Umbrella
At Smart Cash Umbrella, we strive to make the contracting process as simple and straightforward as possible.
Here's a step-by-step guide to how Umbrella works:
Registration
Sign up quickly and easily by filling out our online registration form or calling our client liaison team. You'll need to provide Proof of ID, Proof of Address, and your P45.
Employment
Once registered, you become our employee under an overarching contract, allowing you to carry out assignments for various agencies/clients.
Contracting
To work for an end client, we enter into a contract with them or their agency. Work Carry out your contracted duties at the temporary workplace and upload your timesheets to our web portal.
Invoicing
We invoice your agency for the work you've completed, including all employment costs such as employer's NICs and holiday entitlement.
Payment
The agency or end client pays us a contract rate, which is higher than if you were paid PAYE directly by the agency/end client. This covers the additional costs related to your employment.
Deductions
On the day the agency releases the funds, we process the payment and make deductions for Income Tax, NICs, and our margin.
Notification
You'll receive a text or email as soon as your payment is on its way.
Are you wondering if
Smart Cash Umbrella
is the right choice for you?
It’s common for agencies to have a Preferred Supplier List (PSL) that lists their preferred umbrella companies. However, you should have the freedom to choose any umbrella company that suits your needs. While some agency contracts may state that you must use an umbrella company from their PSL, many agencies allow contractors to choose their own. If you’re unsure, it’s always worth asking.
At Smart Cash Umbrella, we make joining us a breeze. Once you decide to work with us, we’ll reach out to your agency to introduce ourselves (if we haven’t already). From there, we’ll guide you through the process and provide you with all the support and assistance you need.
Are you concerned about the potential risks of using an umbrella company?
It's important to do your research and select a reliable and trustworthy organization that operates in full compliance with government regulations.
Beware of companies that offer unrealistic take-home pay rates, as they may be using non-compliant schemes. At Smart Cash Umbrella, we are committed to 100% compliance and undergo regular external audits to ensure that we operate within all government legislation. Your peace of mind is our top priority, and we pride ourselves on providing transparent and reliable services to all our contractors and agencies.
Frequently Ask Questions
What is an umbrella company?
An umbrella company is a business that acts as an intermediary between contractors and their clients or recruitment agencies. The umbrella company handles invoicing, tax and National Insurance contributions, and other administrative tasks on behalf of the contractor.
How does using an umbrella company benefit me?
Using an umbrella company can make your life as a contractor much easier, as they take care of all the admin and paperwork associated with contracting. You’ll also have access to employee benefits, such as sick pay and holiday pay, which you wouldn’t get if you were working as a sole trader.
How do I join Smart Cash Umbrella?
Joining Smart Cash Umbrella is easy – simply fill out our registration form on the website, or give us a call on 0203 865 8237. We’ll then guide you through the process of setting up your employment with us, and we’ll take care of everything else from there.
How much will I get paid through Smart Cash Umbrella?
Your take-home pay will depend on a number of factors, including the rate you charge, the amount of tax you pay, and any other deductions such as National Insurance contributions. We’ll give you an estimate of your take-home pay when you sign up, so you know what to expect.
Do I have to use Smart Cash Umbrella's recommended pension scheme?
No, you’re free to choose your own pension scheme if you prefer. However, we do recommend our pension scheme as it’s designed specifically for contractors and offers a range of benefits, including lower fees and tax relief.
What happens if I need to take time off work due to illness or injury?
If you’re unable to work due to illness or injury, you may be entitled to sick pay through Smart Cash Umbrella. We offer up to 28 weeks of sick pay, so you can rest assured that you’ll be taken care of if you need time off work.
What happens if I'm not happy with the service I receive from Smart Cash Umbrella?
We strive to offer the best possible service to all of our clients, but if you’re not happy with the service you receive from us, we encourage you to get in touch with us to let us know. We’ll do our best to resolve any issues you have as quickly and efficiently as possible.
Do I have to sign a long-term contract with Smart Cash Umbrella?
No, you’re free to terminate your contract with us at any time, with no penalty. We do ask for a minimum commitment of one week, however, to ensure that our service is sustainable.
Can I still work for multiple clients if I use Smart Cash Umbrella?
Yes, you can work for as many clients as you like when you use Smart Cash Umbrella. We’ll handle all the paperwork and invoicing for each client, so you can focus on your work.
How quickly will I get paid through Smart Cash Umbrella?
We aim to process payments as quickly as possible, usually within 24-48 hours of receiving the funds from your agency or client. You’ll receive a notification when your payment is on its way, so you know when to expect it.