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IF Workforce Group are delighted to announce the launch of IF Payroll in the UK. Already successfully deployed across Europe, IF Workforce Group has a track record of helping contractors to protect their income, whilst managing their tax liabilities. As one of the few agencies working across the entirety of the contractor supply chain, IF Workforce Group have assimilated extensive knowledge and global expertise in tax efficiencies within the contractor sector, making them well positioned to enter the UK market and offer the same support to UK contractors, agencies and enterprise clients.
The 2017 off-payroll reforms affecting the public sector have left clients, contractors and, indirectly, recruiters increasing exposed to financial risk should they, knowingly or inadvertently, associate themselves with tax avoidance schemes, forcing the industry to pay greater attention to their supply chain management. Since these reforms, the contracting sector has been inundated with newly emerging umbrella and payroll services companies, promoting a mixture of ethical tax planning and disguised tax avoidance schemes, so it is perhaps not surprising that the supply chain is confused where to go to seek best advice for compliance and optimum tax efficiency. With the 2018 Autumn budget coming early, the private sector is holding its breath whilst the government decides whether to roll out the rules here also.
With the increased complexity in managing a contingent workforce and hefty financial penalties for getting it wrong, clients, agencies and contractors alike need to seek expert advice to ensure that they do not fall foul of legislation. HMRC guidance on engaging with UK Payroll companies issued in August 2018 is encouraging for the industry but does not go far enough. Membership bodies that promote higher standards are instead driving the necessary change. The Freelance & Contractors Services Association (FCSA) is one such organisation whose service requirements are creating a gold standard for Payroll companies. Adherence to the rigorous service criteria of this professional membership body are assessed against a published Code of Compliance, independently audited by regulated accountants and solicitors, as well as being declared to HMRC.
To futureproof its service offering, IF Workforce Group has aligned itself with the FCSA. Ray Walker, Managing Director at IF Workforce Group explains why he believes IF Payroll will be an attractive option for the contractor supply chain;
At IF, we believe that regulation of the UK payroll industry is the future. In preparation for this, we will be seeking FCSA approval from the outset. There are insufficient accredited providers serving the market and Agencies will increasing turn to those that to provide protection. Aligning ourselves with FCSA standards from the outset, raises the bar for IF Payroll for supply chain compliance, and demonstrates to our contractors and recruitment agency clients that, as a service provider, we are committed to only the highest industry standards, affording you the very best protection.’
IF Payroll is a UK Payroll Services Company, acting as the employer of record for contractors, and protecting the contractor supply chain from non-compliance. IF Payroll work with UK based contractors, Recruitment Agencies and clients providing a reliable service, an intuitive online platform and a transparent charging structure. To protect your agency today, contact IF Payroll on 0203 131 8988.
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