How can One Payroll help your business?
One Payroll Services has rigorous and compliant processes in place to ensure that contractors are truly self-employed and that the requirements of the Construction Industry Scheme are followed.
As well as securing compliance, we remove the administration of operative registrations and as part of our engagement and induction process we check the immigration status of all operatives. We oversee and maintain the contractual relationship with the operatives, we calculate and deduct the CIS tax “at source”, and we transfer the net amount to the operatives. All relevant tax deductions made under the CIS scheme are paid over to HM Revenue & Customs by One Payroll Services.
BENEFITS TO COMPANIES/RECRUITMENT AGENCIES;
• No set up or exit fees required to take advantage of our service
• No minimum or maximum number of subcontractors
• Assurance that all legal obligations are met.
• Confidence that contractors are paid on time.
• Save valuable time in reduction of administrative requirements.
How can One Payroll help the individual Sub Contractor?
If you want to receive your income in the most hassle-free way, net of CIS tax, we can help. Our services include the handling of invoicing, receive payments from your agency or company, processing of your payments and deduction of CIS tax.
One Payroll Services take on the role of the contractor in so far as we carry out all of the administrative tasks associated with your assignment and status. The subcontractor will find their own assignments and negotiate pay rates. We then carry out operative registrations as part of our engagement and induction process.
If you work as a subcontractor and want to do this under the CIS you must be registered with HMRC and provide us with your UTR (unique Tax Reference) number. This will identify you on their systems and enable us to pay you deducting only 20% CIS tax. You will be responsible for making your own National Insurance payments.
All relevant tax deductions made under the CIS scheme are paid over to HMRC by One Payroll Services.
At the end of the year a self assessment tax return will need to be submitted. In doing so you can take the opportunity to claim all of your legitimate work related expenses incurred throughout the year. These expenses can be offset against the tax paid at source through the year and therefore you may potentially gain a rebate. Contact us to find out more about annual tax returns and how we can help.
BENEFITS TO SUB CONTRACTOR;
• Competitive administration fee
• Insurance cover
• Easy and fast registration.
• Paid on time
• Flexibility of being self employed.
• Verification department to assist with taxation status.
• SMS update advising of payment for services
• Preferential rates on accountancy services.
• Annual statement of contract income to assist with self assessment tax returns.
• Advice on Health and Safety
• Weekly remittance advice