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If you’re confused about IR35 and what it means for you, we’ve got the answers.
Welcome to our FAQ section! Here, we’ve compiled a list of common questions and concerns that our customers have asked us over time. Whether you’re a new customer or a long-time user of our service, we hope this section will provide you with the information you need to make the most of your experience with us.
What is PAYE Umbrella?
As an umbrella company contractor, you are employed by Liquid Friday and we contract your services to your recruitment agency who place you on assignments with clients.
PAYE umbrella is a really simple, flexible way to get paid. You get PAYE tax and National Insurance (NIC) deducted at source and pay into an approved workplace pension. You are also entitled to statutory benefits including Statutory Sick Pay (SSP), and Maternity or Paternity Pay (SMP/SPP).
Being employed by an umbrella company means you don’t have to worry about IR35, it also gives you continuity of employment, which is important if you want to apply for a mortgage or other type of finance.
When will I be paid?
Depending on the assignment you are working on, you may be paid weekly, monthly, fortnightly or on a project-by-project basis. Most Liquid Friday employees are paid weekly, one week in arrears, every Friday.
In most cases your salary will clear in your account on Friday morning, but it can take up until 6pm to clear depending on your bank.
Do I get holiday pay?
As an employee you are entitled to holiday pay. This is a pro-rated amount of 28 days annually. Typically we retain this until you take time off, or until your employment ends. However you may choose to have this on an advance basis, paid alongside your normal wage each time you get paid.
How to I request Holiday Pay?
Holiday requests must be submitted in writing to Liquid Friday through email. We kindly ask that you email [email protected] with your request for holiday pay.
Once you have requested this, we will pay this out at the next possible opportunity or on the specific date you have requested.
What is Employers National Insurance?
This is a deduction from the Charge Out/Assignment rate made to Liquid Friday from the agency, which we are required to make as an employer. This is paid straight to the HMRC. The percentage of this deduction is 13.8%
Further information on Employers NI can be found here.
Can I set up a pension?
All employees of LIquid Friday between 22 years old and state pension age, earning more than £10,000 per year, are automatically enrolled into our approved workplace pension scheme with Now:Pensions.
Your pension contributions are made before tax is calculated, make it a tax efficient way to save for retirement. We encourage all of our employees to consider long term saving, however you have the right to opt out if you wish. You’ll get an email from Now:Pensions after your first pay period with full details.
We also offer salary sacrifice pension options for those who wish to save more into their pension pot and take advantage of the associated tax efficiencies. Please contact us for more information if this is of interest.
How do I access my pension?
To manage your pension, you can access a dashboard through the pension providers website. Please see this on this link: https://www.nowpensions.com/members/manage-my-pension/log-in-to-my-account/
You are able to view your pensions, opt in, opt out and look at your account summaries.
What insurances to you offer?
As an employee of Liquid Friday you are covered by our insurances, for your complete peace of mind.
You are covered for Public Liability, Employers Liability and Professional Indemnity as standard, with optional Personal Accident insurance.
How do I refer a friend?
Referring a friend is easy. You can do this by emailing us, calling us or even entering the details on our app. All we need is there full name, contact number and any other information you have. Did we mention you receive £100 for each friend you refer?