A Day In The Life Of An Umbrella Company Consultant

A PAYE Umbrella Company basically administers the tax and National Insurance for temporary workers. One of the main benefits of using an umbrella company is the fact that you can claim work related expenses that you incur against tax, which effectively means the umbrella company can reduced your gross taxable pay.
Its likely that upon getting in contact with an Umbrella Company, you will discuss the ins and outs of the service with one of their new business consultants. This article will outline what topics the new business consultants should be covering during your consultation as well as giving you an insight into what happens behind the scenes.
What topics should the Umbrella Company Consultant cover?
The basics They should ascertain what line of work you are in, pay rates, start/end dates, which agency you are working through (if any), whether you anticipate working on other temporary assignments and whether you are familiar with how an umbrella company works.
The service the consultant should go into detail on the following topics;
their fees (should always be clear and fixed)
expenses you can claim
how often they run payroll (should be everyday)
how you submit your hours and expenses (many umbrella companies have an online portal)
The insurances you are covered by
Holiday pay
Best advice If you approach an umbrella company with no accounting background, it is likely the consultant will push you down the umbrella route, even though it may not be as beneficial as some other alternative options. By using a firm that can provide both PAYE Umbrella and Limited Company formation and accounting services, you can be sure to get best advice from the consultant.
What a consultant typically gets up to on an average day
Umbrella company consultants do a lot more than just simply give advice on how the umbrella structure works for contractors. Here are some of the typical jobs they get involved with;
Chase contracts from recruitment agencies
Spend time developing relationships with recruitment agencies
Ensure existing contractors that use the service are totally satisfied
Send promotional material out to contractors on request
Find out more about umbrella companies and the services they offer in relation to IR35 and ask if they provide a contractor calculator.

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About the Author:
For more information on Umbrella companies including Contractor calculator and IR35 visit our website.

Article Originally Published On: http://www.articlesnatch.com

Tags: Umbrella companies , IR35 , contractor calculator

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