Finding the best Umbrella Company with the most reasonable fees (margin) can seem like a tedious and daunting task. However, Umbrella Company UK can assist you through the selection process by making it as simple as possible.
What are Umbrella fees?
Umbrella company fees are most commonly known as margins, which are usually set accordingly between you, your agency and your chosen Umbrella Company. It can vary depending on your agreement, but it is usually £20-£30 per week.
Your Umbrella Company will make the deductions for you, so once you receive your payslip, that is your final salary. This includes deductions such as tax, National Insurance and the umbrella company margin, as the umbrella company acts as your employer and you are effectively their employee.
For more information on your take home pay when using an umbrella company, please read our sister company’s article entitled: ‘Umbrella company take home pay: what should you retain?‘
Are there any hidden or extra costs?
Before choosing your Umbrella Company, you should enquire about any hidden costs. At Umbrella Company UK, we have an all-inclusive service and you will be able to take advantage of:
- No sign up/joining fee
- No leaving costs
- No charges for insurance cover. Umbrella Company UK provides £10 million Employers Liability Insurance, £10 million Public Liability Insurance and £5 million Professional Indemnity Insurance. This can be tailored for you if you require a higher level of insurance.
- No charges for same-day payments
- No charges for additional administration, such as processing expenses (if, for example, you are a mobile worker)
What are the Umbrella Company benefits?
Benefits vary among providers but if you register with Umbrella Company UK, you can instantly take advantage of:
- Simple, easy and hassle-free service.
- Administration is minimal – you only need to submit your timesheets and complete the registration process.
- Simple sign up process where you can be set-up within a couple hours.
- It is the best option for contractors who either have short-term contracts (under 3 months), are new to contracting, or, are uncertain how long their contracts will last. There is no tie-in period and leaving your umbrella company is simple (if you wish to do so).
- No hidden joining or leaving fees.
- You will still receive Employee Benefits including Statutory Sick Pay, Annual Leave, Maternity Pay and Paternity Pay.
- £25 million insurance is included at no additional cost.
Are online contractor calculators accurate?
Using contractor calculators can be helpful, but remember, these make calculations based on an average scenario. There could be variables which don’t apply to you. Therefore, it is better to get an accurate calculation based on your personal circumstances. You can request a free umbrella take home pay calculation now from our professionals.
Why use Umbrella Company UK?
Umbrella Company UK is a leading PAYE umbrella company with plenty of experience in the industry. If you are looking for a compliant and reliable umbrella – you should look no further. Our margin is very competitive and our service is second to none.
Please use the short contact form on this page or give our friendly professionals a call on 01707 669023. We look forward to working with you!