NEW UMBRELLA COMPANY
NEW UMBRELLA COMPANY TO GIVE CONTRACTORS MORE
A new umbrella company has been formed to help the UKs growing army of freelance and contract staff to keep hold of as much of their hard-earned cash as possible while still complying with all legal requirements.
Sombrilla, based in Edgware, Middlesex, is an associate company of CMEASY Chartered Accountants, which has many years experience of advising freelancers and contractors.
The company took the decision to set up a specialist umbrella operation after deciding it could offer better services at lower prices than some existing operators in the marketplace.
Crucially, Sombrilla operates a no work no cost system, where contractors are only charged for its services while they are working, not when they are between jobs. The company charges no set-up costs or leavers fees, offers free expenses processing, and provides a number of value-added services including free Professional Indemnity insurance and discounted private health cover.
And as a PAYE umbrella company, Sombrillas payroll solutions are taxed at source, making them fully IR35 compliant.
For clients who may be better off setting up their own limited company, Sombrilla can refer them to CMEASY for expert advice.
Sombrilla marketing manager Jeremy De Lord said: Sombrilla was formed with one purpose in mind to implement a hassle-free professional service for the benefit of UK-based freelancers, independent contractors and recruitment agencies.
Weve worked with many contractors and freelancers through the accountancy firm over the years, and when we looked at the umbrella companies out there, we thought we could offer something better.
Many contractors and freelancers have had to redouble their efforts to succeed during the economic downturn, and were dedicated to making sure they take home the highest rate of pay allowable under PAYE, as well as claiming the maximum expenses within the rules.
As the economy hopefully starts to pick up over the next year or so, we think there will be a boom in opportunities for contractors and freelancers as companies take them on as an alternative to full-time staff, keeping overheads down and flexibility up.