Parasol is a market-leading employment company that offers a number of key services for contractors via its pioneering umbrella payroll service.
Parasol – Key Features
Parasol has been in operation since 2001, so they’re quite a well-established organisation. They understand what contractors need to make their careers more dynamic and easy to manage.
Here are some of the key features of Parasol’s umbrella service:
Easy to use online portal
The online portal is Parasol’s hub for contractors. It contains a number of useful features such as 24/7 access to various employment records and tax information. It also has functionality for things like timesheets and requesting holiday leave and if you need any assistance, you can request support directly from the online portal.
Employment through an umbrella company is often a daunting concept for people new to the platform, which is why Parasol’s support team is so beneficial. They provide contractors with expert industry advice, support and guidance to make sure everything is set up and working as it should be. What’s more, the support team is available for six days a week (including Saturday) so they’re always available if you need their help.
Same-day payroll guarantee
Getting paid on time is vital for any contractor, so the same-day payroll guarantee is an excellent way to provide peace of mind that your funds are available when you expect them to be. Provided they have all of your information by 5 pm, Parasol guarantees that payments are made to you via same-day payment. That way, you don’t have to worry about delayed funds or any missed payments.
Multiple payroll functionality
One of the ways that Parasol ensures you get your payments on time is by running multiple payrolls every working day. They have up to 5 operating payrolls at once, so you can rest assured that you’ll have funds available without having to wait for a pay period like with a standard employer.
Covered with insurance
All contractors at Parasol receive a fully comprehensive insurance policy to cover them for up to £20,000,000. This incorporates things like employer’s liability, professional indemnity and public liability coverage. It’s a great way to ensure that you’re fully covered if anything happens during your work.
Contractors have the option to make the most out of their income by claiming for fully compliant, legitimate business expenses (where available).
The Parasol Rewards programme helps contractors make big savings on things like holidays or shopping trips by offering discounts and deals from some of the high street’s most reputable names.
Parasol can incorporate employer’s contributions into existing private pension schemes that contractors have. It works in a similar fashion to salary sacrifice schemes, so you get to enjoy the tax and national insurance saving benefits they provide. They even pass on the employer’s national insurance savings, which isn’t always the case with umbrella companies. You also have the option to enrol in the Scottish Widows group pension scheme.
Benefits of using Parasol as your umbrella company
There are lots of reasons to consider using Parasol if you’re a contractor. Below are some of the key benefits they offer:
- Long-established firm: Parasol is the UK’s leading umbrella provider – established over 20 years ago.
- Compliance: Parasol is an FCSA accredited member.
- Dedicated professional support: The expert support team at Parasol is there for you when you need help. They’re available from Monday to Friday between 8 am and 7 pm, and on Saturday from 10 am until 4 pm.
- Swift payments: As they use up to five payrolls every day, Parasol allows for same-day payments so you’re never short on your wages.
- Totally paperless: Another great benefit is the lack of any physical paperwork when using Parasol Umbrella Company. You have 24/7 access to your documentation digitally through the online portal.