In the face of uncertainty, turn to Flex, says FPS Group
FPS Group has recently become an enhanced listing on our Supplier Directory online. Below they talk about Flex, their new payroll solutions approach:
As you will know, significant amendments to the taxation of temporary workers came into effect from 6th April 2016 dealing major blows to the umbrella model widely used by UK contractors. It is becoming clear that the future of the contractor payroll solutions will be an increasingly harsh environment particularly for those that focus on short term measures.
For over 21 years FPS Group has built up a reputation for durability and a proven track record of introducing long term measures to successfully adapt to change. We see the evolving world of payroll solutions as a significant opportunity and are therefore extremely excited about our brand new payroll solutions approach called Flex.
Flex is a low-cost employment solution designed to maintain many of the key benefits of the umbrella model yet operate in a highly compliant and risk free manner. Contractors will still be able to benefit from all the advantages of being an employee whilst enjoying the benefits of flexible working.
It is obvious that the largest impact of the legislative changes will be on the contractor’s finances. Flex has therefore been designed so it compensates contractors for a loss of T&S relief with a substantial reduction in our fees. Our 1% fee applied to net invoice value is now significantly lower than many other competitive solutions available. This equates to a fee as little as £3.50 for a contractor working 35 hours at £10 per hour. This is a massive reduction considering many of our competitors continue to pitch their weekly fees over £20. From a recruiter’s perspective, our low fee in the current environment equates to much happier contractors which boosts the proportion of time that can be dedicated to generating new business.
Nothing has changed in relation to the recruiters’ benefits package enjoyed when working with FPS Group. Flex will continue to allow increased margins and will substantially reduce the administrative burden experienced by recruiters. Flex provides prompt PAYE and NI dedications whilst treating all contractors as subject to Supervision, Direction or Control which ensures agencies are entirely free from attempts to transfer the risk of tax debt by the payroll company. The new solution has been created with durability in mind and we are confident that it provides recruiters with unparalleled security.
Flex offers a fully compliant and risk free solution for recruiters, allowing their contractors to continue to reap many of the benefits associated with being the sole employee of a limited company, without the hassle and worries of running it. It is a low cost durable solution which will provide peace of mind in an increasingly complex and uncertain world. Its low cost position in the market presents significant potential for recruiters looking for payroll solutions for their candidates.
For an entirely no obligation discussion about how Flex can benefit you and your contractors please speak to us on 0800 634 4848.
FPS Group’s enhanced listing can be found here
If you would like to find out how you can get an enhanced listing, contact Alex on 01483 740874.
FPS Group is the trading name of Freelance Professional Services Ltd, which is licensed by the Isle of Man Financial Services Authority