Have Questions About Umbrella Companies? We've Got Answers!

An umbrella company is a limited company that employs contractors and freelancers. They handle payroll, taxes, and National Insurance contributions on your behalf, ensuring you are IR35 compliant.

There are several benefits to using an umbrella company, including:

• Simplified administration: They handle all the complexities of payroll, taxes, and National Insurance, allowing you to focus on your work.
•  IR35 compliance: They ensure you meet IR35 regulations, reducing the risk of penalties. 
• Limited company benefits: You can access certain benefits typically associated with limited companies, like claiming some business expenses. 
• Regular income: You receive a regular salary payment rather than having to wait for invoices to be settled.

Umbrella companies are a good fit for contractors and freelancers who want a hassle-free way to manage their finances and ensure compliance with tax regulations.

Whether an umbrella company is the best solution for you depends on your individual circumstances. Consider factors like your income level, expected expenses, and the level of control you desire over your finances. We recommend speaking with a financial advisor to discuss your specific situation.

Yes, contractors who work through an umbrella company are still required to pay National Insurance contributions. 

Contractors are paid by the umbrella company through payroll, with tax and National Insurance contributions deducted at source. 

Yes, At MyPro Umbrella we are required to have employer's liability insurance and professional indemnity insurance.

Yes, self-employed contractors can work through an umbrella company.

Holiday pay is accrued and paid by the umbrella company in the same way as other employment benefits. 

We offer a comprehensive range of umbrella company services, including:

• IR35 assessment: We help you determine your IR35 status to ensure compliance. 
• Payroll processing: We handle your salary payments and deductions. 
• Tax and National Insurance administration: We calculate and pay your taxes and National Insurance contributions. 
• Expense management: We help you claim allowable business expenses.
• Dedicated support: Our team is available to answer your questions and assist you with any queries.

Our fees are transparent and competitive. We typically charge a weekly or monthly fee based on your income level. We can provide you with a personalised quote for our services.

We believe in transparency.  There are no hidden fees associated with our core services.  We will clearly outline any additional charges upfront, such as for optional services like expenses processing or out-of-hours support.

IR35 is a set of UK tax regulations designed to ensure contractors pay the correct amount of tax. It determines whether a contractor is genuinely self-employed or essentially working like an employee for tax purposes.

We can help you with IR35 compliance by:

•  Assessing your IR35 status: We will analyse your work arrangements to determine your IR35 classification.
• Providing ongoing support: We stay up-to-date on IR35 regulations and can offer guidance to ensure you remain compliant.
  

If you are found to be non-compliant with IR35, you could face significant tax penalties. Using an umbrella company helps mitigate this risk.

Getting started is easy!  Simply contact us through our website or phone number. We can guide you through the process and answer any questions you may have.

Yes, you will be required to sign a contract outlining the terms and conditions of our services.

We will typically require basic identification documents, proof of address, and details of your contracting arrangements.