Umbrella companies do not charge fees in the conventional way, but instead they take a ‘margin’ from the fees received from the end-client for the work carried out by you. There is no VAT element.
If in any of these months you concurrently have an active personal service company administered by Competex, or if you are working through an agency with automated billing and payment systems, we will reduce this monthly charge by 20%.
This charge includes the cost of professional indemnity insurance (PI), employer’s liability insurance (EL) and public liability insurance (PL).
(* This is equivalent to £54 paid out of income taxed at 40%).
We do not normally charge a set-up fee. However, if a contract supplied by the agent or end-client does not match up to the terms of our own industry standard contract and needs to be reviewed by our lawyers, we will charge a set-up fee of £120*, to be taken as an additional ‘margin’.