News, insights and advice for contractors
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When a contractor joins an umbrella company, they become their employee. The umbrella acts as an intermediary between the contractor and their recruitment agency/end client. It deals with administration such as accountancy and taxes, meaning a contractor won’t have to take on the responsibility of running their own personal service company.
Your umbrella company will also handle payroll. They will invoice and get paid for the work the contractor has completed. They will then pay the contractor through PAYE, deducting the costs of taxes, National Insurance contributions and workplace pension payments.
What Are The Benefits?
∙ Contractor Rights: As an employee of the umbrella you can get statutory sick pay, holiday pay, maternity and paternity pay, and a workplace pension.∙ Reduced Administration: The umbrella deals with invoicing, chasing payment, sending timesheets and the contractor’s payroll.∙ Useful for short-term contractors: You don’t need to set up a limited company.Why Work With NWM?
∙ Maintain control with complete security. With 20 years experience working with contractors, NWM is ideally placed to help you enjoy all of the safety of being employed while also maintaining the flexibility and freedom of moving from assignment to assignment.∙ Benefits of being an employee.As an employee of NWM, you're entitled to paid holiday, meaning you'll never be out of pocket when you take a well-deserved break. You're also covered by comprehensive insurance policies, so you're safe in the knowledge you have the right level of protection while working with us.∙Understanding the process.It's essential you know what is going on when it comes to your finances and obligations. Your NWM account manager is on-hand to guide you through everything you need to know and answer any questions you have along the way.∙Compliance.We are FCSA accreditation which is recognised as the industry’s compliance gold standard. Accreditation is awarded to umbrella employers who can demonstrate the highest industry standards.
