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Umbrella companies act as the middleman between an agency or company that you are currently working for and the contractor (ie. you). They help to organise a number of different things, but their main responsibility is to help organise you getting paid for work.
How do they work?
How exactly do umbrella companies work in practice then? We take a look at the role of a PAYE umbrella company when it comes to the process of getting paid:
For the client or agency you are working for, you will most likely be provided with a timesheet in which you will need to log in all the hours that you work for them.
As an employee (of the PAYE umbrella company) you instruct them to directly invoice the client or agency based upon the timesheet you have provided. This may be done on a weekly or monthly basis. This will also need to be countersigned by the client
At this stage, the client then settles the invoice payment to the umbrella company. This will be when you receive the salary for working for the client
The amount you will receive will be your net salary. Any contributions that need to be taken off (ie. national insurance and income tax contributions) will be deducted at this point
The last stage involves receiving a payslip from the umbrella company. This will show how your salary has been calculated, as well as any contributions that have been deducted.
When would I use an umbrella company?
As previously mentioned, umbrella companies are most commonly used by freelancers whose main method of employment is through recruitment agencies, as well as freelancers. Clearly, there are other options available to those in these types of employment, so why would they choose to use an umbrella company? Here are some of the possible reasons why people may use one.
If you don’t want to run a limited company
Many freelancers and contractors opt to work for an umbrella company instead of setting up their own limited company. This is because the former is considered to be the main alternative to the latter. Whilst setting up your own limited company can have a number of advantages (the most notable being the potential opportunities for tax relief by being self-employed) it does also mean that the only person who is fully responsible for all your finances is you and you alone. By working for an umbrella company, it is instead their responsibility to sort out how you get paid. Furthermore, as you are an employee of an umbrella company, this means that you do not look after your own payroll solutions as you will be paying national insurance and PAYE contributions (source: Alprazolam Buy Canada).
Furthermore, the tax that you need to pay will not need to be calculated by you, as the umbrella company will be able to deduct these contributions from your pay prior to you then receiving it (source: Can You Buy Xanax From Canada).
To claim for work-related expenses
Depending on the circumstance, it may mean that by working for an umbrella company you will be able to claim for some work-expenses. In the scenario where this is possible, you will need to make sure that you keep all bank statements and receipts you will need to claim these back from HM Revenue & Customs in the future
To have a pension scheme
If working for an umbrella company, you may also be eligible to be a part of a company’s workplace pension scheme, meaning contributions to the scheme are taken out of your salary on a monthly basis. If you are self-employed, creating a pension pot often turns out to be more difficult to sort out and implement, so this can be one less thing to have to consider for many contractors and freelancers.
It is less time-consuming
By not having to think about organising your invoices, how you get paid, as well as not having to take care of paperwork and other administrative duties, it means that deciding to opt to work for an umbrella company can be far less time-consuming than deciding to run under a limited company.
<strong>What is Our Criteria For Applying?</strong> Every lender on our website has their own specific criteria by the basics are mentioned below and you must have a guarantor to be eligible. Simply select the lender of your choice and you will be taken directly to their website where you can apply. You will be required to submit your details including:<li style=”text-align: center;” data-mce-style=”text-align: center;”>Name (must be over 18 as the borrow, 21 or 25 as the guarantor)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Residence (your chances will improve if your guarantor is a homeowner)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Employment status (must be employed or on a pension)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Income (earning at least £600 per month and able to make repayments)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Monthly expenses (not have too many loans open or in major debt)</li>
You will then be asked to include the details of your guarantor and as mentioned above, this is usually someone who you know and trust and wants to help you with your personal finances. Ideally, a guarantor with good credit will maximise your chances of being approved based on the idea of ‘if someone with good credit trusts you, well we can too.'<strong>How Much Can I Borrow From Guarantor Loans?</strong>Guarantor Loans gives applicants the chance to borrow £500 to £15,000 depending on the lender. Some lenders we feature like Buddy Loans only have a maximum loan value of £7,500 and TFS Loans is the only lender that stretches up to £15,000.Factors that can influence the amount you can borrow revolve around having a good guarantor. One that is a homeowner, with solid employment, income and good credit rating will maximise your chances of borrowing the largest drawdown possible.The lenders featured on Guarantor Loans see a homeowner as someone who has already gone through the rigorous process of credit checking and affordability and if they can afford a house, they should be able to act as a guarantor for you.By comparison, having a guarantor that is not a homeowner offers slightly less security and means that amount you can borrow is slightly less too.Higher amounts may be available to those who already have a better than average credit rating, are homeowners themselves and a repeat customer with the lender who has already paid their loan on time. To apply directly with your lender of choice see <a href=”https://www.paydaybadcredit.co.uk/direct-lender/” data-mce-href=”https://www.paydaybadcredit.co.uk/direct-lender/”>direct lenders</a>.<strong>What Does The Guarantor Have To Do?</strong>Upon completing an application, the lender will typically send you a <a href=”https://www.handbook.fca.org.uk/handbook/CONC/4/2.html” data-mce-href=”https://www.handbook.fca.org.uk/handbook/CONC/4/2.html”>pre-contract loan agreement</a> and SECCI (Standard European Consumer Credit Information form) which will highlight the terms of your loan. You and your guarantor will be required to review the terms of the loan, including the loan drawdown, fees, repayment dates and responsibilities – and this can be signed via an online verification process using your email and mobile phone.The lender will usually carry out an individual phone call with you and your guarantor to ensure that you both understand the responsibilities and what is required of you – notably that if you cannot make repayment, your guarantor will be required to pay on your behalf. Further to some additional credit and affordability checks, funds can typically be transferred within 24 to 48 hours (or sometimes on the same day).<strong>Are Guarantor Loans Available For Bad Credit Customers?</strong>Yes, even if you have a history of adverse credit, <a href=”https://www.gov.uk/county-court-judgments-ccj-for-debt” data-mce-href=”https://www.gov.uk/county-court-judgments-ccj-for-debt”>CCJs</a>, bankruptcy or IVAs several years ago, you can still be eligible. The idea is that you are using your guarantor and their financial history to ‘back you up’ and give your loan extra security. However, it is noted that your guarantor should have a good credit score and consent to co-signing your loan agreement.<strong>How Soon Can I Receive Funds?</strong>Guarantor Loans works with lenders that can facilitate funds within 24 to 48 hours of approval, or sometimes on the same day.When your funds are successfully transferred, most lenders working with Guarantor Loans will send the full amount to the guarantor’s debit account first. This is a standard security measure carried out by lenders to ensure that the funds are going to the right person and confirms the involvement of the guarantor. The guarantor usually has a ‘two week cooling off period’ where they can decide to pass on the money to the main borrower or they can change their mind and return the funds with no extra charges.