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The main
advantages to using umbrella services are as follows:
- Removes the hassles of running
your own limited company
- There is no need for you to be
involved in VAT returns, payroll matters, taxation and company accounts, etc.
- Short term contractors do not
have to form a company and then arrange for it to be dissolved which can be a
costly process.
The most common
type of umbrella service is the salary only scheme or PAYE umbrella. This umbrella service does not work outside
of the scope of IR35 and all income is paid by salary only. This type of service also allows for
reasonable expenses incurred.
There are other
types of
umbrella services you can use and these offer alternative
solutions involving foreign currency loans, offshore arrangements, etc. Providers promote these services on the basis
their payment methods have an advantage over UK based/standard umbrella company
schemes. You must ensure that you are at
ease with the system being offered and you must check the legality of any
services offered and whether they are appropriate for you and your
circumstances. It can be that these
schemes present more of a risk as legislation was introduces in the 2004 Budget
making it a legal requirement for tax avoidance schemes to be registered with
the HMRC.
The most common
complaint hat contractors have about the umbrella services is the speed of
processing and the quality of services being less than what they had expected.
There are some umbrella service providers who now offer service guarantees or
your money back.
It is in your
best interests to clarify certain things with your provider in advance.
- How quickly will an invoice be
sent to the agent once your timesheet has been received?
- How quickly will you be paid
once they have received the money from the agency for your work?
Many agencies
nowadays will recommend an umbrella company and these are usually judged on the
quality of the service provided to both the contractor and the agency. Remember the agency will be looking for a
hassle free option. Some agencies will
have a preferred supplier list and some will have a commercial arrangement and
these will not necessarily be based on the quality of the service provided to
the contractor. It is always a good idea
in this circumstance to ask the agency why they are recommending a particular
umbrella company.
The fees charged
for
umbrella services can vary considerably, but you should expect
to pay £25 to £30 per week for a service of high quality. Some umbrella companies charge on a
percentage basis but this can be negotiated, especially if you are on a high
rate of pay.
Beware, as
anybody can set themselves up as an umbrella company without the relevant
experience or qualifications. It is
imperative that you know who you are working with as you will be trusting them
to handle your hard earned money.
Quality umbrella companies are run by qualified accountants who are in a
position to offer you personal as well as professional guarantees.
Benefits,Umbrella,Services,Nor