FAQ

Please find a list of questions and answers you may want to know about the scheme.

What is an umbrella company?

An umbrella company allows any independent contractors or freelancer the opportunity to secure a contract without the need for setting up a Limited company. Tens of thousands of contractors, whether new to contracting, graduates or whether ex forces do not want the hassle associated with running their own limited company.

How does MoneyBox5 operate?

It’s quick and simple. You register as an employee of MoneyBOX5 and we sign a contract with your agency or end client, once you have agreed the terms of the contract and on receipt of your timesheets and expense claims we invoice the client.
Once funds are received we process the payment through our payroll scheme, then we send you a pay slip by email and transfer funds directly to your personal bank account.

Why do I pay Employees and Employers National Insurance Contributions?

It is a legal requirement that your Employers National Insurance is paid. As a contractor your rate of pay should allow for this deduction. MB5 will then make the necessary calculations and pay this over to the Inland Revenue on your behalf.

Do we offer a Composite Scheme?

No we do not offer a Composite Scheme, You will be paid via PAYE only and will not receive dividends in any form what so ever.

Do you issue me with a P45?

Yes we do. As we are your employer, we issue you a P45 when requested by you on leaving our employment.

Do I get issued with a P60 each year?

A certificate of tax deducted (P60) is prepared and issued to you after the end of each tax year, You should retain this important document as we cannot issue duplicates. You may need your P60 in relation to a self assessment, personal taxation and income proof in the future.

What if I decided to leave your scheme?

If for whatever reason, you decide to leave MoneyBOX5, all you need to do is tell us. We will collect any outstanding funds and make a final payment to your bank account. We will then be able to issue you with a P45. We will be happy to see you return at any time.

How am I paid?

When a payment is processed this is normally transferred to your account by BACS, which takes 2-3 working days to clear. You can however request a CHAPS transfer for a reduced bank fee, which will ensures funds hit your account the same day.