Welcome to the Nova Umbrella Company Service

Introduction

If you are an independent contractor working on temporary assignments via employment agencies, you will be aware that recent changes made in tax legislation have had significant effects on the way you can receive your earnings.

In response to this, Nova is pleased to announce the arrival of our PAYE Umbrella Company Service.

This is 100% compliant with the new Managed Service Company (MSC) legislation and enables you to continue providing your services to your customers as an independent contractor.

What are the benefits of using an Umbrella company?

•  The ability to maximise your earnings through the use of qualifying business expenses, including business mileage
•  The benefits of full time employment (SSP and holiday pay etc)
•  No joining fee and low cost flat rate weekly fee of £18.75 (approximately £10.60 after tax, or even less if you are a higher-rate tax payer
•  No hidden costs
•  No termination fee
•  No fees for when you're not working
•  Public Liability and Employers Liability included within fee
•  Same day CHAPS payment into your account
•  FREE SMS text alert to advise that your monies have left our account
•  Friendly and efficient customer services department just one call away
•  Access to a stakeholder pension
•  Low cost personal accident benefit

How does it work?

•  You become a full time employee of Nova Umbrella Limited.
•  Your earnings are subject to PAYE and Class 1 National Insurance
•  You do NOT receive your earnings through a combination of National Minimum Wage and dividends
•  We invoice your agencies on your behalf, process your expenses and calculate your payroll for you each week. We also pay all your tax across to HMRC on your behalf
•  Once your agency has forwarded your money to our account, we'll transfer the funds to your account by same day CHAPS payment so it clears by the end of the day

Umbrella FAQ's

•  What expenses can I claim?
You will be able to claim any legitimate expenses which have been incurred wholly and exclusively for the purpose of your business. In the main this will be travel and mileage expenses and daily allowances for food and accommodation when working away from home.

•  Do I have to provide fuel VAT 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.

•  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 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.
Please note, 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 whatsoever.

•  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 £18.75 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 £10, or even less if you are a higher rate tax payer.

•  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.

•  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 £72.55 per week for up to 28 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 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.

•  Do I have the correct insurance cover?
Yes. Public and Employer's Liability Insurance is included within our fee.

•  What type of savings could I make under the Nova Umbrella?
It depends on your earnings and level of expenses, but for a bespoke example, just give our Customer Service team a call on 0870 606 7733 who will be happy to provide you with one over the phone.

•  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.

We hope this information is helpful to you, but should you have any further questions whatsoever, please do not hesitate to call us on 0870 606 7733, or request a call back by filling out the online call back request box.

We look forward to hearing from you soon.

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