How the Contractor Co-op Works
Working for the Contractor Co-op is similar to working for an umbrella company, but what does that really mean for you?
Six steps to payment through the Contractor Co-op
The Contractor Co-op will employ you under an Overarching Contract of Employment and will be responsible for raising invoices for the work that you do whilst you are on assignment, this means that you will not have the worry of setting up and running a company or appointing an accountant. As a full time employee of the Contractor Co-op you will be guaranteed a minimum of 336 hours of work over a 12 month period.
The Contractor Co-op will enter into a contract with your agency or end client as appropriate and issue you with an assignment schedule which will cover all the details of the assignment you will be working on. Each time you start a new assignment you will receive a new assignment schedule, but you will remain an employee of the Contractor Co-op throughout.
The client for whom you are working will confirm the hours you have worked. Each week or month, the Contractor Co-op will raise an invoice to the agency or end client for these hours as appropriate.
Payment will be received by the Contractor Co-op from the agency or end client.
The Contractor Co-op will process the payment and will then make payment to you through PAYE. Each month you will receive a payslip, as you would in any employment, which will clearly show your gross income, your tax and National Insurance contributions.
You will receive your money from the Contractor Co-op less tax, NI and your contributions to the Contractor Co-op.
It is natural and sensible for you to contrast and compare what the Contractor Co-op can offer you with other umbrella companies.
Our strength is our commitment to honesty and clarity in what can be a very confusing market. We do not offer you gimmicks or promises of 80% take home pay. We offer you a lifestyle choice which will give you peace of mind that your affairs are being handled in a wholly compliant way. We want you to feel you are part of a community which is operated by and for the benefit of you and your contractor colleagues.
In the world of the Contractor Co-op you are in charge.
Contact us today to find out how you can become part of the Contractor Co-op.