It’s the easiest solution as the umbrella company bears the administration hassle and pays you a salary. Moreover, insurance is provided by the umbrella.  This is the most tax efficient way of contracting. The take home is typically higher with a limited company as compared to an umbrella. 
Ideal for short term or temporary contractors.  You retain complete control over the business financials and there is no reliance on third parties to get paid. 
The umbrella deducts all tax and NI before they pay you a salary. So, there will be no further deductions from your salary.  Access to flat rate scheme, ability to claim wider range of expenses and greater opportunities for tax planning. 
Quick and easy to setup, involves less paperwork and good for contractors who are just starting out.  This is more professional and helps you build a status as some clients prefer to work with only limited companies. 
Dependency on the umbrella company is huge as they are responsible for collecting money you earn and then pay them to you. There is no control at your end.  There is less privacy as most of the information is publicly available on the Companies house like director details and accounts. 
It is the most expensive way to operate as your entire income is subject to Tax and NI like a permanent employee and the umbrella company charges a margin on top of it for processing payroll.  You, as a director, are responsible for filing annual returns and accounts, submitting expenses and invoices; meaning higher administrative responsibilities. 
Limited company gives you a professional status and an ability to create your own contracting brand.  As there are increased statutory responsibilities the accountancy fee maybe higher and the penalties for not complying with the obligations can be high.