Umbrella company calculators make it easy to estimate your income and find the right umbrella company for you
If you’re self-employed or a contractor, working with an umbrella company can be a beneficial option. But how can you be sure it will be worthwhile for you? Many contractors have started their successful working relationships with umbrellas through detailed research, yet there are much easier ways of considering the benefits.
Umbrella company calculators are the secret to making the process simpler. Read on as we explain what they are, and how you can make the most of them…
Many factors make umbrella companies favourable to contractors. Effectively, it's like being self-employed but with all the benefits of a full-time employee. They'll put you on PAYE (pay as you earn), taking care of all your taxes, expenses, even offering sick and holiday pay.
An umbrella company calculator will allow you to input your income and will then tell you what they think your ‘take-home pay’ will be. The only information you need is your hourly/daily rate and your minimum work hours per month. It is an incredibly handy tool when you’re trying to make decisions and plans that require a bit of financial foresight.
It’s important to understand how these calculators come to their results as, in some cases, there will be an assumption made on how many expenses you claim a month. If an umbrella company is offering a calculator for their own services, you may find they incorporate high expenses. This is so that it appears as though you’ll be taking home more money than you otherwise would do with a competing umbrella company.
It's more beneficial to find an umbrella company calculator that is non-biased. This will allow you to compare and contrast different umbrella companies and weigh up your options. It will also help you identify another important factor – the company's margins.
Umbrella companies can function by having a margin of money they earn from the work that you’re doing. For some companies, this will be a flat rate. For others, it might be a percentage of your income. Either way, the calculator you use should clearly highlight this.
There are a lot of factors to consider when searching for a good umbrella company calculator to use. Here are our top tips for finding the best results:
If you use a calculator and the results they give you are confusing, vague or unclear in any way then you need to find a different calculator. The results you receive should list the costs that were included when the calculation was made. If it doesn’t, then you won’t be able to use those results to make a fully informed decision.
It’s all well and good knowing the financial facts, but many umbrellas offer other benefits that can affect your finances elsewhere. For example, some provide pensions, while others offer income protection.
These additional perks mean that you don't need to put extra money elsewhere, so they could have a direct financial value. It might be worth researching the cost of a private pension or independent income protection to figure out a rough value.
One of the biggest red flags you’ll come across when looking for an umbrella company calculator is when they ask for contact details before revealing your results. This suggests that they're focused on selling to you rather than providing helpful support. Don't fill in contact details unless you're looking for sales calls and emails!
It can be hard enough to get your head around complicated facts and figures without having to use a tool that makes the process even more complex. The best calculators will support you in evaluating your options, even if it means changing different factors such as your monthly income, so you can see how the results change.
There are many benefits to finding a good umbrella company calculator to help you weigh up your umbrella options.
Firstly, you don’t have to spend time factoring different fees and taxes into the results. The calculator will do this for you, saving you valuable time and effort. It will also take into consideration your total National Insurance requirements. In most cases, this means both Employer’s and Employee’s National Insurance.
Not only that but finding a calculator that compares umbrella companies for you will save you hours of your time. Instead, you can crack on with some extra work or make the most of your downtime.
You can also benefit from huge financial savings. By being able to compare and contrast different companies, you will see which ones boast the best value for money. For example, you can weigh up the additional perks of a higher cost umbrella to see if it would be better than the lower fees of another one that has no extra benefits.
Finally, by using a calculator, you'll be able to find the best umbrella company for you. You'll gain access to exemplary customer service, the best perks for you and have your contractor admin fully taken care of.
Regardless of whether you're an experienced freelancer or just starting out as a contractor, there are many benefits of working with an umbrella company.
They can provide the advantages of being fully employed while you get to enjoy life as a self-employed worker. You can maintain the perks of holiday and sick pay, negate the risks of not being paid on time and circumnavigate IR35, all while enjoying the freedom of being your own boss.
With umbrella companies, you really can get the best of both worlds.
So, if you want to find your perfect umbrella to start taking care of the tricky admin involved with being self-employed, find a good umbrella company calculator today.
At Umbrella Supermarket, we provide a 100% non-biased calculator that can help you work out your finances. Just input your rates and we'll provide useful and easy to understand results. From customer reviews to extra benefits, our calculator will break down results to help you find the best umbrella to work with.
