I don't see any reason why and umbrella company will be safer than yuor own limited company. A limited company is perfectly safe as you will always be in control of decisions no matter what happens.
Not geting paid can be a big problem especially fro smaller businesses. Recently one of my clients closed business and even though the company was large, they have decided not to pay my invoice. It s a fairly lareg amount, almost £3,000. For a bog business it may be nothing but for my business it has cost me dearly. The company has gone into administration and apparently there is not much I can do.
Even if your company is new and revenue below VAT threshold, you will still need to file annual accounts with companies house. However you do not need to submit a detailed audited accounts. You can submit short abbreviated accounts which is very easy to do and can be done yourself. This can be done online using their system.
