Umbrella Company
(Payroll Services)
Overview
Umbrella companies have become more prevalent in the UK since the British government introduced the”IR35” legislation where workers receive payments from a client via an intermediary company providing payroll services.
Therefore, a significant number of agencies now prefer that their workers and contractors use an umbrella company as it relieves them of time consuming administrative and payroll duties, insurance obligations, Income tax and National insurance deductions and obligations.
Agencies are guaranteed peace of mind as they are confident that their contractors’ taxes are being handled efficiently and compliantly by a professional company.
Angels Finance and Management Ltd is fully compliant with the HMRC and we will Act as the Third-Party Employer of the Contractor.
Our Processes and Responsibilities:
01
A Contract will be signed between our company and the recruitment agency (or end client) on behalf of the contractor who will be carrying out the assignment.
02
A contract of Employment will be signed between our company and the Contractor (Worker).
03
We will process all timesheets approved by the agency and issue invoices.
04
Once we receive the payment from the agency, we will prepare the payroll.
05
We will pay employees a salary after allowing all deductions for Umbrella margin subtractions, Income tax, National insurance contributions and other deductions (pension contributions…)
06
We will submit all RTI (Real Time Information) to HMRC outlining all payments and deductions.
Our company is fully compliant with the HMRC payroll legislation.
ANGELS FINANCE AND MANAGEMENT LIMITED
Phone:
01274 397803
07869815653
07869813022