What to expect from an Umbrella Company

30th March, 2020

Are you thinking about joining an umbrella company?  At Orca Pay Group we can help you. There are a lot of benefits to contractors who utilise a service like ours including a higher level of freedom. However, you might not be completely familiar with what an umbrella company is so let’s break it down. 

What Is An Umbrella Company?

With an umbrella company, you will be employed as a contractor who, for instance, works on temporary assignments. However, although you are employed, you will still have a high level of flexibility and freedom. At the same time, you gain the benefits of a typical permanent employee within a business. Some of the benefits that you gain access to include:

  • Holiday pay
  • Statutory sick pay
  • Statutory maternity pay

So, essentially an umbrella company could provide you with a certain level of financial support and stability. You might even benefit from reward schemes, referrals, and private healthcare schemes. Umbrella companies have been around for over 20 years and arrived the market during the introduction of IR35. It’s an ideal solution because you won’t be caught out by IR35 and it also provides you with a solid footing if you are just starting to seek out work as a contractor. 

How Does This Work?

The first step is to choose a reputable umbrella company. You need to make sure that they are compliant and check their credentials carefully. If this goes smoothly, you will be provided with an employment contract.  The agency pays the umbrella company who will deduct Income Tax as well as National Insurance Contributions. As such, you won’t have to worry about dealing with this yourself. 

An umbrella company could also be best described as a payroll provider for contractors. They will act as your employer and ensure that your wages are compliantly paid to you each week or month. They also provide additional support for administration tasks. You’ll be able to take on different contracts and they’ll take care of the administrative tasks. A big benefit here is that you’ll have more time to focus on finding work as a contractor. It ensures your whole work process is far more efficient. 

Finding The Right Umbrella Company

As a compliant umbrella company, Orca Pay group can provide this service for you ensuring  that all your administrative tasks are completed the right way. Our aim will be to ensure that you get the full freedom of a contractor and the security of an employee. With our help and support, you can get the best of both worlds. 

If you are interested in this fantastic opportunity as a contractor, then please do make sure that you contact us today. We will be happy to assist you and ensure that you gain the information you need to proceed.