The contractor umbrella company for you
Comparison Contractor provides many benefits to the contractor that wishes to come on board with our contractor umbrella company. So, read on as to why Comparison Contractor is the contractor umbrella company for you in 2020. Within this article we will aim to encourage the reader to learn more about contractor umbrella and what that means for them if they are new to contracting and how they can best use it to their advantage.
What is contractor umbrella?
Depending on who you ask this might be different but the theory remains the same. A contractor umbrella company is operated by a third-party supplier that acts as an employer. A contract is signed between the contractor umbrella company and the end client or recruitment agency on behalf of the contractor who will be carrying out the work they need to do.
Once the work has been done payment is made though the contractor umbrella company, they then deduct the National Insurance Contributions and tax then pay the contractor. Therefore, making it a lot easier than starting your own business as a contractor and filling out all of these documents, contributions and tax forms yourself!
How exactly does a contractor umbrella company work
We have described in some capacity how it works but let’s get into the more detail about how exactly working for a contractor umbrella company works in 2020.
- First off, you will have to sign a contract with the contractor umbrella company, the umbrella company will also sign a contract with the agency. The contractor will effectively become an employee of the contractor umbrella company and will perform the necessary work like any other employee would in this kind of relationship.
- Secondly, you will need to submit a timesheet each week (sometimes month, depending on the contract) with all of the hours that the contractor has worked, as well as any expenses they might be able to claim. Then the contractor umbrella company will invoice the client for the work completed and they will then receive funds for the work.
- Finally, the contractor umbrella company will pay your wages. Aforementioned already was how your tax and National Insurance Contributions are already taken etc. The contractor umbrella company will then send you a payslip with your wages being paid directly into your bank account, which is how you should be paid anyway in the United Kingdom.
Starting out as a contractor?
If you are starting out as a contractor and taking your first contract soon, chances are you are coming from a recruitment agency. Many recruitment agencies you see will have certain relationships with trusted contractor umbrella companies, they will then encourage you to work for said contractor umbrella companies. Of course, it is wise to keep your options open and taking your time to decide between the many different contractor umbrella companies out there.
The best place to get all of the information you need is either from us here at Comparison Contractor, the best contractor umbrella company out there. Or the internet, which has a wealth of information on just about anything you wish to explore and learn about.
Other contractor umbrella companies might also be able to give you some more background information on the big contractor umbrella companies you see today, as well as their own.
The best place to get trusted feedback about contractor umbrella companies is through their existing clients. Which really is a no brainer. However, this may be difficult if you are starting out as a contractor, but if you have any colleagues in the contracting world maybe ask them about their opinions on some of the certain contractor umbrella companies out there today. As we are sure you will soon find which schemes are better for your colleagues and might be better for you as well!
Get in touch with us here at Comparison Contractor
Here at Comparison Contractor we take pride in our contractor umbrella company for having the knowledge to inform contractors on their best options moving forward. We know the in’s and out’s of contracting in near enough every sector and if you want to get in touch with us then all you have to do is fill out one of the many forms on our website. After that, one of our many incredible staff members will be in contact with you and discuss what you would like to discuss in the way of our contractor umbrella company, or even contracting in a certain sector perhaps.
At the end of the day, we want you to succeed in what ever sector of contracting you are in and the best way to do that is to get the right quote for you. That is why Comparison Contractor is one of the best contractor umbrella companies out there as it does just that, and wants nothing more than to see you get the best out of your contract and have a fulfilling and beneficial career.