Skillmaster
I can't give you a more detailed explanation about Parasols' procedures because I don't work for them but, basically, all umbrella companies should work in exactly the same way. A contract value will be arranged between the umbrella company and your agency of say £300 per day. From this rate your umbrella company is obliged to make payments to you and HMR&C - what is left is retained as the umbrella company's profit (usually referred to for simplicity sake as a fee). Because an umbrella company is an employer they also have to pay holiday pay - this is dealt with by making a weekly/monthly deduction and then repaying the amount when you are on holiday; this is the accepted way of dealing with holiday pay (when the EC Working Time Directives came in I contacted HMR&C, ACAS, BIS and the legislative office in Brussels to confirm that there was no alternative). There should be no other mandatory deductions from your earnings as things like SSP, SMP, SSP etc and payments between assignment, under the AWR, are all statutory payments i.e. a legal requirement.
HTH but I know that Steve@Parasol is always quick to come back to queries so I am sure he will answer any other questions you have about Parasol specifically
I can't give you a more detailed explanation about Parasols' procedures because I don't work for them but, basically, all umbrella companies should work in exactly the same way. A contract value will be arranged between the umbrella company and your agency of say £300 per day. From this rate your umbrella company is obliged to make payments to you and HMR&C - what is left is retained as the umbrella company's profit (usually referred to for simplicity sake as a fee). Because an umbrella company is an employer they also have to pay holiday pay - this is dealt with by making a weekly/monthly deduction and then repaying the amount when you are on holiday; this is the accepted way of dealing with holiday pay (when the EC Working Time Directives came in I contacted HMR&C, ACAS, BIS and the legislative office in Brussels to confirm that there was no alternative). There should be no other mandatory deductions from your earnings as things like SSP, SMP, SSP etc and payments between assignment, under the AWR, are all statutory payments i.e. a legal requirement.
HTH but I know that Steve@Parasol is always quick to come back to queries so I am sure he will answer any other questions you have about Parasol specifically
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