how does an umbrella company work? by planit solutions limited
TRANSCRIPT
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How Does an Umbrella Company Work?By planIT Solutions Limited
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You find a contract role with an agency or client. You register as an employee of planIT solutions, with a contract of employment. planIT
sign a contract for services with the agency or client.
Thank you. Welcome aboard.
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As a planIT Solutions employee you can claim tax relief on your contract expenses.... such as travel, meals, and incidentals.
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You submit your timesheets and expenses every week with planIT’s easy online system.
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planIT checks your timesheet and expenses and raises an invoice for the value of time worked. The agency or client pays this invoice.
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The day planIT receives payment we deduct our fee, pay your taxes due to HMRC and then pay you.
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Personal Allowance & Expenses
Because your contract related expenses are not subject to tax and NI, your take-home pay increases.
PAYE Tax & NI
Taxable Income
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You will then receive an official payslip detailing what you have been paid.
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Oops!
planIT also provide you with essential employment insurances. So if something goes badly wrong... you’re covered.
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Once a month, you pop your expense receipts in a prepaid envelope and return it to planIT. We hold the proper receipts. Everything is
within the rules.
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You’ve paid all you owe AND you’ve more money to take home.
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