What does umbrella company mean?

Definitions for umbrella company
um·brel·la com·pa·ny

This dictionary definitions page includes all the possible meanings, example usage and translations of the word umbrella company.

Wiktionary

  1. umbrella companynoun

    A company that acts as an employer to fixed-term contractors, usually through an employment agency.

Wikipedia

  1. Umbrella company

    An umbrella company is a company that acts as an employer to agency contractors who work under a fixed term contract assignment, usually through a recruitment employment agency in the United Kingdom. Recruitment agencies issue contracts to a limited company as the agency liability would be reduced. It issues invoices to the recruitment agency (or client) and, when payment of the invoice is made, will typically pay the contractor through PAYE with the added benefit of offsetting some of the income through claiming expenses such as travel, meals, and accommodation. Umbrella companies have become more prevalent in the UK since the British government introduced so-called "IR35" legislation that creates tests to determine employment status and ability to make use of small company tax reliefs. According to criteria set out by the UK Department for Business, Innovation & Skills, there are an estimated 4 million temporary workers in the UK, of whom 1.56 million are "classed as being in a management or senior official role, a professional occupation or an associate professional and technical occupation." It is estimated that 14% of the UK’s professional contractors are currently managing their business by working through an umbrella company.

Wikidata

  1. Umbrella company

    An umbrella company is a company that acts as an employer to agency contractors who work under a fixed term contract assignment, usually through a recruitment employment agency in the United Kingdom. Recruitment agencies issue contracts to a limited company as the agency liability would be reduced. It issues invoices to the recruitment agency and, when payment of the invoice is made, will typically pay the contractor through PAYE with the added benefit of offsetting some of the income through claiming expenses such as travel, meals, and accommodation. Umbrella companies have become more prevalent in the UK since the British government introduced so-called "IR35" legislation that creates tests to determine employment status and ability to make use of small company tax reliefs. According to criteria set out by the UK Department for Business, Innovation & Skills, there are an estimated 4 million temporary workers in the UK, of who 1.56 million are "classed as being in a management or senior official role, a professional occupation or an associate professional and technical occupation." It is estimated that 14% of the UK’s professional contractors are currently managing their business by working through an umbrella company.

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Numerology

  1. Chaldean Numerology

    The numerical value of umbrella company in Chaldean Numerology is: 1

  2. Pythagorean Numerology

    The numerical value of umbrella company in Pythagorean Numerology is: 9


Translations for umbrella company

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"umbrella company." Definitions.net. STANDS4 LLC, 2024. Web. 22 Jul 2024. <https://www.definitions.net/definition/umbrella+company>.

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