Every business needs more focus on its core issues to beat the competition. However, a lot of time and energy is wasted in maintaining the bills, payments and other financial as well as many other peripheral aspects of a business. An umbrella company takes responsibility of managing your finances, payment of salaries; bills etc and let you have more time to bring new clients to the business and pay attention to making the growth strategies.
Here are some tips that you can follow to locate the best umbrella company to handle your business. These tips will surely help you in settling for an umbrella company that becomes a vehicle for trading when you face tax legislation of United Kingdom and when you wish to avoid worries of running a limited company.
Take a calm and cool decision
Do not settle for an umbrella company in a hurry when you want to escape from the hassles of setting up a Limited Company. You may be in need of working through one such company as a freelancer or as a self-employed person. A right decision of picking up experienced and near perfect umbrella services provider can add to your confidence. Do not be trapped by the agencies that lure you towards a certain company to earn commission. You may be ruined of the advantages from a genuine company offering specific umbrella features.
Know the fee structure
Fee structure of Umbrella Company varies. Some of them will charge you a monthly or weekly fee. Such fixed fee is preferable when your earnings are higher so that you can take home a good amount of money. Others will charge only a certain percentage of what your gross earnings are. Check out what is being included in the fees. Also, you should be particularly informed about the service charges you will be required to pay.
How often the company pays?
An umbrella service provider company may make a delayed payment due to processing and time sheet management. So, find out the company that timely pays you as per your set limit. Settle for a company that makes you payment through Clearing House Automated Payment System [CHAPS] for it allows you to get the payment same day. However, fees charges will be higher for this service. Bankers’ Automated Cleaning Service [BACS] is less costly but payment may take 3 working days to arrive in your account.
Avoid a company with term commitments
It is advisable to keep away from an umbrella company that penalizes you for leaving the contract earlier. You may end up paying exorbitant fees for ending your contract before the set period. Also, one such company with fees charges for entering and existing the contracted should also be neglected to avoid unnecessary worries.
Get a complete employment contract
While working under an umbrella company, you must get all the benefits that you enjoy working in any other establishment. So, ensure that the selected umbrella services provider offers you a complete set of employment contract, with all the benefits such as sick and holiday pay entitlement, minimum wage, provision for pension, maternity leave etc are clearly mentioned. The contract also should include the customer services that you will get and the support or help you will be offered when you require.
Good and reliable umbrella companies care for their clients. Most of such companies provide business insurances if your clients need it. The insurance will protect you from any financial losses due to injuries during the contract period.
Know its background
Before you select an umbrella company, research its financial capabilities, experience and other background. Have access to the sources that can let you know the existing financial status of the company and its ability to handle your finances. You should know about its experience of the field. Exact location of the company also matters a lot for you.
Customer care service
One of the most useful services that an umbrella company must offer you is the customer care. You may face an emergency circumstance that requires quick response from the company to resolve the issue. Prefer the company that is willing to provide a dedicated account manager who understands your business and work.
An account representative from the umbrella company also assists in better payroll function practices and helps also in maintaining a constant cash flow to your business. Each such company lures the customers with specific support system that is design for prompt responses to the customer queries. These tips will be useful in settling for umbrella services that meet your requirements of business.