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Under PAYE you are entitled to all the usual statutory benefits associated with a permanent job. For example, 28 days paid holiday per year, statutory sick pay and no need to worry about making payments to the 'taxman' for Income Tax and National Insurance. Click Here to see how Holiday Pay is calculated.
Your wages will be paid directly to your nominated bank account and you'll be sent a payslip showing your Tax & NI deducted. Your payslip will also show your holiday allowance.
If you have set up your own Limited Company, we are able to pay you your wages gross. That is, we do not deduct Income Tax or employees National Insurance.
In addition, we are able to pay you at a higher rate.
Because we do not have to pay separate holiday pay payments (usually between another 12-14.5%) or employers National Insurance (another 13.8% ), we are able to pass these amounts on to you directly.
One other method of working on a 'Limited basis' is to use the services of an 'Umbrella Company'. These companies (often accountants) will look after your tax issues for you. You will be charged a fee for this service but you may find that it better suits your personal circumstances.
Whichever Limited company basis you operate on, Polytec will only deal with Limited companies registered in England & Wales.
We run an in-house payroll every week, so any pay related questions you have, can be easily answered. In order to ensure that your pay reaches your account by Friday, we require your authorised timesheet by 1pm on Tuesday following the week worked.
Timesheets may be posted, faxed, scanned & emailed or hand delivered to our offices. You may download a copy timesheet here
You may be asked by your consultant whether you would like to work on a 'PAYE or Limited Company basis'. These are explained below.