Contractor payroll options and benefits
You may be worried about what the IR35 changes in April 2020 will mean for you and your take home pay. You may be familiar with umbrella companies, but did you know there is an alternative? MyPay+ can pay you directly through our group.
How it works: You work on an assignment for a client completing a timesheet, the client pays us directly, we implement the correct tax and any benefits, and you get paid. Simple!
Low weekly timesheet margin
We offer some of the best contractor payroll options in the market. Our five payrolling options including:
Standard PAYE option is for those whose assignment is deemed to be inside the IR35 regulations.
For contractors whose assignment is deemed to be inside the IR35 regulations. Our Employee option will offer an employment contract and additional benefits.
Although an assignment is deemed to be inside IR35 - some contractors, working on multiple assignments or for other reasons, may wish to keep being paid through their Limited Company. Our solution will make the correct deductions for tax and NI, meaning that the contractor can continue to be paid via their limited company, called “deemed tax”.
We ensure that all Limited Company contractors are paid quickly and accurately in accordance with their IR35 assignment status determination, liaising with the end client to confirm the decision. For assignments determined to be outside IR35 we will engage with the Limited Company (PSC) and promptly process their payments accordingly.
Ltd Company (PSC)
Under our Construction Industry Scheme solution we deduct the correct tax at source, from payments which relate to construction work. Contractors therefore receive payments net of tax deductions in accordance with current legislation.
Which option you take depends on what benefits you are entitled to, detailed in our simple table.