Any contractor considering switching to an umbrella company will want to know how to find the best provider to work with.
Although you could spend your precious time and energy searching the web for the best umbrella company, there is an easier way – using an umbrella calculator.
In this guide, Umbrella Supermarket explains why every contractor should use an umbrella calculator in 2021.
If you are considering contracting you will need to decide on PAYE or umbrella.
It can be a difficult decision to make and contractors will inevitably be questioning which option will be the best for them.
To help every contractor get on the right track for them, in this guide Umbrella Supermarket looks at PAYE vs umbrella, outlining the key differences and how this will impact you.
There are many reasons that contractors across the UK opt to work under an umbrella company.
Umbrella companies offer an easy way to contract and remove the need for the contractors to worry about the burdens of admin, finances, tax and IR35, all things that limited company contractors have to deal with.
For this reason, many contractors will be weighing up their options and questioning whether it is worth using an umbrella company in 2021. To help make the decision that little bit easier, Umbrella Supermarket has put together this guide on the pros and cons of using an umbrella company.
Any contractor that is considering operating through an umbrella company in 2021 will need to understand Umbrella Company fees - from why an umbrella company charges fees, how they are paid to how much the contractor will pay.
In this guide, Umbrella Supermarket answers those all-important questions to help every contractor know exactly where they stand when it comes to umbrella company fees.
If you’ve made the decision to contract through an umbrella company in 2021, you will next need to find an umbrella company that’s right for you.
After all, there are lots of umbrella companies out there, so how do you know which one to choose?
To help you find the best umbrella company for you, in this guide Umbrella Supermarket outlines what makes a good umbrella company, so you can rest assured you’re making the right move.
One of the many advantages to operating through an umbrella company for contractors is that they become an employee of their chosen provider.
In turn, this means that the contractor will be automatically enrolled onto the umbrella company’s workplace pension scheme.
To help contractors find out more about umbrella company pensions Umbrella Supermarket has put together this handy guide.
If you are considering contracting through an umbrella company you will naturally have questions and queries over how they work.
After all, making the move to umbrella can be a big step for contractors. To help, in this guide Umbrella Supermarket explains how to get started with an umbrella company and share our top tips for using one in 2021.
PAYE or umbrella is a question asked by every contractor. Which one you opt for will have a big impact on your contracting career and lifestyle. So, it's important to make the right decision for you.
To help makes things a little bit easier, Umbrella Supermarket has put together this guide on PAYE or umbrella, outlining the key differences between each, to help you make the best and most informed decision for you.
One of the many benefits to working through an umbrella company is that you will receive holiday pay as well as a range of other statutory benefits including sick pay, maternity and paternity pay.
To find out more about umbrella company holiday pay, and how to calculate how much you will be entitled to, Umbrella Supermarket has put together this handy guide.
Contractors must make several decisions throughout their contracting careers. One big decision contractors have to make is how they will operate.
One way that contractors can work is through an umbrella company.
Umbrella companies have become an increasingly popular way to contract in the past few years, offering many benefits to the contractor. But, how do you know whether this option is right for you?
To help every contractor make the right decision for them, in this guide, Umbrella Supermarket explains when not to use an umbrella company.
There are tons of benefits to using an umbrella company, which is why they have become such a popular option for contractors in recent years.
After all, an umbrella company takes away the stress and hassle of operating through a limited company whilst offering contractors a range of advantages, such as statutory rights, paying them a salary, deducting correct tax levels and National Insurance, and taking care of tasks like expense processing and invoicing.
However, as more and more contractors opt to use the services of an umbrella company, more providers have started to claim that they are HMRC approved.
To bust the myths around HMRC approved umbrella companies and get straight to the facts, in today's guide Umbrella Supermarket look at whether HMRC approved umbrella companies really exist, so you know exactly where you stand.
If you're considering making the leap to contracting, you will understandably want to know how much you will have to pay in umbrella company costs. After all, this amount comes directly out of the contractor’s pocket, so it’s important to be clued up on how much you should expect to pay.
To help contractors, in this guide Umbrella Supermarket answer the all-important question of how umbrella companies cost in 2021.
