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Basically, umbrella companies reduce the administrative burden you would suffer if you were to run your own Limited Company. Using an umbrella company will, in most cases, also reduce your tax burden and increase your take home pay. By using an umbrella service provider such as Network One, you are also covered for all the standard insurances required by agencies and clients. As you are classed as a full time permanent employee, you are also outside of IR35 legislation, and therefore entitled to all the normal statutory payments afforded by a permanent employee.
Yes. Network One operate at least two payrolls daily and three on a Friday, so we’re able to support both weekly and monthly payrolls. What’s more, we operate free faster payments as standard, enabling us to process your payments on the same day we receive them. Unlike the BACS system employed by other umbrella companies, Faster Payments take hours to clear, not days.
We charge a percentage fee on the invoices we process for you. Our fee also includes all your admin and insurance and we won’t charge you any setup or leaving fees. Once your invoice is raised, you needn’t lift a finger. In fact, by joining Network One, you have the opportunity to increase your take home pay even further by referring friends and colleagues whom you think would benefit from our solution too. To find out more go, to our referrals page.
Although there is no minimum term, the Network One Solution works best if you’re invoicing and being paid for as much of the tax year as you can. However, even if you are only paid through Network One for a short term, you will still benefit to a much greater extent than through a standard umbrella or Limited Company. Please feel free to contact our advisers for impartial advice on what is best for you on an individual basis. At Network One, we are there to assist you 7 days a week.
Yes you can. Just speak to your accountant about the best way to deal with your Limited Company (whether to close it or leave it open but dormant), and then sign into the Network One portal.
Yes! All you need to do is give notice to your current Umbrella, and advise the agency / client that you’re changing to Network One. Once you’re signed into the our portal, we’ll do the rest. Even if you’re mid-contract, we can still help you. There’s nothing to stop you changing your Umbrella solution at any point in a contract.
We always recommend you complete a tax return to declare your earnings to HMRC. We can supply you with all you need to correctly complete the tax return yourself. If you need assistance, we can put you in touch with a leading accountant familiar with the Network One solution.
We’ll send you a Network One joining pack, outlining all the documents we need from you to complete your setup. The most important thing to remember is that we’ll need a clear, independently signed and verified copy of your passport and visa if relevant. This can be verified by anyone except you, a relative or spouse.