Keystone Talent Bank already helps a wide range of organisations in the public sector hire and manage temporary and permanent staff with one single online portal for onboarding, compliance, timesheets and payroll. Now, with the confirmed changes to the use of contractors in the public sector, Talent Bank can help organisations still manage such workers from the same single online portal.
Changes to IR35 Rules from April 2017
The government confirmed in the Autumn Statement they are going ahead with the changes to IR35, meaning that any Limited Company operating in the public sector will have to have its tax and NIC’s deducted at source by the ‘body paying into the limited company’.
This now means there is no financial benefit for a contractor to continue to use their Limited Company over being directly employed or operating via a compliant umbrella company. This change also places the onus for tax and National Insurance Contributions onto the employer or agency.
Thankfully Keystone Talent Bank enables contractors to still work for the public sector body and record all working hours in a simple and compliant online portal. Contractors can simply register with Keystone’s umbrella company partner, i4 Group UK who deduct all tax, NIC and other contributions at source, as well as making it easy and convenient for the contractor to keep working.
Benefits for the organisation:
✓ Use Talent Bank for all temporary, permanent and contractor staff
✓ Zero fuss or admin for the contractor to come under an umbrella employer
✓ Fully compliant with IR35, NMW, SDC and AWR legislation
✓ No need to increase headcount or directly employ the contractor
Benefits for the worker:
✓ Makes it easy to continue working on a compliant contract basis
✓ No joining or termination costs and no minimum employment period
✓ All Tax, NIC and pension contributions deducted at source
✓ Manage all expenses, invoices and payroll information online
✓ Statutory Employment Benefits and other employee benefits
✓ £2m Professional Indemnity Insurance cover at no extra cost
To find out more contact Keystone Talent Bank today:
0844 225 1010 firstname.lastname@example.org