Complete Umbrella Company Guide
You own your own contracting business and you have decided that it is time to get someone to help you with all of the administrative and financial tasks. Small business owners, especially those who contract their services out, often do eventually come to realize that working with an umbrella company does nothing but save them time. If you have decided that you want to work with an umbrella company, but are not sure what the processes, read this guide and you will understand a great deal more about the process.
The process of working with an umbrella company begins when you first select the umbrella company you wish to work with. The easiest way to select the best umbrella company for you is first to speak with people that you know who are self-employed themselves. Ask them if they have any recommendations, and then, once you get a few names, do the research yourself. A quick online search will help you to figure out which companies are good ones to work with and which ones are not.
Once you have found a good umbrella company it is time to apply for a position with them. You will need to go through an application process but don’t worry, the process tends to be very easy and fairly painless. Once you have completed all of the required documentation it will be sent on to a caseworker who will go through the application and will decide if you qualify to work with the company or not. Chances are, if you are a contract employee who has a steady stream of income you will not be turned away.
Once this process is completed, and you have completed all of the documentation they require of you, you can then start working. It is your responsibility to keep track of your work using the timesheets that the umbrella company provides. You then simply send the completed timesheets to the umbrella company once your work is done and they will handle the rest. They will get the payment and will then deposited into your bank account allowing you to focus on doing your work rather than on doing boring paperwork.