First step is Worker Engagement, this is simply the worker signing up with the umbrella company. This can be through personal choice or a requirement of industry legislation.
The worker will then engage into contracts with clients or agencies to provide a service.
Your agency will provide your umbrella company with your timesheet along with payment for your services.
Your umbrella company will then calculate your salary deducting any statutory costs such as PAYE and NI. Your net pay will be paid to you by bank transfer by your umbrella company.
Moneytree works well for agency workers, we are committed, trustworthy and compliant in every matter we address.
Agency workers know Moneytree is a payroll company to trust. We care for our employees; we offer an Employee Assistance Program (EAP) free of charge for all our staff as well as some of the most competitive umbrella company rates on the market.
We provide Professional Indemnity Insurance to the value of £5,000,000 and public liability to the value of £10,000,000.
Moneytree will calculate your earnings accurately and in accordance to all legislation, paying your wages directly into your bank account each week. If you ever have any issues with your payslips or timesheets you can contact us by email at info@moneytreepayroll.co.uk and we will manage your query in a timely and efficient manner.
Please use our calculator here to calculate your exact pay.
For further information, please see below:
As you are being employed by an umbrella company or other intermediary: a third-party organisation that will calculate your tax and other deductions and then pay you for the work undertaken for the hirer.
The money earned on your assignments will be transferred to the umbrella company or other intermediary as part of their income. Then we will pay your wage. All the deductions made which affect your wage are listed below.
Your payslip will show you as an employee of MoneyTree Payroll Services Payroll Services as listed below.
| Name of umbrella company or other intermediary: | MoneyTree Payroll Services Limited |
| Any business connection between the umbrella company or other intermediary, the employment business and the person responsible for paying you: | N/A |
| The gross or minimum amount that we will transfer to the umbrella company or other intermediary: | For example £14.73 x 40 hours worked, according to the hours on your timesheets your gross pay before tax would be £589.20 |
| Deductions that we will make to the gross amount paid to the umbrella or other intermediary required by law: | Employees NIC PAYE Taxes Employees pension contribution |
| Any other deductions that we will make to the gross amount paid to the umbrella or other intermediary’s income: | Administration cost £5 to £25 pounds Employers NIC Company pension contribution Apprenticeship levy Holiday pay held |
| Expected or minimum rate of pay to you from the umbrella or other intermediary: | As a temporary worker who works variable hours, the £14.73 hourly pay rate includes an amount of holiday pay. This equates to 12.07% Administration Fee applicable Additional Benefits: Employee Assistance Program Pension Online Portal access to all payroll documents Group Life Insurance Terms & Conditions apply Speedy Payments. Employee of the month awards |
| Deductions from your wage required by law: | Employees NIC PAYE Taxes Employees pension contribution |
| Any other deductions or costs taken from your wage: | N/A |
| Any fees for goods or services: | One-off deduction for £50.80 – £55.60 (if applicable) One-off deduction for Update Service £13 (if applicable) |
| Holiday entitlement and pay: | As a temporary worker who works variable hours, the hourly pay rate includes an amount of holiday pay. This equates to 12.07% |
| Additional benefits: | Mileage can only be claimed if you are not working under Supervision, Direction or Control (SDC), or if you are traveling between different work sites within your normal day’s work and your contract is for less than 24 months. We may ask you to provide proof of ownership of a vehicle before accepting mileage claims. Subsistence can only be claimed if you are not working under SDC, or you are travelling between client sites and your contract is for less than 24 months. Such claims may submitted at the end of the tax year via a form P87 or as part of a self-assessment. Other business related expenses that you may be entitled to may also claimed back at the end of the tax year as outlined above. |
If you have any further queries on your payslip or how your pay is calculated, please email info@moneytreepayroll.co.uk and we will respond as soon as possible.
Here at Moneytree Payroll Services, we are committed to providing trustworthy support to our staff, be that personal, financial, medical, or housing issues.
The EAP we subscribe to has a 24-hour free helpline for stress, anxiety, debt, work, lifestyle addictions, relationships and legal advice on 0800 047 4097. You will always be supported in a friendly, non-judgemental manner by an experienced advisor or therapist.
Alternatively, you can login to their online health portal at www.healthassuredeap.com to access webinars, health checks, an e-Hub App, four-week programmes, and so much more.
If you wish to avail of this service, please contact us on info@moneytreepayroll.co.uk for our staff login details.
Inside IR35 workers are workers where their working arrangement are similar to that of a normal employee. Aspects of this can include a number of considerations including:
Control – The client will dictate how, when and where work is performed.
Exclusivity – The worker may be required to work solely for one client.
Business Risk – The worker does not bear significant financial or business risk
No right to substitution – Unlike with self-employment a worker with in IR35 does not have the right to send a substitute to complete the work.
Inside IR35 workers are subject to PAYE and NIC deductions at source inline with regular employees. They are therefore also entitled to the same employment benefits such as holiday and sick pay.
Workers outside IR35 are classed as ‘true contractor’ and are responsible for managing their own taxes and NICs.
Working outside IR35 can often lead to a higher tax efficiency and payment can be through salary and dividends and further tax allowances and deductions can be taken advantage of.
However, being outside IR35 means fewer employment rights those that fall outside will not be entitled to holiday or sick pay.
End client responsibilities? – The end client is crucial in complying with IR35 and are responsible for:
certain conditions.
There are many benefits including:
Expert payroll administration including tax and NI deductions on behalf of the agency’s contractors. This allows the agency to concentrate on what they do best, recruitment!
Compliance; umbrella companies are well experienced in tax and employment laws ensuring contractors are engaged compliantly reducing any legal risk and penalties that are associated with incorrect processing. Using an umbrella company can indicate an agency places compliance high in their priorities.
Recruitment companies often find using an umbrella company attracts a larger pool of contractors as they will receive certain employment rights and benefits along with their tax affairs simplified. Contractors are also reassured that they will receive regular and timely payments.
Registered in England and Wales Company number 12592729
MoneyTree Payroll Services provides a smart paryroll solution for both agencies and agency workers.
