If you’ve been signed up with your current umbrella company for a while, you may be wondering whether it’s time for a change. Or, perhaps you rushed into a decision and may now be wondering if it was the wrong one, considering switching umbrella companies to find a better match for your needs.
If that’s the case, Umbrella Search is here to help. In this guide, we outline our step by step guide to help contractors switch umbrella companies, so you can ensure you’re with the best provider for you.
Why switch umbrella company?
Let’s start by taking a look at the reasons which contractors may decide to switch umbrella company.
It may be a case that you have been with your current umbrella provider for a while and may be able to find a better deal elsewhere. It might be the case that by shopping around, you will be able to secure a better and more cost effective deal with an umbrella company with lower fees.
Or, perhaps things simply aren’t working out with your current provider. Maybe you need a little extra help or support in certain areas that you aren’t receiving from your current provider. Or, you may simply be looking for additional benefits that aren’t offered by your current provider. If that’s the case, it may be beneficial to find a different company that better suits your needs.
Whatever the reason, next we will look at the process of switching umbrella companies and finding a provider that’s the perfect fit for your contracting needs.
Consider your contracting needs
The first step to finding a new umbrella company is to understand your contracting needs.
After all, all contractors are different and will have a different set of needs based on their own circumstances and the line of work they operate in.
It’s important to know what you’re looking for in an umbrella company, whether it’s more complex insurance cover, the ability to buy more holiday leave, a particular pay schedule or other help and advice.
If you’re not happy with your current umbrella company, it can help to think about what it is that you are unhappy with, in order to know what you want out of your next provider.
Do your research
The next step in switching umbrella company is to do your research to ensure that you’re shopping around and covering all your options.
After all, it’s never a good idea to choose the first company you see.
By researching your different options you will be able to better find a company that suits all your requirements.
What to look out for
When doing your research and due diligence, there are several things to look out for.
These include:
- How they charge their fees: it’s important to check how the umbrella company charges its fees, after all, this can have an impact on how much you pay. With a fixed fee, the amount you will pay will not vary month to month. For this reason most contractors prefer this option as it means that they know what to expect. With a percentage fee, the amount payable will be taken as a percentage of your income, meaning if you earn more, you will pay more, usually making this the least favourable option. Read more about umbrella company fees here.
- Benefits and services offered: as we’ve mentioned, every contractor has different needs. That’s why it’s critical that you check that your chosen umbrella company will be able to provide you with the services, benefits and perks that you need.
- Reviews and testimonials: it’s important to ensure that the company you will be working with has good reviews and testimonials. This shows you that others have been happy with their service which puts you in good stead.
- Payment schedule: although some contractors are happy to be paid monthly, others will prefer weekly, fortnightly or even daily payments. If this is true for you, you will need to check that your chosen provider runs its payroll in line with this.
Get help from Umbrella Search
Researching and comparing different umbrella companies can be a time consuming and difficult task. This requires a lot of time and energy from contractors. What’s more, it can be challenging to know where to start.
When switching umbrella companies, it can be handy to use services such as Umbrella Search. We work to find the best umbrella company for you, making the process hassle-free for you.
We will get to know you, and what you are looking for from an umbrella company, before taking on the task of finding the perfect pairing for you. That means you can simply sit back and let us do the hard work for you.
Let your current umbrella company know
Once you’ve found your new umbrella company, the next step is to inform your current umbrella company of your decision to switch.
You should check the terms and conditions within your contract with your current provider as some umbrella companies may need a specific notice period.
Once you’ve confirmed your notice period with the umbrella company, you can verify when you will make your final payment, and what the exit process will be.
Next you will need to provide a number of documents to your new umbrella company.
These include things like ID, proof of address, your National Insurance number, your bank account details and also a P45 form that your existing umbrella company will provide you with. Having these documents and details to hand will help to make the transition from your old company to your new one smooth and pain free.
We’re here to help
Although switching umbrella companies can seem like a daunting task, it’s important to do if you’re unhappy with your current provider or are paying higher rates than you need to be.
What’s more, Umbrella Search is here to help every step of the way.
We will ensure that switching umbrella companies doesn’t have to be complicated and time consuming. We will work closely with you to take all the hard work off your plate. You can simply tell us what you’re looking for, and we’ll help you find it.
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