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When shopping for the right umbrella company for your freelance business, there are a number of things to watch for in a perspective firm. With all the promises and manipulative statements you see on the television, it can be difficult to know what to look for, so take your time and learn as much about the companies as you can.
First of all, many companies advertise themselves as IR35 compliant, but in reality, with the changes in the laws, all firms are. A company’s compliance is immaterial since the only option anymore is to be paid via PAYE, yet many companies use it as a marketing tool. One sign that a company is not trustworthy is if they claim that you can submit expenses without receipts. That may be true, but the HMRC will likely investigate the company eventually, and you will be held accountable for any expenses you cannot prove.
Pay particularly close attention to the company’s fee structure. Most charge a flat rate for the services they provide, but some charge a percentage of your wages. This can be bad, especially if you make good wages. The more you make, the more they will charge you, so look out for this type of plan. Also, check to make sure they charge no entrance or exit fees, or a penalty for early termination of your contract.
A good question to ask a perspective umbrella company is how quickly they pay. Some companies take too long to send invoices and release payment. This will leave you waiting to get paid. Also, see if they hold money out for things like holiday pay. This may be something you want, but if it isn’t, it’s best to know upfront.
Make sure they have good customer service. It’s great that they have a quick online system, but how do they do when you need to talk to a live person for assistance? If you call with a problem, how long will it take them to get you the help you need? Find out if you will have to deal with whoever answers the phone or if you will have a designated manager for your business.
Ask the umbrella company for client testimonials and references. Word of mouth is always a powerful statement about a company, so ask colleagues and friends for referrals. More than likely, they will have plenty to tell you about both good and bad umbrella companies, so use their experiences to your advantage. As long as you know what you want in an umbrella company and can ask the important questions, finding the right one will be easy.
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Tags: Business, Finance, tax, umbrella companies
Posted in Taxes · September 2nd, 2010 · Comments (0)
Businesses are not exempt from their need of insurance. This insurance is needed to protect a business against payments in the form of lawsuits, judgments, medical expenses and agreement bonds as a result of injury or damage. Every item a business produces makes the businesses liable for its safety, as every item is capable of causing injury or damage to a consumer’s person or property.
With no appropriate defense, misfortune such as the passing away of an associate or input worker, misuse, a lawsuit, or a natural catastrophe might bring the ending of a thriving operation. Bearing in mind the huge number of existing options, business owners ought to cautiously reflect on whether the price of definite premiums will give good reason for the coverage of a given risk.
The quantity of insurance employers have got to carry, charge of payment, and the type of workers should be carried varies depending on the state. In addition each service rendered could be able of personal property damage. Businesses are thought to be liable for carelessness, break of an express or implied guarantee, faulty products, and defective warnings or instructions.
For homeowners who operate their businesses from their homes, they need to carry a separate and distinct insurance policy for their business. Any potential situations like theft, crime, disability, personal and advertising injury, damage to the property and loss of business data are not covered under a homeowner’s policy, as is commonly believed.
Web-based businesses have insurance needs as well. Just as workers are eligible for reimbursement insurance, paying for a worker’s missed wages and medical expenses if hurt while on the job, web-based businesses need similar coverage in the form of e-insurance. Some specialized forms of e-insurance may cover damages done from viruses and hackers. Other types of e-insurance covers certain online actions together with lawsuits resulting from electronic copyright infringement, banner promotion or meta tag mistreatment.
Regardless of security measures, theft and malicious damage are always possibilities in a workplace. Aside from the obvious dangers of theft and vandalism, embezzlement is quite common. Protection against these criminal acts is possible through criminal insurance and employee bonds. Non-criminal protection is also a good investment, through insurance against catastrophes – e.g. natural disasters, fires, etc – which might cause a business to close for extended periods of time.
A business employing licensed professionals often need a specific type of coverage for them to protect against financial liability in regards to the nature of their job. This may include bonds, judgments, investigations, bodily injury, property damage or medical expenses. Other concerns include have coverage available in the event that a key employee in the business leaves, becomes ill or even dies. The specific type of insurance for this situation is called ‘key person insurance’. In this situation, the corporation is named as the beneficiary.
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Tags: Business, Finance, Insurance, small business, small business insurance
Posted in Insurance · August 25th, 2010 · Comments (0)