FAQ

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.

Services FAQ

What services does Cool Company provide?

Cool Company is an umbrella payroll provider for contractors and agencies that takes care of administrative issues such as taxes, insurance and employment protection. 

How much does your service cost?

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
  • Bookkeeping
  • Insurance

Cool Company never charges any extra or hidden fees. The fee we state is the fee you pay.

What is a PAYE umbrella company?

A PAYE umbrella company is a company that employs agency contractors who work on temporary contract assignments, usually through recruitment agencies. 

Why should I join an umbrella company?

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.

I'm not a UK resident, can I still use Cool Company’s services?

You are able to join Cool Company if you have an “indefinite leave to remain” permit.

How do I join Cool Company?

Joining Cool Company is an easy 5-step process. Click here to get started.

Assignment FAQ

What is an assignment?

An assignment is the contracted work you have chosen to undertake for a client, or on behalf of your agency.

Why do I need to register an assignment?

Registering the assignment provides us with the details we need to invoice your client or agency so you can get paid.

What information should I provide when creating an assignment?

We require the following information for each assignment:

  • Client or agency name
  • Point of contact
  • Contact information
  • Job title
  • Pay rate
  • Pay type

What happens after I have created an assignment?

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.

What happens if my end client does not approve the assignment?

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.

How many assignments can I have at one time?

The system allows you to participate in several assignments simultaneously – one of the many benefits of working via an umbrella company.

How long will it take to raise my timesheet?

Raising a timesheet is easily done in minutes on our easy-to-use and intuitive platform.

Timesheet FAQ

What is a timesheet?

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.

 

How often should I raise a timesheet?

Timesheets are raised according to a schedule set by you, your agency, or your client. .

Can I submit overtime rates too?

Yes, our solution is flexible enough to cover all payment types requested by contractors.

How much do I get paid

Onboarding Tutorials

Getting started and need some guidance? Click here to view tutorials that we created for new members of Cool Company.

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