Top Umbrella Company Tips
So what makes a top Umbrella Company? It depends what you are looking for. If you want to maximise your returns then you would be best to choose one of the offshore versions where you send your contracting fees and they loan you back the money which is not taxable. You can normally get around 85% of your money back. However, not everyone thinks that a top umbrella company is one where you maximise your returns. All the best ones have been around for a few years and so are less risky for freelancers. Most of them have easy-to-use online systems. They have no joining or leaving fees. They are readily available at the end of the telephone line if you need them. They have a clear and easy-to-understand expenses policy. They can give you sick pay and maybe even holiday pay. However, most important of the lot, the best brollies take the admin away from you and pay you on time every time.
A top Umbrella Company will let you know what expenses you can claim against tax and what you can’t. If the claims seem to ridiculous they may be sailing to close to the line. They will have their expenses policy cleared by a firm of top Accountants. Avoid those who make too extravagant claims or you may find that they will have problems with HMRC. Remember that if things go wrong that HMRC will come after the contractor for any unpaid tax. A good brolly will be able to reassure contractors on that score.
One of the best ways to find a good brolly is to ask other contractors which one they use. Ask them how happy they are with their services. Ask them if they would recommend them.
For a selection of good Umbrella Companies check out Which Umbrella Company