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Contractors often have questions about how to work via your own Personal Service Company (PSC), what you need when working through an umbrella company or how to use Salt’s timesheets. To help you find answers quickly, we’ve put together this list of frequently asked questions for contracting. If you have a question that we haven’t answered or if you would like more information, please get in touch with our team.
Many contractors prefer to operate through their own PSC/ UK limited company. However, it is best to seek professional advice from an accountant or a legal advisor before you decide to set up a PSC. Running your own business gives you control of your finances but may be time-consuming, increase your admin burden and expose you to added risk.
Salt has a good network of accountancy providers who can help you with setting up a limited company in a matter of hours. These providers can help with getting your accounts set up online, managing your book-keeping, assisting with tax issues, and ensuring you stay compliant. Please get in touch with the Compliance and Contracts team for contact details of these accountancy providers.
You need to provide us with your certificate of incorporation, bank statement, VAT certificate (if VAT registered) and proof of Professional Indemnity and Public Liability Insurance. We will also ask for additional details like ID, National Insurance number and other documentation if requested by our client. Rest assured that your personal data will be protected under GDPR. If you have any privacy concerns, please contact our Data Protection Officer using GDPR@welovesalt.com.
Our Compliance and Contracts team needs to check if your PSC is the valid account holder of the business bank account which you have supplied for us to process payments into for the duration of your assignment. We are not interested in your balance so please feel free to redact this information. Alternatively, you can send us an opening letter from your bank.
To ensure that your business is protected financially and that you are complying with the requirements of our clients, all our PSC contractors will be required to have suitable insurance (£1 million coverage for both Professional Indemnity and Public Liability) in place. If your actions lead to anything being damaged (for example as a result of transmitting a virus) or anybody being injured it is essential that your company is insured, as it may result in a costly claim being made against your business. Likewise, if you give our client any advice or complete any work for them that leads to them losing money, they may bring a claim against you. In this situation, having insurance in place could be what keeps you in business.
This is a solution for contractors who do not want the hassle of running their own business, who are not keen to face any IR35 related risks and want legal certainty surrounding employment benefits like statutory sick pay for example. The umbrella company will employ you and make relevant deductions from your pay rate. We will pay your umbrella company, and they will pay you.
The payroll company market is saturated with non-compliant umbrella companies who may operate offshore payments and shady expenses policies. As a recruitment agency, we are exposed to fines and criminal prosecution if we facilitate tax evasion in any way. However, there is no need to fret as Salt have put together a list of approved umbrella companies who have been vetted by both Salt and/or accredited by recognised industry bodies. A list of approved umbrella companies can be found in your Salt Welcome Pack.
Email firstname.lastname@example.org and we will advise you on the next steps. We are prepared to work with umbrella companies who are not on our Approved Supplier List, but all umbrella companies will need to be vetted before we can work with them. When considering an umbrella company please ensure they are FSCA accredited by checking the register https://www.fcsa.org.uk/members/.
Identity documents, National Insurance number and referee contact details (when applicable). Your umbrella company will send across their company documents.
The following are some general timesheet related questions we often get asked. Click here to log into Intime.
Once the Compliance and Contracts team have received all your company documents, we will be able to complete your onboarding and grant you access to Intime.
Any live placements will only be visible to contractors from the start date of your assignment onwards. If your assignment has already started please speak to the Compliance and Contracts team.
Please submit your timesheet at the end of each working week or each working month depending on your agreed timesheet frequency. Ensure this is completed no later than the following Monday to enable us to process your timesheet within our pay-run deadline. For example, if the last working day in April is 30/04/2020, your timesheet must be submitted and approved by 04/05/2020. Our pay-run deadline is always Monday close of business.
If your timesheet is approved before our deadline, your company will receive payment by close of business on Friday of the same week. Please note payment will be one week in arrears.
Expenses will only be processed upon approval from the client. Please submit expenses to our Contractor Payments Manager with accompanying receipts using Salt’s expenses form unless otherwise agreed. More information is outlined in your Salt welcome pack.
Yes, please also complete your timesheet on Intime to enable us to process your payment. For simplicity, you can upload a screenshot of your approved timesheet from the client’s portal and email this to email@example.com.
We frequently receive questions around payment dates for those of you on a monthly invoicing frequency. Whilst the last working day of each month differs from month to month, our timesheet deadline is always the following Monday after the timesheet cycle is complete. Given your timesheet is submitted and approved by close of business on that Monday, your umbrella or limited company will receive funds in the same calendar week. We’ve included some dates below for the rest of the calendar year and hope this provides some clarity.
If we pay your umbrella company, please liaise with them on exactly when they will pay you once they have received funds from us.
Our timesheet and payment deadlines will be structured slightly differently in December due to the festive bank holidays and we will confirm a breakdown of this nearer to the time.
Please contact our Compliance and Contracts team on firstname.lastname@example.org where someone will respond to your query or give you a call back.