Contractors – Mint Umbrella

New to contracting?

While contracting for the first time can be a daunting experience, it can be equally rewarding. There are many benefits to contracting across the sectors with Mint, for example:

We provide contractors with a free quotation
We provide consultants with real time feedback on how the onboarding is going
Contractors are hand held through their registration for quick onboarding
Same Day Advances
Dedicated Account Manager
Comprehensive insurances

We offer a straightforward and stress-free service. Not only do we believe in keeping our clients informed and up-dated throughout the process, but more importantly you can be assured that you will be paid on time – every time. This means you won’t have to worry about your finances.

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Contract details

Your agency will place you at work and provide you with all the details you need to know with regards to your employment.

Timesheets/invoicing

Your agency will provide Mint with your timesheet of working hours each week. We will then raise an invoice to your agency.

Payment

When payment is received, we will deduct our fee and the necessary taxes and then transfer your payment directly to your bank on your nominated payment date.

Payslip

You will receive a payslip via your portal detailing your gross pay and net take-home pay along with all the relevant deductions.

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Choose carefully.

All UK based PAYE umbrella company providers are governed by HMRC, which means that non-compliant umbrella companies can provide you with a higher amount of take-home pay than any other. It is better to look for a provider with a flat fee as these ones are potentially cheaper.

Customer support and the ability to easily submit your timesheets and expenses are also valuable factors to consider.

You should always ask for a full breakdown of all deductions, and if there are any hidden costs or penalties, such as set up and leaving fees.

IR35

IR35 is a piece of UK tax legislation designed to stop workers claiming to be contractors purely for tax benefits.

If you’re a contractor, you need to make sure that you are IR35 compliant. If you are a recruiter, you will need to make sure your candidates are IR35 compliant.

If the HMRC finds that you have been working on a self-employed basis via a limited company (outside IR35) when the reality is the work you do for your client reflects employment (inside IR35) you will be required to pay back the missing tax, plus interest and any penalties. See below the changes made to both the public and private sector.

Public Sector

If you are a contractor in the Public Sector from 6 April 2017, you are not able to determine your own IR35 status – it must be determined by the public sector body providing you with the assignment.

Private Sector

If you are a contractor in the Private Sector, changes to off-payroll legislation (IR35) will come into effect from 6 April 2021. Just like the Public Sector, after 6 April 2021, your IR35 status must be determined by the private sector organisation you are working for.