Nowadays there are many umbrella companies operating in the UK. It can be a confusing task deciding which one is the best for you so I have listed below a few things you should look for when choosing an umbrella company.
Firstly all umbrella companies will charge fees to cover the cost of administration and naturally they will want to make a profit from providing their services. Different umbrella companies will charge different fees but it is a general rule they the fees will be either fixed weekly or monthly charges or a percentage of the gross invoice value. Make sure that any fee quoted is the gross fee and not after higher rate tax relief as otherwise it is not a true reflection of your personal circumstances. Look for any hidden charges like joining and leaving fees or expenses processing and also make sure you are not being charged in period where you are not working.
One of the key benefits to working through an umbrella company is the ability to claim expenses and then offset them against your tax liability. The rules on expenses are exactly the same for ALL umbrella companies so stay away from any umbrella company that claims they can allow you to claim large amounts of un-receipted expenses. You can only claim for expenses that you have actually incurred and these need to be necessary expenses that have occurred while you were providing your services.
Your umbrella company will raise invoices for your services according to the timesheets you submit and send them to your agency or client. Make sure you know how long it will be before you receive payment for a timesheet into your bank. The majority of umbrella companies will pay you once they have received the funds into their bank account and this could mean there are delays because of the bank clearing system. Look for an umbrella company that operate a faster payment system as this will mean you receive cleared funds into your account quicker. If an umbrella company offers to pay you through the CHAPS system then make sure you know if there is a charge for this and if there is, how much.
Almost every contract you undertake will dictate that you are covered by a certain amount of insurance and it is imperative that you ensure your umbrella company provides the appropriate level of insurance that will fulfil your contractual requirements. Umbrella companies are required by law to provide Employers Liability Insurance and they should also provide you with Public Liability and Professional Indemnity cover. Make sure they cover they have includes your profession and also find out if the umbrella company will charge you for providing insurance.
When looking for an umbrella company a recommendation from a friend or trusted colleague is a good way to find a reliable and professional umbrella company. There are plenty to choose from so if you are not happy with their level of service or fees you can always move to a different one.
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