How do I know if I am going to benefit from an umbrella company?
As a general rule, you must be able to answer yes to the following questions:
- 1. Will you regularly earn a minimum of at least £350 per week?
- 2. Will the value of your expenses exceed at least 1/3rd of your gross income?
You must be able to meet both of the above points in order to benefit from the Nova Umbrella Service.
Is there a set-up charge?
No. Getting started with Nova Umbrella couldn't be easier and is free of charge.
Do you charge me for leaving?
Absolutely not! In the event your circumstances change and you need to leave us, just let us
know and we'll arrange for the formalities to be completed.
What are your fees?
We charge a flat rate of £20.75 per week and there are no hidden costs.
Do I get tax relief on your weekly fee?
Yes you do. Dependent on your tax band, the actual cost to you of the fee will
be approximately £11.66, or even less if you are a higher rate tax payer.
Can I use any agency?
Absolutely. If they are currently not registered with us, just ask our commercial department to give them a call - we'd be happy to have a chat with them!
Do you charge for your same day CHAPS transfer?
Certainly not! Many other providers only transfer monies by BACS which can take up to 3 days, and charge anything up to £20 for a CHAPS payment.
What type of savings could I make?
It depends on your earnings and level of expenses, but for a bespoke example, just give our customer service team a call on 0844 209 0800 who will be happy to provide you with one over the phone. Or visit our website for the online calculator at www.novacontracting.co.uk.
Can I submit enough expenses that I won't haveto pay any tax at all?
We're afraid not! Nova Contracting Ltd is legally obliged to pay you at
least the value of the minimum wage, which is currently £5.80 per hour (assuming
an average working week of 40 hours, this would be £221 per week). Therefore
we can use as many of your expense claims as possible until we reach the value
of the minimum wage, at which point we would have to stop. Any expenses we have
been unable to use will be carried forward to your next payment.
Do I get Statutory Sick Pay (SSP)?
As a full time employee, in the event you are unable to work due to sickness,
you will be eligible for SSP at the standard rate of £79.15 per week for up to28
weeks.
Do you help find me work?
No. We are not an employment agency. You will continue to find your work and contracts as you do
at present.
Do I have to provide VAT fuel receipts?
**IMPORTANT** Yes. This is important, once you are working through our umbrella service, you will need to ensure that for every 100 miles claimed, you must provide us with at least £15 worth of VAT receipts.
If I'm claiming mileage, do I have to provide proof of ownership?
Yes you do. ALL mileage claims must be supported by a valid V5 Vehicle Registration document prior to any claims being processed. Without this document we will be unable to process any mileage claims. If renting or leasing a vehicle, you will need to provide the rental or leasing agreement.
Is a VAT receipt the same as a debit/credit card payment slip?
No. In most cases the cashier will ask you whether you require a VAT receipt. If not, you will need to ask for one yourself. Don't forget, as without the minimum value of receipts required, we won't be able to process the full amount of your mileage claim.
Do I get holiday pay?
The holiday pay due to you is calculated and paid out of your weekly earnings. We pay this across to
you each week and clearly itemise the holiday pay element on your payslip.
What taxes do I have to pay?
As an employee of the Umbrella Company, you will pay Employee's National Insurance and PAYE
Income tax on your weekly pay in the same manner as any other employee. However, the umbrella company, like all employers, also has to pay Employer's National Insurance on your salary. This comes out of the income you have generated for the business. As long as you answer YES to both of the Golden Rules, then you will be better off working through an umbrella company.
Do you provide a personal accident insurance policy?
Yes. For £1.95 per week, you can be covered for any personal injuries incurred during the course of your work. Please call us for further details.
Can I use the Nova Umbrella Service for a single assignment?
If it is your intention to only join Nova for a single assignment, I'm afraid that we will have to decline our services to you. Current expenses rules state that if you only become an employee of the Nova Umbrella Company for a single assignment, your place of work will be deemed a permanent place of work and therefore you are unable to claim back business expenses However, if it is your intention to continue to be employed by the Nova Umbrella Company on a series of assignments, then we will be happy to help you. Your contract of employment with the company reflects this, and the declaration you sign on your weekly expense claims form is there to remind you of this. If your situation changes at any point, please contact us and we will advise you on your best course of action.
Are expenses paid to me in addition to my gross earnings?
No. The value of your expenses is paid to you out of the income we have invoiced your agency. The rest of your income is paid across as salary and subject to PAYE and National Insurance.
Do I have the correct insurance cover?
Yes. As an employee of Nova Contracting, you are covered by our Public and Employers Liability Insurance.
Do you have a Health & Safety policy?
Yes we do, and it is important that you have read and understood this. A copy is available in your members area online which you can download as a pdf, or we can email you a copy. If you do not have internet access and require a hard copy sending to you, please call us and we will post it you.
