Take Home Pay
Take home pay is the amount of pay that a contractor takes home after tax. When working with an umbrella company the umbrella company becomes your employer and in turn is responsible for processing expense claims and taxes. An umbrella company must ensure that the expenses claimed by contractors are HMRC compliant.
A good umbrella company will accurately process your expenses and file payments efficiently. Good umbrella companies can also help increase a contractors take home pay. This is what makes them an attractive prospect to contractors.
