Umbrella Company Glossary
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There is a misconception that umbrella companies are highly complicated. While there is plenty of information to get your head around, they’re far more straightforward than you might have imagined.
To help you understand umbrella companies better, we’ve created an umbrella company glossary that provides simplified definitions for many of the key terms and topics surrounding umbrella companies. Our site is full of resources to assist contractors and freelancers, and many of the definitions below link to further information that we hope you find helpful.
There are currently 3 Umbrella Company Terms in this directory beginning with the letter U.
U
Umbrella Company Calculator / Umbrella Company Calculations
An umbrella company calculator is a special tool online which is designed to present you with an accurate take-home pay projection if you were to use an umbrella company for your payroll. We have built an Umbrella Company Calculator that you may want to try out for free. It’s a clever tool and takes a lot of factors into consideration, including tax brackets, NI, employment costs, pension contributions, student loan repayments, the £100,000 abatement, and more.
Umbrella Company Directory
An umbrella company directory, unsurprisingly, is a list of umbrella companies. However, some lists are far better than others! Take our umbrella company directory, for example. It contains over 100 umbrella companies, and they're all accredited by either the FCSA or Professional Passport. We recommend you take a look because a lot of helpful information is available. And remember - always carry out thorough due diligence when choosing an umbrella for your payroll because you must use a compliant one!
Umbrella Company Quote
If you want to know your expected pay retention with an umbrella company, you can ask an umbrella for a quote. This should be based entirely on your circumstances and accurately represent your earning potential. The best, most accurate umbrella company quotes will show you a breakdown of what you should retain and the deductions you’ll see on your payslip. Unfortunately, a few umbrella companies deliberately inflate their quotes to try and trick contractors and freelancers into choosing their service over the competition. You must understand how umbrella companies work and gauge an accurate idea of what you should earn with an umbrella (PAYE). This will allow you to be vigilant and identify umbrella companies trying to mislead you.