ICS Umbrella for Contractors
ICS Umbrella for Contractors
With a wealth of experience and knowledge, our umbrella service is committed to ensuring that you are paid in an accurate and timely manner. The ICS Umbrella service is underpinned by jargon-free advice from our friendly and passionate team.
Dependant on the length and value of your contract, operating through an Umbrella Company is the hassle-free way of working. An Umbrella solution is the preferred option if you are just starting out as a contractor, or just simply looking to provide your services over a short-term period.
Legislation and expectations are constantly evolving for contractors. At ICS, we are one step ahead and adopt a proactive approach to our umbrella company solutions, ensuring that you are always receiving the best possible care and control of your money. Built on a philosophy of trust, care and compliance, ICS are fully compliant with Agency Worker Regulations (AWR) which ensures that all clients under the umbrella solution are auto-enrolled into a pension scheme. Furthermore, IR35 is a crucial piece of legislation for all practices here at ICS, and as part of an umbrella company, this will mean that if your contract is ‘inside IR35’, your earrings are considered the same as those under full-time employments. This results in the same deductions of tax and NI and means that an umbrella company would likely be the best solution for your work.
We understand that your take-home pay and compliance with laws surrounding this are the most important factors to you. Joining ICS Umbrella ensures that your work is covered by our comprehensive professional indemnity, public and employer’s liability insurance policies to put your mind at ease and reduce any stress.
How does it work?
Suitability for Umbrella Contracting
Contracting via an Umbrella is generally, but not exclusively relevant to contracts that are shorter than a 6-month period and earn less than £15 per hour. It Is also often applicable to first-time contractors and those unsure as to whether they will contract in the longer-term. This type of employment may be more suited to your personal circumstances and preferred by you, but it may also be more applicable to the sector in which you work.
If you are looking to contract for the long-term, you may want to explore our limited company accountants service. Dependant on your daily rate/contract length, a Limited Company could be the most cost-effective method of operating. For more information, read our guide to contracting for general advice on the matter to get further insights.
The Relationship of a Contractor Umbrella Company
As a contractor, you are likely to be a professional that provides their work and skills to other companies for an agreed wage, though you are not an employee of that wider firm of business. This is where ICS can help you; our contractor umbrella company acts as an employer to contractors, where the principle function is to provide payment for the contractor whilst dealing with tax and National Insurance as a standard employer would. Often, this type of work will be secured through a client approaching a recruitment agency, who will then recruit a contractor to complete this work. In this instance, there is the agency, a client and you as a contractor who requires the help of an umbrella company for employment.
The umbrella company will sign a contract with the agency, and you too will sign a contract with the umbrella company acting as your employer. It is imperative that timesheets are completed so that exact hours and pay can be correctly calculated which is likely to be an agency timesheet, that you will then also have to submit to the umbrella company (ICS have an easy & convenient online system for you to do this). This is where the umbrella company will work on your behalf by raising an invoice to the agency for your working time, and any agreed extra expenses that the client has agreed to reimburse. The agency will then invoice the client based on your time spent on the job etc, and the client will then pay the agency who will in turn pay the umbrella company. The date of pay is determined by the agency’s pay schedule, which will then be paid to you via PAYE by the umbrella company after this has been processed, deducting necessary tax and NI contributions. Your payslip will detail your received income, minus the tax, NI contributions and umbrella service margins
Choose ICS as your Umbrella Company and Contact Us Today
As a national company that is committed to offering umbrella company that provides umbrella employment, a great advice team and hassle-free advice that is tailored to you, ICS provide a first-rate service for contractors in all sectors. As a support team for your payment processes, we make it extremely easy for you, allowing you to concentrate on doing your job to the best of your ability with less stress and worry. Once you register with us, simply submit timesheets and the payroll team take care of everything to ensure you will be paid on time. If you have any further queries, please don’t hesitate to get in touch with us today by calling 0800 276 1574.
Choosing ICS as your umbrella company provides you with benefits such as legislation compliance, an easy and convenient online portal to submit timesheets and same day payments with SMS payment alerts. Get the most out of your work as a contractor and join ICS umbrella today.