Why use an Umbrella Company?
If you are new to contracting you may be asking yourself why use an umbrella company? At 360 we leave you free to focus on your contract, reaping the benefits of minimising your administration, and maximising your take home pay, safe in the knowledge that you are fully protected, paid on time and have access to a wide range of tax efficient benefits.
An umbrella company, like 360, will take care of the day to day administration for you, such as invoicing your agency for your hours, offsetting your business expenses, and submitting your end of year tax forms (such as your P60). Without such burdens you are free to fill your spare time with far more enjoyable activities.
All the benefits of being employed
Your umbrella company will act as your employer, and as such, you have access to all the associated benefits, such as their own umbrella expenses, professional insurances, salary sacrifice schemes, pensions, sick pay and maternity leave, and also have access to a full range of financial advice services.
As an employee, you do not have to worry about IR35 legislation, 360’s professional and expert team will do all this on your behalf. There is no need to search for reliable accountants, complete VAT returns or company accounts. All your tax and NIC will be up-to-date as your payroll will be processed same-day through PAYE. This way you will receive a payslip in the same way as you would in any other employment. The payslip will show the assignment value, your salary/bonus payment, any deductions made, any statutory payments and the umbrella company margin.
If you are unsure about contracting or are only contracting in between jobs, then using an umbrella company is ideal, as it involves very little input or large capital outlays. However, you will still want the financial benefits to using an umbrella company, like 360, to be clear. Using 360 as your umbrella company, will mean no long term commitments to your own insurance policies, yearly accountancy costs or self-assessments. With an umbrella company, because you “pay as you go” you haven’t wasted significant investment if things don’t work out or your circumstances change.
You need your umbrella company to make your life easy, which is why our service is as simple as submitting your timesheets and expenses via our convenient 24-hour online portal. As one of the longest established umbrella company, we offer our extensive depth of knowledge regarding legislation and contractor services, alongside our diamond award winning customer service, to provide you with peace of mind that your
To find out more about why you should use an umbrella company, call one of our dedicated account managers today to find out how we can help you on 020 7471 3500