Here at Exchequer Solutions we’re often asked about the benefits of using an umbrella service. There are plenty of misconceptions out there so we’ve put together our top 10 list of benefits
1. You will have a permanent employer. This is the case even if you use multiple agencies to find you different assignments.
2. Managing your tax is easier. If you remain with the same umbrella company there is no need to provide a P45 each time you use a different agency. This is because you can remain employed by the umbrella company.
3. You will have a contract of employment which means it will be easier to arrange a mortgage or secure a loan through a bank or building society.
4. Because your employment history builds up under one employer you will accrue rights over time, such as holiday pay, maternity pay and depending on the circumstances redundancy entitlements.
5. Your tax and NI is calculated for you. Saving you valuable time and avoiding the hassle of lots of paperwork
6. Your earnings are all in one place so you are less likely to end up paying emergency tax.
7. You won’t need to go to the expense of hiring an accountant.
8. Although you will be paid a lower hourly rate through an umbrella company than through an agency you will be able to claim expenses. This means that your actual take home pay will be higher than if you were engaged directly through the agency.
9. Umbrella companies are more flexible than agencies. You can be paid weekly. In many cases the umbrella company will pay you first and collect funds from the agency the following week meaning you don’t have to wait for payment.
10. We send an SMS notification and email your payslip to you as soon as payment is made.
