We have been operating our core Umbrella service since 2002, so we know our stuff! Before their rise in the early 2000s, most freelancers and contractors worked through their own limited company or as a PAYE employee of a recruitment agency or the end client.
A shift to composite companies (a hybrid of umbrella/limited) was then curtailed by the Managed Service Company (MSC) in 2007 to leave us with the umbrella vehicle we have today.
At SmartWork, we pride ourselves on having evolved through these changes, all the whilst ensuring we offer a premium service to our contractors and keeping ahead of legislation or any other changes that may affect you.
How does an umbrella company work?
- SmartWork will hold an agreement with your recruitment agency or end client.
- By following our simple sign up process, you will receive a Flexible Employment Contract with Smartwork.
- As an employee of SmartWork, you will be entitled to the same benefits and employment rights as any other worker.
- You will submit your timesheets and expenses through the SmartPortal or via email.
- We will invoice your agency or end client for the work you have undertaken.
- SmartWork receives the funds from your agency.
- And finally the most important part – you get paid! We deduct any taxes, National Insurance, our margin and provide you with a detailed breakdown via you payslip.
And that’s it! It’s incredibly simple! For newcomers to contracting, the umbrella option offers great flexibility and simplicity. It can be a great stepping stone to a limited company looking to build on your contracts and earn more.
Are you already contracting via your limited company?
If you are already running your limited company and your engagement is found to be inside IR35, make sure you check out our new dual service option. This allows you to keep your limited company for any future opportunities outside IR35 while working through SmartWork.