Although the Government has relaxed the IR35 rules for another year, they’ve given strong warnings that they are unhappy with the difference in taxation between employees and “disguised” employees and I can’t see their stance changing. That does leave you another few months to utilise a Limited company, however the majority of the clients, such as the bigger banks have declared that they will only be utilising the umbrella or PAYE engagement method going forward. So where does this leave you?
If you want to remain as a Contractor in the UK Financial Services industry then it’s highly likely that you are going to have to engage via an Umbrella company.
There are so many how do I choose?
Ultimately price is a massive factor, as it will impact on your overall margin, but it shouldn’t be the only concern. Here are some of the key aspects you should be looking out for:
- Insurance – is it included?
- Benefits – you’re a glorified employee now, isn’t it time that you enjoyed some benefits?
- Dedicated Point of Contact – someone that you can get hold of easily, to speak to at your convenience
- Online Portal – so you can easily view your payslips
- Same day payment – why should they hold your money any longer than they need to?
- Compliant – this is massive, check out Insights for more on this
Who do I use?
Prior to selecting an umbrella I scoured the market to find the most competitive quotes and after a lot of research I decided to use Mortimer Childe. There are several reasons why I preferred them, however these are the main ones:
- Price – they provided one of the most competitive quotes, the lower the price, the better the margin, but it was the overall package that convinced me to choose them. Beware of providers that quote their price from your net pay, this disguises the true cost of their services and doesn’t paint them in a great light either by starting the relationship ideal light.
- Insurance – they cover your Professional Indemnity and Public Liability, which saved me £25 per month, as it enabled me to cancel my existing cover.
- Benefits – they provide employee benefits that entitle you to several discounts and freebies. I’ve always been envious of the perms on various contracts with their employee perks and it’s nice to have some of my own. An example of one of them is that you get 5% discount at Sainsburys / Tesco, my weekly shop is £150, so this perk will save me £390 over a year. Do you enjoy a takeaway? You get 7% off at Just-Eat as well.
- Ease of Contact – after running my own company for years, this was all a bit new to me, but Mortimer Childe were so easy to deal with and were easily contactable by phone and email. This made a great first impression.
Fill in your details below if you would like to take advantage of this offer to first time clients for free setup costs and the first week’s payment free to that you can try it out for yourself.