Choosing an Umbrella Company
Working through an Umbrella Company in the Pharmaceutical industry is increasingly common. Many Interims work either on a PAYE basis or through their own Limited company but working through an Umbrella company can provide some of the benefits of both of these options.
You may consider choosing the Umbrella company option as it provides:
- Minimised Administration – You do not have to undertake many of the administrative duties associated with running a your own company
- No Accountant required – Your Umbrella company will perform some or all of the accountants and tax calculations which may save you some money and definately some time
- Short term solution – If you are considering workign as an Interim as a career but at this stage are not sure if you want to set up your own company, working through an Umbrella company can help you work in this way without the long term commitments of having to maintain a company if your decide not to continue contracting
- Easy to set up – Many Umbrella companies will assist you to set up your contract quickly and easily and will provide you with an illustration of your earnings potential (you may with to compare this with working PAYE using our Tax calculator)
CK Medics are unable to advise you on which company you choose for legal reasons however the benefit of this is that CK Medics does not operate a preferred supplier list of Umbrella companies and we can therefore accommodate any decision that you make about the company you choose.
You should choose your Umbrella Company wisely given that in the process of making payments to you your money will be sent to the Umbrella company before being passed on to you. You are effectively trusting them with your money before it gets put in your bank accountant. So you need to clear what they are charging you and when they will make transfers of money to you.