All your questions answered. If theres anything we haven't covered then please get in touch.
WHAT IS AN EMPLOYMENT UMBRELLA?
Umbrella services allow contractors to carry out a number of temporary assignments without the need to manage your own payroll or accounts. It also gives you the benefits of being employed.
HOW DOES AN UMBRELLA COMPANY WORK?
1. Your recruitment agency helps to place you on a temporary contract with an end client.
2. You register with us (our Employment Umbrella) and become our ‘employee’.
3. You carry out work for your end client and log your hours (and expenses if allowable) with us.
4. We invoice your agency with details of the work or services you’ve carried out.
5. Your agency receives funds from your end client and forwards them to us.
6. We make deductions for Income Tax, Employee’s NI and Employer’s NI, and pay them to HMRC.
7. We retain our margin to cover the administration of employment and any contributions e.g. pension/holiday pay, and we pay you.
HOW DO I GET STARTED
Simply contact us, we will send you over a start up pack, we'll check the legalities, send you across a contract and you're good to go.
WHAT IS YOUR SIGN UP FEE
ZERO - We don't have any sign up or cancelation fees.
WHAT WILL MY EMPLOYMENT STATUS BE?
You will be employed by Abacus Umbrella Ltd.
HOW MUCH DOES IT COST?
We offer a very competitive weekly charge of £14.00 per week. This provides you with:
Statutory payments (SSP,SMP,SPP)
Abacus smart pension scheme
Professional indemnity 5 million
Public/product liability 5 million
Employers liability 10 million
Compliant tax, NI, and expense (if eligible) deductions
Access to your own Abacus rewards account (a generous rewards scheme where you'll receive discounts on hundreds retailers, including fuel, wellbeing, weekly shopping and much more)
CAN I CLAIM EXPENSES? IF SO, HOW?
Abacus Umbrella LTD only allow expenses to be claimed for (ARC) Agency reimbursement claims only.
You MUST save and provide your agency with the original receipts and Abacus a copy of all receipts, along with our claim form.
ie: If an agency is allowing you £200 per week expenses and you can only provide receipts for £150 the remaining £50 will be eligible for standard tax and NI deductions.
Although we don’t process any mileage claims, you can attempt to claim these back at the end of your tax year via a self-assessment.
HOW AND WHEN DO I RECEIVE MY MONEY?
We run a payroll every week day using our fast pay system. As soon as your agency has paid us, we'll pay you. (no payruns are completed on bank holidays)
HOW DO I LEAVE?
If your contract is complete and you no longer require our services you simply request a P45 to end your employment.
DO I NEED TO HAVE MY OWN INSURANCE?
Absolutely not, as your employer, Abacus Umbrella, we provide you with all the insurances you require. We provide employees with Professional Indemnity, Employers' Liability and Public Liability Insurance.
DO I NEED TO SIGN UP FOR A PENSION?
We are required by law to enrol our employees into a pension scheme. Once you have been enrolled you do have the option to opt out.
Our pension provider is SMART pensions.
DO YOU HAVE ANY RECOMMEND A FRIEND INCENTIVES?
We are always very grateful for any friends you recommend and send our way. As a thank you we'll offer you one week free for every new sign up. (free week will be applied after your recommended friend has signed up and been paid one full week)