Why Use Key?
- Fast and hassle-free set up
- No fixed fees – No entry or exit fees
- BACS and Same Day payments available
- Daily payroll processing
- Insurance package
- Workplace pension scheme
- Full statutory employment rights
The Key To Using An Umbrella
‘What you ought to know about umbrella companies’
Contractor Umbrella companies have been around since the early 2000’s. up until that point, most freelancers and contractors either worked through their own LTD companies or as a PAYE employee of a recruitment agency or end client.
Due to the changes in legislation as of April 2016, more commonly known as ‘IR35’ the number of contractors & free-lancers using Umbrella companies has sky rocketed.
What is IR35?
IR35 was introduced in April 2000 and is legislation designed to tax disguised employment at a rate similar to employment. Disguised employees are workers who receive payments from a client via an intermediary (such as their own LTD company) and whose relationship with their client is such that had they been paid directly they would be employees of the client and subject to PAYE.
It is though that as of April 2016, over 250,000 people In the UK are paid through an Umbrella company every week, with this figure set to increase as more and more individuals enter the free-lance workforce.