In the UK, contracting is becoming a way of life to many people. In fact, you could say that the sector is booming. Umbrella companies are at the forefront of this growth, and you could be tempted to want a stake in at least one of them. It could be your best financial move. On the other hand, it could you down fall.
Pick the right umbrella company
Experience and reputation
It is popularly said that reputation is everything. This is even important when it comes to choosing an umbrella company. You should look for a trustworthy company, one that has a good name and record for contractor’s support. It is also important to bring up the issue of experience when you are searching for the best company. You want a company that has experience dealing with a spectrum of issues in the contracting world.
Do they have a genuine contract of employment?
Any genuine umbrella company will ensure that its contractors get employment contracts. This will ensure that you are entitled to all rights of a permanent employee. You will be guaranteed of sick, paternity and holiday pay.
If you do not get a compliant company, you will be missing on so many of your entitlements. Be on the look out to ensure that you are getting nothing but the best for your needs.
What’s their rate margin?
How much will you be getting back? This is an important question when you are out looking for the best umbrella company. The only difference that separates one umbrella company from the next is the margin. The government sets all the other rates such as national insurance and income tax and apply to each company. Do a deep search to know the pay rates. Only go for the company that offers a relatively fair pay.
Do they ask for joining or leaving fee?
You will find some interesting things when looking for a suitable umbrella company. One of this will be joining and leaving fee. You will be asked to pay these fees by some potential companies. Do not go for such companies. Continue with your search, and you will find a perfect match for you. Without joining and leaving fee, it means you are free to leave anytime you want.
Assess their user-friendliness
If a company will make you jump over a thousand hoops before you can get paid, that one is a bad choice. Take time to know how your would-be company deals with its contractors. Look for a company that has an online portal for you to submit all your expenses and claims. With this, you can be assured of excellent service all the time.
Do suppliers prefer the company?
Many recruitment companies will use preferred supplier lists. In this list, you will find companies that agencies trust will look after their contractors. As you search for a company, look it up and see if it is in any of these lists. If it does, it must be a good one. If it does not feature here, you should move on and look for another one.