The RACS Collective product provides an umbrella service to contractors who prefer a fully employed payroll solution, but who also wish to benefit from reclaiming their genuinely incurred business expenses.
Legitimate expenses include travel allowances, subsistence payments, accommodation costs, specialist equipment, telephone and broadband bills, plus other genuine business expenses.
The "Umbrella" option will almost certainly benefit contractors, freelancers and temporary workers who typically earn between £100 and £350 per day. It is also the appropriate product for those individuals who do not want the responsibility of running their own limited company.
Highly audited and AEMC approved, the "Employment Umbrella" - deducts a fixed daily margin at source and based only on days worked by you.
RACS Collective is a cost-effective solution underpinned by fairness and transparency which is no doubt indicative of its popularity.
- Fully HMRC compliant "Umbrella" product
- Enables contractors to reclaim all legitimate expenses
- A fixed daily margin deducted from invoiced amounts at source, so not work a full week
- Automated online registration process via the RACS Group website
- Dedicated account management with a single point of contact
- Regularly features in the Top 10 of all independent "Umbrella" review sites
Our Umbrella product (RACS Collective).
- Our simple 'Schedule' is emailed to you to complete the hours worked by the contractor - One invoice per period. Allowing you to add many timesheets onto one
- RACS Collective will invoice you based on the hours worked in the pay period.
- We arrange for payment to be made as an employee of RACS Collective and produce all necessary HMRC returns as well as P60s.
- Many Contractors have opted for our salary and expenses payroll company - allowing individuals to to reclaim genuinely incurred business expenses in a tax efficient manner.
- With official approval from HM Customs and Excise we can offer individuals special dispensations on many incurred expenses (some without receipts).
- These typically include; daily travel, meals, accommodation (away from home), telephone and Internet charges, professional fees and many more business related items.
In keeping with new legislation around the contractor market place, offering your contractors an employed model could realise the following for your Agency:
- Full National Insurance savings.
- No employer / employee responsibilities.
- 1st class customer service - one point of contact.
- 48 hour set-up for Contractors.
- Full taxation support and an IR35 friendly contracts.
- Easy invoicing (HMRC approved) - 1 weekly schedule - 1 weekly payment.
- Guaranteed payment dates - (we have never missed a payment!)
- Regular consultant reviews and updates.
- AWR compliant processes
- Auto Enrolment systems
Contractors can earn up to 15% more by using the RACS Group ‘umbrella’ model which remains one of the industry’s leading payroll solutions.
Wholly compliant with all current HMRC guidelines and government legislation, RACS Croup’s umbrella is perfect for professionals working in the medical, education, IT and logistics sector. We also have our own CIS product designed for the construction and rail sectors.
- Many contractors have opted for our Salary and Expenses payroll company solution which allows individuals to reclaim all genuine business expenses.
- Enjoy the security of being employed, with money set aside for holiday pay in accordance with working time legislation and all statutory benefits paid (such as sick pay) where these meet the legal criteria.
- We are fully compliant with HMRC regulations and only allow legitimate receipted claims for expenses.
- Conforms to National Minimum Wage regulations.
- Contracts compliant with the Agency Workers Regulations (AWR).
- Also complies with all aspects of the Pensions Act and Auto Enrolment legislation.
- Fully audited by industry-leading bodies including AEMC, Professional Passport, APSCo and TEAM among many others.
RACS Collective will offer you:
- Full PAYE employment
- No IR35 worries
- No MSC legislation
- Dispensations for incurred expenses*
- Easy to understand pay advice
- Guaranteed payment days
- Assistance with taxation issues
- Free processing of expenses
- Fixed daily margin taken at source, from invoiced amounts
- Professional insurance to £25 Million
- Sick pay insurance (optional)
- Single point of contact
*(no receipts required, BUT always retain them!)
Genuine business expenses make this product work for you. Please ensure that you retain VAT receipts where applicable.
HMRC will allow genuine business expenses to be reimbursed to you. Even though we have secured specialised dispensations for you, you must inform us that you have incurred these expenses in the first place.
Other providers do not always request this and as a result, the liability lies with the contractor.
RACS Group has a specialist team dedicated to the requirements of contractors using our ‘umbrella’ solution which provides the following list of key benefits:
- Contractors can take home UP TO 15% more than PAYE
- Fixed daily margin from just £3.00 per day including insurances.
- Holiday pay, sick pay, maternity & paternity pay included as standard.
- Guaranteed payment dates (Friday’s) confirmed by text alerts.
- Online portal to access payslips and submit expenses.
- Fully HMRC-approved dispensation and expense claim procedure (reviewed Feb 2013).
- One of the most audited payroll providers in the industry.
- Compliant with Pensions Act, Auto-enrolment & Agency Workers Regulations.
- Seamless online registration process and unrivalled customer care.
- Variety of products and solutions dedicated to your personal circumstances.
- Free jobs board, eNewsletter, event invitations and helpline.
With five offices across the UK, RACS Group has the infrastructure and experience to provide you with a hassle free payroll solution to suit all your requirements.
To register with RACS Group for free, please click here (www.racsgroup.com/register) to start benefitting from our range of payroll solutions designed specifically for contractors.
If you need any assistance registering, please call 0845 604 0571 where our dedicated customer care team will be able to help you.
Assistance: Please read our 'Quick Guide to Joining' to assist you with our application process.
'Members Forms' are designed to keep you stocked-up with the lastest version - please visit this page regularly.
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