Contractors
We understand that being in control of your finances as a contractor is incredibly important to you. With over 20 years’ experience of providing financial support to contractors, freelancers and other self-employed professionals, we provide an umbrella company solution that you can truly rely on.
This ensures you’re always paid on time, without having to worry about any administrative paperwork or the day-to-day stress of running a limited company.
Our friendly, experienced team of Miller and Bancks umbrella experts are available
5 days a week (Monday to Friday) to offer support, guidance and advice whenever you need it.
Stay in control with our umbrella company solution
We are the UK’s most efficient, professional and friendly Umbrella Company. With us you get:
- Quick and easy registration
- Dedicated account manager
- Unique payment tracking system in place, so you get up to the minute updates
- Same-day payment to your bank account
- SMS & Email Notifications of when you get paid
- Continuous employment across multiple contracts
- Full entitlement to UK employee statutory rights (unlike self-employed or limited company)
- Immediate tax relief on legitimate business related mileage
- Contributions to workplace pension scheme
- Inclusive business insurance
- No company or director responsibilities
Benefits of using Miller & Bancks Umbrella
It’s simple to set up and even easier to use. Submit your completed timesheets to the umbrella company and they will ensure the client pays for your work and deduct any tax contributions.
We offer a rapid same-day set-up, meaning you can get started and reap the benefits of umbrella employment straight away. More importantly, you also don’t have to worry about any hidden costs or exit fees as we provide full visibility of our same-day payments via SMS notifications.
It’s just such a simple solution. Simple to set up and even easier to use. All you have to do is submit your completed timesheets to the umbrella company, who’ll then ensure the client pays for your work and deduct any tax contributions. When you submit your timesheets regularly, you can expect to receive regular payments.
Miller and Bancks Umbrella offer fast, effective same-day set-up, meaning you can get started and reap the benefits of umbrella employment straight away. Perhaps more importantly, you also don’t have to worry about any hidden set up costs or exit fees, while we also provide full visibility of our same-day payments via SMS notifications.
Using an umbrella solution allows you to focus on your work. No tax returns. No chasing client invoices. No frustrating paperwork to fill out. We take care of everything, while our experienced team are always on hand to answer any queries or address any concerns you may have. Instead of worrying about filing your tax return on time, you’ll have more time to concentrate on the job you’ve been hired to do.
We pass your tax and National Insurance contributions straight on to HMRC, ensuring you’re completely in line with your legal obligations and you don’t have to worry about breaking any rules. In addition, we run multiple daily pay roll runs to make sure you’re paid on time, every time; providing you with a more consistent and dependable source of income.
When working under an umbrella company, you’ll be given the same rights and benefits as a permanent employee—such as sick pay, holiday pay, workplace pension and maternity leave. In short, you get the same statutory benefits as a regular member of staff, but also receive the freedom and flexibility which makes self-employment such a popular path.
Miller and Bancks Umbrella also provide work-finding services to assist you in finding your next assignment, alongside comprehensive worker insurance at no extra cost.
Due to the improved job security and the fact it’s so easy to get started, umbrella employment is an ideal option for those just starting to dip their toe in the world of contracting.
Since you’ll still have access to the same statutory benefits of regular employment and will always get paid on time, you can start self-employed life without feeling completely weighed down by financial responsibility and stress.
In fact, umbrella companies provide a great solution for just about anyone working for themselves. Whether you’re working on a long-term project or a much shorter assignment, setting up under an umbrella company is one of the most convenient ways to get started. This is a particularly good choice if you are working intermittently and don’t want to worry about managing your finances.
We offer flexible umbrella solutions for limited and umbrella PAYE. This means that you can continue to work your current contract through our Limited Solution and switch back to Umbrella when you start your next PSC contract – it’s that simple!
Since you won’t have to worry about managing your finances or any admin and paperwork, umbrella employment will naturally free up a lot of your time. As well as lifting a large weight off your shoulders and reducing stress levels, working through an umbrella company will ultimately ensure you’ve got more time to concentrate on your work and improve the quality of your results.
What is an umbrella company?
Working through an umbrella company is an ideal solution for those planning to work on shorter assignments as a contractor or freelancer.
Umbrella employment means you become an employee of the umbrella company, allowing you to enjoy the flexibility of self-employment while also experiencing the same benefits and security of permanent employees.
Working under an umbrella company means you don’t have to worry about managing complicated paperwork and hassle surrounding managing your finances and taxes.
Our umbrella solution makes things simpler and easier for you by ensuring you’re always paid accurately and on time.
How does an umbrella company work?
When you work through an umbrella company you become an employee of that business so you will be paid the same way as a regular permanent employee.
Other self-employment options mean you have to file your own tax returns whereas through an umbrella company, the hard work is taken care of as the umbrella company deduct income tax via Pay As You Earn (PAYE) and National Insurance contributions.
All you have to do is submit completed timesheets to the umbrella company, who will then invoice the client for the work you have done for them. Miller and Bancks Umbrella will then receive the payment and pass it on to you (minus income tax, NI contributions and the umbrella company margin).
Working through an umbrella company is a very popular method of self-employment and with Miller and Bancks Umbrella, our solution is incredibly simple and easy to set up.
Limited Company vs Umbrella PAYE
As someone who is self-employed one of the biggest decisions you have to make is whether you set up as a limited company or you work through an umbrella company.
This decision is based around your own specific requirements and how you want to operate as a contractor.
There are both fantastic benefits and some potential drawbacks for both options. So the question is: which is the right one for you?
Set Up – To set up a limited company you have to register your business’ name at Companies House. Once this is done, your business is now legally a separate entity to yourself, meaning that you won’t be personally liable for any company debts and financial issues.
Starting work under an umbrella company is even easier to set up. You simply sign a contract with the company, then submit a timesheet so they know how much to charge the client for your services.
Managing your finances – When working as a limited company, you’ll be solely responsible for the filling out, organising and submitting all of your financial paperwork. From filing your tax return to managing client invoices, the administration of your business will be completely down to you, although you can always hire a specialist contractor accountant to help if need be.
In an umbrella company, they will take care of all this paperwork, leaving you with more time to concentrate on actually doing your job.
Take-Home Pay – When working as a limited company, you avoid the cost of umbrella margins and you can also benefit from all kinds of tax efficiencies. Generally speaking, contractors operating as a limited company tend to take home more money. In fact, the average limited company stands to make 20% more than their umbrella company counter-parts.
However, umbrella companies take a lot of the hassle out of self-employment. By taking care of your tax payments, NICs and processing invoices, they significantly reduce the stress caused by admin and paperwork. However, the financial rewards perhaps aren’t as great as those available to limited companies. Since an umbrella company will take a chunk of your earnings to cover their services, your take-home pay will inevitably look different in comparison to working as a limited company.
How to get started
Getting set up under an umbrella company is remarkably simple. In fact, it’s probably the simplest form of self-employment available to you. To get started with Miller & Bancks Umbrella, all you have to do is fill out our joining form below and we’ll take care of the rest. Or call us now on 01440 840 774 to speak to our experienced team for a FREE consultation.