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What is an Umbrella Company? – Greenwich

What is an Umbrella Company?

Effectively, an umbrella company is one which acts as an intermediary between contractor and client. The primary purpose of an umbrella company is that it becomes the employer. Then the contractor is contracted to the end user or the agency. As with any employer, they process all time sheet and expenses, raise an invoice and submit it to the client for payment. Once the funds are received, the umbrella processes these funds deducting all relevant Tax, National insurances contributions and fees. It also carries out all compulsory administration.
The reason umbrella companies exist is because a lot of agencies and end clients do not run payroll for contractors. By working with an umbrella company, a contractor is free to concentrate on the job in hand.

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