Quay Payroll Service - 'QuayPay'
Since the inception of IR35 and more recently the legislation directed at Managed Service Companies, a practical option available to freelance workers who provide their services effectively on terms similar to employment on a fixed term contract, is that of a payroll service.
A payroll service provides a more flexible approach than employment through one Agency and avoids the complexities of a personal service company and deemed salary payment under IR35.
Although calculations of net income may result in a lesser amount of net take home pay compared with operating through a Personal Service Company under IR35, the difference is relatively small in most cases but our Payroll Service results in considerably less administration and is largely a simple and practical solution whilst maintaining flexibility to move from Agency to Agency. In the right personal circumstances a payroll service can be the best method available. We operate QuayPay for such instances.
Quay Payroll service in summary:
- The worker is employed by QuayPay under the standard terms of employment.
- The worker enjoys the benefits of a standard expense dispensation agreed with the Inland Revenue when claiming and reporting expenses (full details are available on request).
- QuayPay enters into a contract directly with the Agency or the direct client. QuayPay administers timesheets and raises invoices; and collects payment from the Agency or direct client. QuayPay arranges employers and public liability insurance and where required by the contract, professional indemnity insurance.
- Funds received under the contract, less business and employee expenses separately reimbursed, are then accounted for to the worker as employed income subject to PAYE and NIC regulations.
- Holiday pay and statutory payments such as SSP, SMP etc are accounted for by QuayPay from income retained for the purpose.
- A pension scheme is available in which workers may participate and other benefits are available such as Permanent Health Insurance and Private Medical Insurance as deductions from income.
- Via Quay Accounting, a full personal tax service is provided to assist with the preparation and submission of your personal tax return and to assist with ensuring, taking all your personal circumstances into account, that the correct amount of tax is paid.
QuayPay charges a fixed amount of £17.50 per week during the duration of employment with QuayPay Payroll Service.
QuayPay is available to all freelance workers and where those workers retain an existing personal service company, Quay Accounting can assist with its closure where necessary.
The benefits are that QuayPay takes over the entire transactional and administrative burden of providing your services, whilst maintaining full compliance with the legislation; and with the added benefit of a fully regulated and professional firm of accountants in reserve to provide you with a personal tax service all rolled into one service.
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