Quay Umbrella

Quay Umbrella Solutions offer contractors a simple and compliant way to get paid for your short-term assignments, without the hassle and responsibility of paperwork. We handle all the administration for you:

• Raising invoices to the agency/end client on your behalf
• Pay you quickly and accurately
• Calculating and paying your tax and National Insurance contributions to HMRC – so no unexpected tax bills!

By joining Quay Umbrella, we will be on hand to support you every step of the way by providing you with support that’s second to none.

What is an umbrella company?

An umbrella company employs contractors working on temporary contracts or assignments. They employ you, the contractor under an overarching employment contract, processing your payroll whilst you supply work for your agency/end client.

Benefits of joining Quay Umbrella

No administration – we invoice your agency, calculate your tax and NI contributions, and pay it across to HMRC

Swift and accurate payment

Consistent employment record

Access to workplace pension, holiday pay and maternity / paternity pay

No unexpected tax bills

Access to your own online portal – you are notified once your payslip is available to view

Support – we are on hand to support you every step of the way, responding to queries quickly – without the jargon!

Want to join Quay Umbrella?

Margin

Quay Umbrella retain a margin whenever your wage slip is ran by us. This is a fixed stepped amount with different price packages dependant on whether you are being paid weekly or monthly. If you have earned under a certain amount, we won’t charge you in full, so we have stepped margins depending on how much you have earned.

Weekly

Your income             Our weekly margin

£0 to £100         –      £7.50

£101 – £250       –      £10

£250 +                –      £15

Monthly

Your income             Our weekly margin

£0 to £100         –      £11.25

£101 – £250       –      £22.50

£250 +                –      £45

If you have any questions about joining Quay Umbrella Solutions, please email us on payroll@quayaccountants.co.uk or call 0161 413 6013.

FAQs

What are the benefits of joining an umbrella company?

As an employee of Quay Umbrella Solutions you are paid through the PAYE system, with tax and National Insurance taken care of by us, simplifying the administration surrounding contract work and avoiding the need to submit a tax return if your income is solely through the umbrella company. You are also entitled to the same employment rights as any other employee such as holiday pay, sick pay, statutory parental pay, and a pension.

Should I use an umbrella company or a limited company?

An umbrella company might be better if you are new to contracting, you are contracting for a short period of time or your contract is inside IR35. Our sister company, Quay Contractors, offer a limited company path for contractors if you should wish to go down this route. Still unsure how best to operate? Contact us here.

What is the username to my portal?

Your username will be your firstname.surname e.g. john.smith

Why am I paying tax?

The tax which you pay on your earnings is determined by your tax code. We initially get your tax code from your last P45, or if you do not have this, you will have ticked a starter declaration letting us know your current job status (a) This is my first job since 6th April, b) Since 6th April I have had another job but this is now my only job, c) I have another job).

If you are on an emergency tax code, HMRC will not calculate your tax on a cumulative basis as they usually do, instead they assume that you have used your tax free allowance and will tax you in full.

Unfortunately, we cannot determine your tax code but if your code is incorrect, HMRC will inform us by sending us a tax code notice which we will update for you once we receive it. I am earning under £12,500, why am I paying tax? During the year HMRC split your tax free allowance (£12,500) out to you each month and will issue tax codes to prevent you not being taxed in the first part of the tax year and then taxed in full at the end of the tax year. At the tax year-end, HMRC will pay any overpaid tax back to you.

Why do I have to pay Employers National Insurance?

Employers National insurance would usually be covered by the end client if they had employed you as a permanent employee. Unfortunately, the agency can dictate that you to use an umbrella company or go self-employed (if they don’t have a payroll department themselves etc). The hourly rate you are given is your contract rate and not your salary until employers NI and the umbrella margin are deducted from the contract rate i.e. the monies you receive for the work undertaken. The employment costs come from the rate of pay the agency have given you which is why they tend to uplift hourly / day rates to accommodate for the cost as they have decided not to employ you as a permanent staff member and take on this cost themselves. This is the same model which all umbrella companies use.

What is the holiday pay on my payslip?

You have a choice whether to receive your holiday pay each week, or for Quay Umbrella Solutions to retain and pay it to you when you take a holiday. This option is given to you on your registration form.

Holiday pay is taken from the contract rate that we receive from your recruitment agency. It is never deducted from you (unless you wish to have it retained), it is a re-allocation of your money and is shown as a separate entity on your payslip. Umbrella companies do not fund the holiday entitlement themselves, it is funded by you (the contractor).

Since 2009, all umbrella contractors are entitled to 28 days holiday each year. Under the terms of the Working Time Regulations, holiday pay cannot be included in basic pay therefore all umbrella companies have to split out holiday pay as a separate entity on your payslip.

What is 'commission' on my payslip?

Umbrella payslips are complex, and commission is one of the stages to your pay that umbrella companies must split out. This is calculated as the amount of chargeable time that the client has paid minus company costs (umbrella margin, employers NI, pension etc.), minus holiday pay.

The amount from my agency is not correct?

If you receive your payslip and notice that your gross salary is incorrect, you will need to contact your agency first to notify them of this mistake. Your agency will then send the extra funds to us and give us written confirmation to pay you the extra money. We will then re-run your payslip and will pay you the difference immediately.

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