. We have streamlined systems and processes as well as people who have the skills and in-depth understanding to help you. We have also developed Connect has been developed to make sure that providing us with the information required to keep you up to date is quick and straightforward. Designed for minimum effort from you for maximum return, providing vital data at your fingertips as and when you need it. You can access your information from one place, even one screen if you wish, utilising the Connect dashboard. Connect provides access to everything you need; submit timesheets and expense claims, view invoices and see what s outstanding in one intuitive, easy to use application. Seamlessly available on your PC, laptop, your smartphone or tablet so you can stay up to date and informed, even on the move. Next Steps Brookson s specialist advisors on hand to offer further advice and guidance so contact us today on: Alternatively you can request a call back at:
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