A contractor’s life is a challenging one. Your pay and work are often feast or famine – so busy one week you can scarcely remember to keep your paperwork collected, let alone filed, and loafing around with nothing to do the next. A reliable, reputable, responsible umbrella company can help with your situation. It can be your contractor solution.
Help for the Busy Times
A good umbrella company handles your paperwork. It invoices your clients, takes care of the various types of taxes, and generally makes sure that you are right with the taxman. Scrupulous clearly explain all charges and quickly return payslips so that you can handle your day-to-day personal expenses. Some will even process your financial details on a daily basis, so you have no waiting to receive funds. A reputable umbrella company will charge a fee for its services, but not such a large one that you are challenged to manage your obligations.
Relief During Down Times
A scrupulous umbrella company will only charge fees for the times when you are working. This means that you are not having to come up with payments out of your savings or operating reserve. If you have a little put by for the off-season, you can then in good conscience take a little vacation without fearing that your reserves will be eaten up by a daily drain on your resources.
What Does a Reliable Umbrella Do
A reliable umbrella company makes your life easier as a contractor. It invoices your clients and collects from them. It sets up and takes care of your taxes. It might offer savings for vacation time or for retirement. In short, it acts as a reliable back office for you so that you can get on with doing whatever it is that you do as a contractor—whether that is IT, banking or locum nursing.
Why Umbrellas Can Be a Contractor Solution
As a member of a good umbrella, you know that the pay that lands in your pocket is yours to spend. You know, as well, that your taxes are getting taken care of. You don’t have to deal with invoicing the companies for which you work, and they know that they are not going to be liable for your obligations. Most companies require contractors to have either a limited company or to work through an umbrella. Your umbrella can help you set up a rainy-day fund for those times when your work is not available. A good umbrella is all about you, the contractor.