Which way to get paid - agency nurse

CLLC

Good afternoon, 

I am a travelling agency nurse and have been offered to be paid via an umbrella company through these: 

• Maxipay 01892 686480 http://www.maxipay.co.uk/
• Core Finance 0844 875 5777  https://www.corefinancemanagement.com/
• Evolve 020 3744 1229 https://evolvecs.co.uk/
• Remedy 020 3970 4521 https://www.remedyumbrella.co.uk/

I have no idea on whether or not I should ask to be through PAYE, sole trader, LTD company etc? This is a real minefield to me. Any advice would be greatly appreciated as obviously I would like my income to be maximised. 

Thank you in advance

Marcon

CLLC said:

Good afternoon, 

I am a travelling agency nurse and have been offered to be paid via an umbrella company through these: 

• Maxipay 01892 686480 http://www.maxipay.co.uk/
• Core Finance 0844 875 5777  https://www.corefinancemanagement.com/
• Evolve 020 3744 1229 https://evolvecs.co.uk/
• Remedy 020 3970 4521 https://www.remedyumbrella.co.uk/

I have no idea on whether or not I should ask to be through PAYE, sole trader, LTD company etc? This is a real minefield to me. Any advice would be greatly appreciated as obviously I would like my income to be maximised. 

Thank you in advance

I'm not sure you are being given a choice of anything other than which umbrella company you want to choose, not whether you want to be a limited company, sole trader etc.

The best explanation I've ever found of umbrella companies might make helpful reading: https://www.litrg.org.uk/sites/default/files/files/LITRG-Factsheet-working-through-an-umbrella-company.pdf

Sandtree

CLLC said:

Good afternoon, 

I am a travelling agency nurse and have been offered to be paid via an umbrella company through these: 

• Maxipay 01892 686480 http://www.maxipay.co.uk/
• Core Finance 0844 875 5777  https://www.corefinancemanagement.com/
• Evolve 020 3744 1229 https://evolvecs.co.uk/
• Remedy 020 3970 4521 https://www.remedyumbrella.co.uk/

I have no idea on whether or not I should ask to be through PAYE, sole trader, LTD company etc? This is a real minefield to me. Any advice would be greatly appreciated as obviously I would like my income to be maximised. 

Thank you in advance

Generally if they have mentioned umbrellas then that's your only choice.

In most cases the rate they have talked to you will be gross gross and so not only will you have your normal PAYE deductions but will also have both the umbrella's costs and the "employers" (namely Employers NI and Apprentice Levy). Its not ultimately that hard though as almost all umbrellas will have a calculator that will show what your monies will be. Be careful however as some calculators make silly assumptions about how much expenses you will have etc... the only real difference between companies is what their fees are and all the rest will be HMRC and so identical with all.

The other thing to check is the timing of your payment... most do "same day" payment (normally a cut off around 3pm or 4pm) but some only do a weekly payroll so if the money comes in on Friday you have to wait another week to be paid. 

I doubt anyone would choose Umbrella if they have other choices unless you were only intending to do it for a few weeks where setting up your own LTD wouldn't be worth it for the timescales.