There is a lot of advice out there on how to go about choosing an umbrella company and many forums suggest asking a series of questions to help you make the decision. So rather than spending hours trawling websites, we thought we would try and answer them all in one go!
1. What is your margin?
ContractorUmbrella’s margin is based on whether you invoice weekly or monthly. For a weekly invoice, we retain £29.50 and for a monthly invoice the margin is £108.50 There are ‘no hidden costs’, no joining or leaving fees.
2. What is the payment cycle?
ContractorUmbrella will make payment to you as within 24 hours of funds being received from the agency / client. All umbrella companies should retain an amount from the contracted rate as their margin at the point of payment which means that no other deductions should be made at any other times.
3. Speed of payment
Our contractor employees are paid, as standard, through FAST PAY, this means you will benefit from cleared funds in your account within 24 hours of being paid.
4. How long has the scheme been up and running?
ContractorUmbrella has been trading for over 14 years and is proud of its reputation in the industry for being honest, straight talking and 100% compliant. A recent survey showed that 99% of our contractors would be happy to recommend us.
5. Are there any service level guarantees?
At ContractorUmbrella, we take customer service extremely seriously. We have set-up a Commitment Charter to ensure all contractor employees and clients of ContractorUmbrella Ltd receive the same high levels of customer service. If we do not meet the levels set out in the charter, we will process your next invoice free of charge!
6. Do you have your own Employee Liaison Officer?
Every employee of ContractorUmbrella Ltd is appointed a personal Employee Liaison Officer, who is available to deal with any queries that they may have. You can get in touch with your Employee Liaison Officer through an online message board, by email or by telephone.
7. Do you have insurance cover?
ContractorUmbrella has the following insurances in place to protect all parties involved:
- £10 million Employers Liability
- £5 million Public Liability
- £5 million Professional Indemnity
8. Do you process non-chargeable expenses for tax relief purposes?
As of the 6th April 2016, no "compliant" umbrella company can process non-chargeable expenses for tax relief purposes. This was due to a change in legislation that was included within the Finance Act 2016, click here to find out more.
9. Are there any other benefits?
ContractorUmbrella employees can also benefit from access to the following: group personal pension scheme, contractor mortgages, private medical cover, childcare vouchers, travel insurance, Give As You Earn, Financial Services, Contractor Accommodation and Foreign Currency Exchange.
10. How is the scheme administered?
Signing Up - Contractors can sign up easily on the website or alternatively one of our advisors can sign you up over the phone.
Timesheets & Invoicing - ContractorUmbrella have an online portal to allow contractors to input all their timesheets online.