Everyone needs a holiday or time off every now and again. It is important to take a break from work every so often and spend some time relaxing, spending time with family and friends, getting away from it all or doing the things you enjoy. Research shows we are more productive if we have time off and time away from work can help people to focus and make important decisions.
Depending on assignments and the type of work you do organising time off can take some planning but it is worth thinking about it and planning ahead to ensure you can take time off when you want to.
In addition to planning when you want your holiday it is important to budget for time off too. The flexibility of working on our umbrella scheme means you have two options when it comes to holiday pay. You can ask for your holiday pay to be retained by Sterling and then request it when you wish to take time off. This approach is ideal as it can help with budgeting for time off. It is worth noting that we’d advise you to only request your holiday pay when you are taking time off as this is the most tax efficient way in which to receive your pay.
Alternatively, some umbrella contractors choose to have their holiday pay processed to them alongside their pay. This might seem like a good idea but we would only recommend this approach if you are good at managing your finances. If you do opt to receive your holiday pay weekly then it is worthwhile saving for time off whether it is planned holidays or those unexpected things which crop up forcing you to take a day off here and there.
If you have any questions about holiday pay when working as an umbrella contractor then please get in touch.