Contractor umbrella companies exist for the purpose of providing contractors with a comprehensive tax and payroll solution. With such a task, however, comes the responsibility of finding and picking the one that best suits your needs as a contractor.
Unsure where to start? Begin by searching online and comparing websites. Reviews and lists of suppliers exist heavily across the internet, so you can easily do your research with little effort. It’s important to remember to eventually choose the company that best serves your purpose. Recommendations from people you know is also helpful in determining whether a company fits what you are looking for.
Next, understanding how long the company has been around is also helpful in determining whether or not the company is capable of carrying out adequate services for you. For example, Oncore Services has been providing payroll solutions to contractors for a strong 15 years, with personal experience in contracting in Australia and overseas. This factor of experience and knowledge should play a significant role in choosing your umbrella company.
Of course, another important factor to consider is the costs involved, and what’s included with those costs. Typically, umbrella companies charge on a weekly basis and deduct directly from your earnings before they distribute them to you. Obviously, the less fees the better, but always ensure quality comes with those fees. You don’t want to get caught out receiving nothing for what you pay for, even if the fees are low.
When you think about why you choose to operate as a contractor under an umbrella company, not only is it because of convenience, but particularly to ensure all tax, expenses and contracts are compliant. Compliance assurance is the number one reason contractors enjoy the use of umbrella companies. The company is able to give advice for things from what wages to expect to what expenses you can claim. The company can manage your tax effectively, because they already know your income and history. Coming in line with compliance assurance is also the capacity for service from the umbrella company. They need to be capable of providing a dedicated account manager for their contractors who, as previously said, understand your income and history. The ability to address things quickly and effectively comes second to only compliance in levels of importance.
Oncore Services, with over 15 years’ experience in contractor management, understands the need for flexible solutions that optimise the contractor advantage. With the necessary infrastructure, technology, experience, and expertise, Oncore operates globally to take away the hassles of administration, taxes, compliance, and liabilities so you can get on with what you’d rather do.
If you’d like to find out more about the services Oncore can offer contractors, call 1300 654 484 to speak to one of our dedicated team members.