Below you will find some of the most frequently asked questions about working with us. Don’t see your question on the list? Feel free to contact us with your question and a representative will respond as soon as possible.
Cool Company is an umbrella payroll provider for contractors and agencies that takes care of administrative issues such as taxes, insurance and employment protection. You can also take part of our webservice FAQ.
Cool Company’s margin is £22.50 per week or £80.00 per month, and includes the following services:
- Reporting and paying taxes, national insurance and income tax to HMRC
- Paying your salary into your account with taxes already paid
Cool Company never charges any extra or hidden fees. The fee we state is the fee you pay.
A PAYE umbrella company is a company that employs agency contractors who work on temporary contract assignments, usually through recruitment agencies.
Cool Company accommodates contract workers who do not want to set up their own limited company or have responsibility for the administration of self-employment taxes. Cool Company acts as your employer and will pay you via PAYE.
You are able to join Cool Company if you have an “indefinite leave to remain” permit.
An assignment is the contracted work you have chosen to undertake for a client, or on behalf of your agency.
Registering the assignment provides us with the details we need to invoice your client or agency so you can get paid.
We require the following information for each assignment:
- Client or agency name
- Point of contact
- Contact information
- Job title
- Pay rate
- Pay type
Once the assignment is created, you record your time by completing a timesheet. We will use this data to create the invoice that is submitted to your client or agency in order to receive the payment.
In the rare circumstance that a client doesn’t approve the assignment, we will let you know while liaising with the client to find a solution.
The system allows you to participate in several assignments simultaneously – one of the many benefits of working via an umbrella company.
Raising a timesheet is easily done in minutes on our easy-to-use and intuitive platform.
A timesheet is a weekly or monthly record containing details about hours worked during a pay period that Cool Company uses to submit invoices to your agency on your behalf.
After the timesheet is submitted and Cool Company receives payment, the money is sent to your account within 24 hours. The net amount you receive will already have the income tax (PAYE), and Employees’ National Insurance Contributions (NICs) deducted from your gross pay.
Timesheets are raised according to a schedule set by you, your agency, or your client.
Yes, our solution is flexible enough to cover all payment types requested by contractors.
Getting started and need some guidance? Click here to view tutorials that we created for new members of Cool Company.