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We will help you find the perfect solutions for your contracting needs here at Contractor Supermarket.
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Why Contractors Use Contractor Supermarket
Umbrella companies provide a range of invaluable services to contractors and we help you make the right choice.
Companies We’ve Worked With
From large corporations to small family businesses, we’ve worked alongside hundreds of businesses to help contractors compare umbrellas.
An umbrella company is a PAYE payroll administration company that acts as the employer for contractors who work on an assignment basis.
As an employee, you have full entitlement to state benefits like Statutory Sick Pay, Statutory Maternity Pay and a State Pension. The umbrella company acts as your employer and so can provide a continuous record of employment which can assist with loan and mortgage applications.
We only recommend trusted Umbrella Companies. We thoroughly research all the Umbrella companies on our site to ensure that they are compliant with HMRC guidelines and provide excellent customer service.
Compare the Umbrella only use Contractor reviewed and Agency approved umbrella companies. Here are the top things to look for when comparing companies: Weekly Fees, Insurance Cover, Customer Service, & Contractor Reviews.
The Umbrella Company processes PAYE payroll as your employer.
Pay As You Earn, or PAYE, is the taxation system used by HMRC to collect Income Tax and National Insurance Contributions (NICs) from employees. The amount deducted will depend on your earnings and the tax code you are on.
This means that as a PAYE employee of an umbrella company, you won’t need to submit any kind of tax self-assessment. You will be paying your tax and National Insurance contributions as you go.
Your PAYE payslip will itemise every incoming amount and outgoing deduction. Additions including, pay from your contract, claimed expenses, holiday pay, and sick pay claimed. Deductions including income tax, national insurance contributions, umbrella company fees, and pension contributions.
As a contractor working under an umbrella company, you are entitled to claim certain allowable expenses. The expenses must be directly related to your work assignment and approved by your Agency/Client.
This is one of the major benefits of being a contractor rather than being permanently employed. Submit your expenses along with your timesheets and the umbrella company will manage all the necessary administration for you. Your expenses will be offset against your taxable income for that week/month, therefore saving you money on your tax deductions, increasing your take-home pay.