ADVICE AND HELP: Umbrella payroll companies for contract staff - HotUKDeals
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ADVICE AND HELP: Umbrella payroll companies for contract staff

IWannaBeAdored Avatar
7y, 5m agoPosted 7 years, 5 months ago
I've started a new job recently for a local goverment company as a contractor. I've just found out today from my agency that I need to find an umbrella company to handle all of my payroll. This has happened because my agency have found out that other contractors at other agencies are getting substancially a lot more money per hour than myself and other contractors at the same agency.

The only way that they can offer the same amount that the other contractors at other agencies is if we find and use an umbrella company. They are not allowed to recommend any. I can choose to stay with my agency for a slight increase (£1 more p/h) or select an umbrella company and get £6 more p/h.

I hope all the above makes sense and I would appreciate any advice for anyone that uses these umbrella companies. I've had a look on google for some and have made some notes.
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IWannaBeAdored Avatar
7y, 5m agoPosted 7 years, 5 months ago
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#1
Set up your own limited company, costs approx £100 and you need to keep the accounts for it, you just draw a wage from it
#2
When I was a contractor I used these guys.
No idea what they are like compared to anyone else, but they always paid me on time. All done online so nice and easy.
#3
mosskeeto;5575428
Set up your own limited company, costs approx £100 and you need to keep the accounts for it, you just draw a wage from it

+1
#4
Hi, a company my wife has used in the past for IT contract work is GIANT. they seem pretty good with advice etc on claiming expenses (travel lunch) and how to be tax efficient.
Also she set it all up via email/phone no need to visit offices. Good Luck.
#5
i work for a recruitment company, and by using an umbrealla company for our contractors covers the indivduals as it would them become an employee, whilst the umbrealla company will work out and use everything they can to maximise the amount of money the individual will take home.

These are just some of the Umbrealla companies that we all offer as choices to contractors, we don't recommend, as they all charge different prices.

Parasol IT
Giant Services Limited
Orange Genie Cover Limited
SmartPay Limited
JSA Services Limited
#6
I work in Healthcare Recruitment and the contractors that use an Umbrella service are recommended to:

- CXC Global Ltd
- Tarpon Ltd
- Giant
- JSA

Basically, it works out better for the client for their contractors to go through Ltd Company because it saves on NI and WTR charges (meaning more profit) plus the contractor can put through expenses inc. travel/food etc.
#7
mosskeeto;5575428
Set up your own limited company, costs approx £100 and you need to keep the accounts for it, you just draw a wage from it

Sorry am new to all of this.

How would I go about doing this? How long would it take? How easy difficult is it keeping the accounts?
#8
IWannaBeAdored
Sorry am new to all of this.

How would I go about doing this? How long would it take? How easy difficult is it keeping the accounts?


type setup limited company uk into Google and you will see loads of options, one will do it in three hours apparently. If you are not fussed on the name then most have them ready setup to transfer within hours..

Your accountant will help doing the accounts as you will one to keep your accounts audited anyway.
If in any doubts have a chat to your accountant who should be able to set the company for you..
#9
its all well and good setting a company up, but it might not be so benifical for a low waged individual, i think anyone who would be earning under 12 p/h should look at unbrealla companys, otherwise you're not really going to save anything....
#10
mosskeeto
type setup limited company uk into Google and you will see loads of options, one will do it in three hours apparently. If you are not fussed on the name then most have them ready setup to transfer within hours..

Your accountant will help doing the accounts as you will one to keep your accounts audited anyway.
If in any doubts have a chat to your accountant who should be able to set the company for you..


Also setting up the company name can be regesitered within 24 hours, as for the company bank accounts i've heard these taking weeks, and then obviously more time and work drawing money from the company and keep records for accounts than the umbrella company simply paying into your current account...

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