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Don't get caught out by your provider

Paystream News

Daniel Haslam

Wednesday 24th Aug, 2011

It was disappointing to hear about the recent demise of the off-shore umbrella provider Tract Management. The business ceased trading leaving invoices outstanding and when this happens many contractors are left out of pocket with little hope of recovering their money. This highlights the risks to a contractor when working through an off-shore umbrella company and it is essential that you thoroughly research any umbrella company that you are looking to join.

It is important that you establish how long the umbrella provider has been trading, what insurances they provide and also whether they are a preferred supplier to the agency that you work through as agencies often do a reasonable level of due diligence on umbrella providers. If an umbrella provider is advising of increased take home pay that seems too good to be true when compared to other quotes you have received then the chances are it is exactly that. The old 'too good to be true' saying is a good rule of thumb to go by when looking for an umbrella company.

As you are aware PayStream provide a secure and professional service and have been doing so for over 10 years. By being paid through our umbrella, My Max, you are covered under our public liability, employers liability and professional indemnity insurance policy. We work with many UK recruitment agencies and are also a preferred supplier to 8 of the top 10 so you can be confident in the knowledge that we will handle your funds efficiently and securely every time, just proving in many ways why you can count on PayStream.
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