What is the context? Are you going into contracting/freelancing? What are you long-term plans? For example, if you only starting out then working for an umbrella company might be your best bet. If you want to build the company or, for example, have passive income streams in addition to your 'full time' work then a company would be better as you can be very flexible with payments.

Another thing to consider is your day rate which will be dependant on the current market rates. For example, I do IT contracting and last year the going rate for my specialisation was around £325 a day. Currently, it's around £400 a day although this will drop towards the end of the year as hiring budgets dry up. So you need to take this into account when deciding to go with an umbrella or your own Ltd.

To use my situation as an example, I own my Limited company. I would be making more money (even after tax!) going through an umbrella company^* but I want the added flexibility of running my own company as I can push business expenses (like travel costs) through it. Plus I have some projects busy bubbling away that (if they work out, fingers crossed!) will end up making my company more money.

* the personal allowance threshold for directors is technically higher because we can also pay ourselves in dividends. On the flip-side, when we 'use up' our allowance our tax rates are higher. So it's common to structure the pay so that directors (legally) never pay income tax. IIRC it's around £3100 a month but I'll need to check with my accountants. If you worked through an umbrella company and were charging £300 a day your take-home after taxes and the umbrella's fees will still be higher than that. For example, assuming £300 a day for 20 working days you would make £6k. That's about £4075 after taxes, and say £3700 after umbrella fees (although that depends on the umbrella's fee structure obviously). If it was at £400 a day you'll be taking home over £4k a month :)