What are the benefits of working through Cool Company?
If you are new to contracting, working through an umbrella company is the easiest way to get your business venture started. It can be confusing to the uninitiated though. How does it all work?
We act as an employer for freelancers and contractors who work in fixed term contracts. We make sure you are insured while on the job and take care of all bookkeeping aspects. Your customer pays the invoice, and we deduct tax and NIC (national insurance contributions) and pay out the remaining sum to you.
- You raise your invoice and register any expenses.
- We make sure your tax is calculated and paid to HMRC.
- When your customer has paid the invoice, we’ll deduct our fee and pay you the remaining as salary.
How does it work?
You start by creating an account with us. It’s super easy and only takes a few minutes.
When you have an account, it’s time to tell us about your assignment. We will send a copy of the assignment to your customer as well. After this, you are insured and ready to work!
When working with your client, make sure you keep a timesheet with how many hours/days you work. You don’t have to send this to us, but it’s important that you and your customer agree on the time spent working.
After the job is done, you log into your account and raise an invoice to your customer, based on your assignment. Here you register any expenses you might have as well.
We’ll double check your invoice to make sure everything looks great, and then send it to your customer. If any delays in payment were to occur, we’ll make sure to address this to your customer as well.
We receive payment from your customer, including any expenses, and then deduct tax and National Insurance before paying you through the PAYE system.
Within24 hours of us receiving payment, you will receive your salary – deductions made. You will also receive a pay slip detailing the deductions which have been made.
Ready to take the first step?
Get started with freelance contracting today by creating your account.