The Umbrella Companies YouTube Channel is growing quickly, and the most recent video we’ve added will provide some helpful tips to find the best umbrella company in the UK marketplace. Please keep reading to find out more information. We’ve embedded the video in this article and have provided the transcript, too – in case you’re in a hurry.
Here is the transcript from our video entitled ‘How do you identify the best umbrella company?’
Below is the transcript from our short video: How do you identify the best umbrella company?
Firstly, you must choose an umbrella company that will pay you compliantly within the government’s rules and regulations. Compliant umbrella companies will process your payroll in accordance with Pay As You Earn – HMRC’s tax system. Therefore, if you ever come across an umbrella company or payroll provider promoting an alternative method of payment – you should avoid them at all costs.
To pick the best umbrella, we recommend picking one with an accreditation from the FCSA or Professional Passport. To obtain one of these accreditations, umbrella companies must undergo a series of strict assessments to ensure they are compliant and operate in the best interests of their employees. The government does not regulate the umbrella company marketplace, but the FCSA and Professional Passport promote compliance and protect contractors and freelancers well.
Using an umbrella company with an established trading history is a good idea. Many non-compliant companies have short trading histories and are founded by people with no track-record within the sector. Also, make sure you join an umbrella company based in the UK. It’s common for tax avoidance schemes located abroad to target temporary workers in the UK.
You can research umbrella companies easily by checking out their online reviews. Look on Google My Business and Trustpilot, and see which umbrella companies are performing well and have excellent reviews from happy employees.
You may be keen to find an umbrella company with a low weekly margin. However, the umbrella with the lowest margin is not necessarily the best umbrella company because they may provide poor quality and unreliable service. Therefore, conduct thorough research and try to gauge what type of service an umbrella provides its employees. Also, what benefits does the umbrella company provide? Do they offer the bare minimum, or are there little extras that you can benefit from, such as access to a state-of-the-art portal and an employee discount scheme?
Word of mouth is a powerful tool. If you know any friends, colleagues or family members who use an umbrella company, ask them if their provider is decent or if they have any recommendations. Also, if you’re working via a recruitment agency, the agency will likely have a Preferred Supplier List of umbrella companies you can use for your payroll.
Remember, you are responsible for ensuring that the umbrella company you choose is compliant and you pay the correct tax and national insurance. Therefore, ensure you conduct thorough due diligence and only use an umbrella company if you’re sure they abide by UK law.
The Umbrella Companies YouTube Channel is growing quickly!
We’re really enjoyed creating some videos that answer the most commonly asked questions about umbrella companies. Please visit the Umbrella Companies YouTube Channel now to see the latest videos. We’re frequently adding new videos. Therefore, make sure you visit it frequently!
Top 10 umbrella companies
If you are searching for a new, reliable, efficient umbrella company that will provide excellent value service, you’ve come to the right place. We have collated a list of our top 10 umbrella companies, and they are accredited by either the Freelancer and Contractor Services Association (FCSA) or Professional Passport. Some of our top 10 have special offers at the moment that you won’t want to miss out on.
