So how do you go about comparing umbrella companies? This article will show you how…
The use of umbrella companies has become a very attractive prospect for UK-based agency contractors in recent years, not least thanks to the IR35 legislation. However, deciding that this is the right path to take is only the start. Comparing the different options to unearth the best umbrella company for your needs is the only way to find the right solution.
Here’s how to analyse different umbrella companies in style.
Umbrella Company Costs
Your choice of umbrella company is a crucial decision for your career, which is why the financial elements should be top of the agenda. Potential joining fees, along with the structure of any weekly/monthly fees Ã¢€“ or gross invoice deductions – must be considered while knowing whether you’ll be charged to take time off work is another key ingredient.
Likewise, you need to know how quickly funds will appear in your bank account following the submission of your invoice. While most umbrella companies will utilise ‘faster payments’, understanding the terms is an essential aspect of your research.
Umbrella Company Pensions
It’s only natural to be primarily focused on the immediate financial implications. However, pensions are one of the few remaining tax breaks on offer to contractors. Understanding whether the umbrella company will contribute to your pension fund can make a world of difference to your long-term financial status. It might not be the very first item on your checklist, but it should feature prominently if you truly wish to find the best umbrella company on the market.
The history and reputation of the umbrella company are integral factors. A company that boasts a large network of contractors and has been assessed over tax compliances should always be preferred. Meanwhile, some contractors will only want to work with firms that have been in business for several years as this suggests that they know exactly what they’re doing.
Furthermore, an umbrella company that is listed as a preferred supplier for your chosen recruitment specialist may give you an advantage. Therefore, an appreciation of the business’s place and standing within the market is crucial.
Umbrella Company Technology
In addition to direct financial matters, you should also consider the impacts of time. Any time spent chasing payments or staying organised due to inadequate tech facilities should not be tolerated. The best web technology features should be user-friendly and make life easy as you look to complete timesheets or monitor salary payments and expenses. It additionally helps if the technology used allows you to seek client support from the umbrella company in a speedy fashion.
Nothing screams quality like happy clients, and this is particularly true when dealing with umbrella companies. If other employees and contractors are pleased with the service they are receiving, it’s likely that you’ll be happy with it too.
In addition to recommendations from friends, relatives, and colleagues, you could conduct a little research to see what others are saying about the umbrella company on social media and other websites. Aside from increasing your trust in the good firms, it may warn you about the inadequate services too.
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