Welcome to UK Umbrella Companies
10 Reasons to Join UK Umbrella
- 83% Retention
- Outside of IR35
- No concerns about MSC
- PI, PL & EL all included
- AWR Exempt
- HMRC Audited
- Dedicated Account Manager
- No Monthly Fees
- Easy to use portal
A contractor or a sole trader has two methods of payment to choose from. First option is to set up his limited company. Second option would be to employ the services from any umbrella company. If you have decided to choose an umbrella company, this article will let you know what to ask and look out for, and how to select a company that suits you best.
The advantage of choosing an umbrella company is that initial expenses of setting up a limited company can be avoided. It is because Umbrella Company offers instant and free set up. Other discounts that are offered include no leaving fees. You do not have to pay if you are not working. Even if your financial conditions change you should not worry about the tax payments that had to be covered before closing a limited company. Completing a tax year is not compulsory as well. So if you come up with a creative business idea but you are weak in calculations and STATS, then an umbrella company can help you in all respects. This lets you free and earn money while the company will be doing matters like VAT returns, payroll and accounts.
It is vital that you fully understand what service you are agreeing to. Ask questions without any hesitation. You work as an employee of the company and it will pay you salary plus bonus depending on the earnings. The company might give you an account manager so that you will be satisfied about your accounts. This also makes sure that your money will be dealt by someone in a responsible manner.
Forward thinking umbrella companies will calculate the tax payments for the complete financial year. A big tax bill will be secured at the end of the tax year, even when your earnings have been fluctuating throughout.
Services offered by umbrella companies include employer’s liability insurance, free public liability insurance, professional liability insurance that can save you a lot of money. Your umbrella company can give reference letters, without charging you, on your behalf.
Weekly fee of Umbrella Company is between £15 and £30. You will not be charged if you failed to earn that week. You must search the market for best offer and services. Do not forget to ask about any hidden charges before making any deal with the umbrella company. Keep in mind that the company you have chosen has all the required documentation.