Umbrella Companies

By: Danbro Accounting Solutions

Danbro's Umbrella company option works for many hundreds of contractors who want to have some of the benefits and advantages of operating through a limited company but don't want to be burdened with the bookkeeping.

Contractors who will benefit from the Umbrella solution are:

1. First time contractors who need a quick and easy start up method.

2. Contractors who require a cost effective solution for short term or fill in contracts between permanent assignments.

3. Contractors who are caught by IR35 or want the threat of IR35 taken away.

Umbrella Company - Fee Structure

Fees depend on how often payments are processed:

1. Monthly payment processing - ?55 per month.

2. Weekly payment processing - ?18 per week.

3. No additional cost for processing expenses

4. NO HIDDEN CHARGES and NO EXTRA CHARGES

The service we provide:

1. To sign the contract between the agency/ client on your behalf and grant you a contract of employment.

2. To invoice the agency / client on receipt of authorised timesheets and expenses. The invoice will be prepared and sent to the agency / client on the same day that we receive your authorised timesheet.

3. For the other fee options, upon receipt of payment from the agency / client we will process your salary and expenses. This will then be paid by BACS the same day, with funds appearing in your bank usually within two working days.

4. All administration / booking keeping / accounts will be handled by ourselves leaving you free to do what you do best - contracting.

5. You will also be eligible to join our pension scheme.

Umbrella Company Benefits

1. A service which is fully approved by the Inland Revenue.

2. ?1,000,000 Professional Indemnity Cover.

3. Comprehensive and generous expense policy.

4. Don't forget that if you don't work you don't pay.

5. There is no joining fee and no termination fee.

6. Payslips detail Income, Expenses and deductions.

7. Group Pension Scheme.

8. Income confirmation to support credit / mortgage applications.

Umbrella Company - How it works?

Several contractors will operate simultaneously through the same company. You would simply swap your contract with the agency or client to a contract of employment with our limited company.

Your role is:

To source and decide on the contract that will best suit your needs and skills, informing the agency/ client that you will be operating through our umbrella company. The contract will then be made out between our managed limited company and the agency/client naming you as the contractor. You will then become an employee of our umbrella company, by signing our contract of employment.

To submit timesheets and expenses to us by email, fax, or post.

To submit your personal claim for allowable expenses on our expenses claim form along with supporting receipts.

For further information, please contact us on 01253 600140 or send us an e-mail at enquiries@danbro.co.uk

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