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With hundreds of umbrella companies in the industry, it is often tempting to refer your candidates to a solution that boasts of an increased take-home pay.
Many payroll/umbrella companies pay a minimum salary and the balance is paid by another arrangement (advances, bonuses, credits, annuities or loans), with no tax being paid on the additional payment.
These companies often charge as much as 25% in fees to your candidates to process the payments.
These umbrella companies often close down or change names after short periods, leaving the contractor alone to deal with HMRC in respect of any investigations into the solution.
Such solutions are coming under increased scrutiny from HMRC and if HMRC deems the solution to involve tax avoidance, your candidates may later have to pay tax, penalties, and interest on the untaxed income.
Referring to these solutions could harm the professionalism of both your agency and you as an individual especially as HMRC clamp down on promotors of tax avoidance schemes.
At Payroll 4 Contractors, you can rest assured that your contractors won’t have HMRC sending letters or knocking at their door about underpaid tax or opening an investigation.
Payroll 4 Contractors offer genuine, transparent, and simple payslips that clearly show your contractors their income, deductions, and their correct take-home pay and with our payslip portal, your contractors will be able to see everything in real-time.
We are so confident in what we do, if HMRC do open an enquiry into our payroll, our sister company Tax Return Services Limited will deal with HMRC completely free of charge!
We can also work with your candidates to arrange reduced rates with Tax Return Services Limited, for any historic HMRC investigations.
At Payroll 4 Contractors, we understand that managing payroll can be a complex and time-consuming task.