Your guide to being a first timer
New to contracting? Well there is no need to fear, there are a lot of options out there when it comes to your payroll but the cps group is there to help you find your way through the minefield of contractor payroll solutions. Being a first time contractor, your umbrella may well be the best option and is specifically designed with you in mind. It offers a fantastic range of benefits for those who want to keep their freedom to move between contracts without losing their employment rights such as holiday pay and sick pay.
So why would an agency use an umbrella company? Quite simply, Umbrella companies help to reduce the cost of a temporary workers payroll so the agency is not paying more than would be sensible.
As you can see there are many benefits to being an umbrella company employee, but here is an overview of the other services which the cps group offer which may suit you further along in your contracting career.
Umbrella Company is a term used to describe an organisation that takes care of your employment during your temporary assignments. It’s that simple. You become a permanent employee, and the umbrella company manages contracts in order for you to paid simply, and legally. that’s exactly what your umbrella does, allowing you to receive your pay, and stay tax bill free. Sign up today, tell us what we need to know – we only need a couple of bits of information – then we put all the paperwork in place for your assignments, and help you as much or as little as you need. We take all your taxes at source, so you have nothing else to worry about. Simple!
Limited Company is an altogether different option. If you’re a career contractor, this is a good one for you. You become a director and shareholder of your own company, and hire an accountancy service to take care of whichever parts of the administration you need help with. The important part of this route is that you remain responsible, yes, it’s your psc. This option is perfect for people who are genuinely self-employed – it means you don’t have to act as an employee of your client, and enjoy extra in your pocket too.