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Using PayStream's umbrella company
If you are new to using an umbrella company PayStream's My Max umbrella service could be an attractive option.
Such services look after all the administration involved in working as a contractor including the payment of taxes whilst assisting you with maximising your take home pay.
PayStream operates the My Max umbrella service, which allows contractors to enjoy being paid on a PAYE basis whilst also offering the benefits and the freedom offered by contracting.
What is an umbrella company?
An umbrella company is a business that offers employment and payroll services to contractors wanted to work under a contract of employment while carrying out fixed-term assignments, usually sourced by recruitment businesses.
Such firms take the hassle out of contracting by dealing with all the paperwork, payroll and tax issues, leaving you free to concentrate on important tasks such as securing work and completing jobs to deadline.
PayStream's My Max umbrella service will take on the task of invoicing the agency on your behalf and collecting the money.
It will then process payments to you on a PAYE basis, after applying tax-deductable expenses. By offsetting them against your income you can ensure you are maximising your take home wages.
Working as an employee of an umbrella company means that you will not normally need to complete a personal tax return, and you can rest assured there are no other company returns for you to complete such as VAT or PAYE returns. It’s also a relief to know you won’t be receiving an unexpectedly large bill at the end of the year from HM Revenue & Customs.
You will also avoid any IR35 or Managed Service Company (MSC) legislation worries because you are taxed at source at employed levels.
In terms of your employment status, you will be regarded as an employee of the umbrella company and will enjoy full statutory employment rights. But this will not impact on your freedom to pick and choose the contracts and projects you take on.
Who are umbrella services suitable for?
Any freelancer or agency contractor may be able to benefit from using an umbrella company to look after their affairs.
If you are new to contracting, using an umbrella service can help you to adapt to your changed working environment without having to worry about paperwork and tax returns.
Experienced contractors can also benefit from umbrella companies. Using My Max can ensure you don't have to worry about IR35, as well as cutting the amount of paperwork you have to do and allowing you to forget about dealing with HM Revenue & Customs.
Why choose PayStream's umbrella company?
Our My Max service is staffed by experienced advisers and account managers who have a real insight into what contractors and freelancers need.
The team will help to ensure you maximise your take home pay and minimise the amount of administration you have to do.
For a free, no-obligation personalised quote or just to discover more about our umbrella service, call us on 0800 197 6516 or visit the PayStream website.
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