A truly unique modern employment solution
PAYE.com brings a truly unique modern employment solution to the UK temporary workforce sector.
Developed specifically for IR35 in the private sector, it has been several years in the making to ensure that it can provide:
- An opportunity for contractors, with a status determination inside IR35, to access more than is possible with a traditional employment arrangement. Uniquely, this arrangement does not rely on engineering a tax advantage and is based on our undertaking to provide further incentives or benefits to our employees.
- Full payment to HMRC of income tax and National Insurance contributions on all income paid to contractors.
- End-clients with a solution to mitigate talent drain and contractor attrition resulting from IR35.
- Agencies with the ability to attract and retain candidates and end-clients.
PAYE.com has broken the mould when it comes to the employment of contractors.
Although we support the intentions of self-styled industry accreditors to offer their versions of compliance standards, our unique and modernised employment solution is beyond the scope of the conventional Umbrella model parameters. PAYE.com has proactively embraced and built on these existing standards with the guidance and oversight of multiple recognised professionals with the expertise to extend our compliance to deliver standards that simply surpass any others.
Those professionals include:
- Robert Venables Q.C.- Specialising in taxation. Former Chairman of the Revenue Bar Association of England and Wales.
- Bankim Thanki Q.C.- Specialising in regulation. Ranked Tier 1 in Legal 500.
- Dechert LLP - A global law firm to 40 Fortune 100 companies and represents over 200 private equity and investment firms.
- Liver Capital Limited - Regulated by the Cayman Islands Monetary Authority.
For operational compliance standards, PAYE.com made the commercial decision to adopt a standard of compliance required by the Financial Conduct Authority (FCA) despite the fact PAYE.com is not required to be authorised and regulated by FCA.
Our comprehensive website and operational processes are designed to provide complete transparency and total confidence for contractors, agencies, end-clients and HMRC.
To achieve and maintain these compliance standards, PAYE.com has engaged FMConsult to compile, implement and audit its processes, procedures and documentation against relevant FCA standards, even though this is not a requirement.
This passage has been prepared directly by FMConsult:
“FMConsult is a regulatory compliance consultancy, and its consultants have many years of experience in regulatory matters. It works mainly with financial services firms in the asset management sector regulated by the FCA in ensuring that they comply with the FCA rules.
FMConsult has worked with Paye Services Limited (PSL) which, although not regulated by FCA nor required to be having received legal advice (entirely separate to FMConsults’ involvement) to the effect that it does not need to be regulated in the services and solution it is providing, FMConsult has undertaken its due diligence to ensure that the standards of disclosure of information by PSL are sufficient to ensure that new employees are provided with adequate information to enable them to decide on their own whether the solution is appropriate for their needs.
In this regard FMConsult has had regard to standards that exist in the FCA regulated space and apply similar (although not identical) standards despite the fact that this solution is not regulated by the FCA.
FMConsult provided initial advice on the standards of disclosure used, and the onboarding of clients. FMConsult also provides an ongoing review of client take-on to audit that they are compliant with the standards.”
This passage has been prepared directly by Liver Capital:
“We confirm that Liver Capital has been instructed to model a proposed investment arrangement using one of our current investment portfolios. This modelling has been extrapolated using figures based on an independent backtest which was completed by Grant Thornton Ireland."
In exactly the same way we are transparent with HMRC, we want to do the same for our employees and agency partners. Unlike a lot of other Umbrella Companies our arrangements are confirmed in writing on our website. For further details on how we work as an employer please read the ‘Overview’ section or watch our explainer video here.