KNBC T/A Fortis Umbrella is providing umbrella services as an alternative solution for contractors, freelancers and consultants who want a hassle free, fully compliant solution that does not involve the burden of lots of administrative work and the other issues that go with freelancing.
Fortis Umbrella is administered by qualified and licensed accountants and is fully compliant with the necessary HMRC Legislation and with all current IR35 policies. We also ensure that you remain tax compliant for the duration of the Contract.
Umbrella employment benefits include:
- Full employment rights
- Statutory entitlements – sick pay, maternity pay, paternity pay, adoption pay
- Protection – professional indemnity, employee liability and public liability insurance
- First class customer support
- Reduced paperwork and administration
Why Fortis Umbrella?
- Low admin fees (£15 + VAT per week)
- Fast payments (24h to 48h)
- Reliable and helpful service
How it works in practice? Please see the diagram below
Notes to consider:
- Contract Rate – Remember that the contract rate offered to you by your agency or end client is not the same as your Pay Rate through us. Your ‘Contract Rate’ is the rate at which we invoice your agency or end client for the work you do. This rate is often based upon the agency’s ‘Limited Company’ rate for contractors who use an Umbrella Company or have their own Limited Company. This tends to be higher than the normal ‘PAYE’ rate to cover any holiday pay entitlement or Employer’s National Insurance costs that are due.
- Employee Rate – You are not paid the ‘Contract Rate’. Your pay is calculated upon the funds received from your agency for the payment of our invoice. The net invoice value (not the VAT element) forms the basis of your pay calculation, after we apply deductions for ‘Disbursement cost’ and ‘Admin cost’, with the balance split between various salary elements, pension contribution and expenses.
- Admin Cost – this is our margin, for the service and protection that we provide
- Disbursement cost – to cover Employer’s NIC and provisions for statutory entitlements