Working under an Umbrella company - an alternative payroll solution.
An Umbrella company acts as an employer for contractors working in the temporary market. Working under an Umbrella company can remove some of the challenges contractors encounter in terms of managing their finances and taxes. This makes it a sound option for those starting out in contracting and those planning to work on short-term assignments.
The principle function of an Umbrella Company is to collect earnings from Morgan McKinley and deduct tax and National Insurance contributions before paying contractors their wages.
In recent years the market for Umbrella companies has changed dramatically, this has mainly been due to numerous companies acting unlawfully and not meeting requirements relating to the use of onshore intermediaries. This has led to an increased focus on compliance, which as a result has led Morgan McKinley to only engage with a select number of Umbrella companies, which are both FCSA and APSCo approved. See below for more information.
Once an individual has been successful with a new placement, our dedicated Contractor Experience Team will support them through the onboarding process. They will receive an onboarding pack via email to explain the timesheet and contract process. They will also be introduced to Gateway, Morgan McKinley’s online contracting portal, which provides secure access to contractor’s personal assignment information.
Timesheets and Payroll
Morgan McKinley operates a weekly payroll and the deadline for timesheet submission and approval is every Monday before the close of business for the previous week. Payment is then made to the Umbrella company on Friday, a week in arrears.
An Umbrella company contractor may be entitled to holiday pay via their Umbrella company provider. This should be discussed this with the chosen provider at point of sign up.
It is imperative that recruitment agencies work with companies that are financially robust and have adapted to be in accordance with all recent legislative and regulatory changes and requirements. As a result, Morgan McKinley only engages with a trusted approved supplier list of pre-approved Umbrella companies. Regretfully Morgan McKinley does not engage with any Umbrella providers outside of our approved list and will not be able to offer any additional contracts. Our approved Umbrella providers have industry accreditations with the FCSA and are audited annually by external bodies reducing the likelihood of compliance issues, including those around the Criminal Finances Act.
Link to website: https://www.brooksonone.co.uk/working-options/
Contact details for JSA: firstname.lastname@example.org or 01923 257241
Link to website: https://www.jsagroup.co.uk/
Link to website: https://www.giantpay.co.uk/
Contact details for Umbrella.co.uk:
Link to website: https://www.umbrella.co.uk/morgan-mckinley-0
Please note Morgan McKinley are not tax specialists and contractors are responsible for their own tax matters. Morgan McKinley are not offering financial advice in these matters or recommending any 3rd party suppliers.