The Public Sector Fraud Authority has been launched by the government

by nrpnewsite | Aug 8, 2022 | All Articles, Blog, Freelance Professionals, HMRC, Legislation, News, Recruitment Businesses, UK Employers

The Public Sector Fraud Authority has been launched by the government

Securing work after RTW goes digital on October 1st will be quite a job without an in-date passport.

The Public Sector Fraud Authority has been launched by the government – The government has launched its new Public Sector Fraud Authority – Jacob Rees-Mogg, Government Efficiency Minister, has launched a new body of the Government named the ‘Public Sector Fraud Authority’.

With an aim to halt fraud expensed by the public purse, the team will consist of counter fraud and data ‘experts’, with a first-year target of saving the taxpayer £180,000,000.

New Red Planet and other FCSA Accredited partners feel that this is definitely a move in the right direction to stamp out non-compliance in the sector.

The team, looking into the Bounce Back Loan scheme, has been equipped with £25 million of funding, with Rees-Mogg stating:

“They (fraudulent attacks) are an attack on the emergency services whose funding they deplete, similarly they steal money from infrastructure projects”.

Public Sector Fraud Authority has been set up - with mini umbrella companies in it's firing line.

Mini umbrella companies are also in the vision of Rees-Mogg and his band of fraud busters, as they clamp down on the too-good-to-be-true umbrella schemes, which leave contractors extremely exploited, vulnerable and defenceless against tax bills.

Interim Public Sector Fraud Authority CEO, Mark Cheeseman OBE said about the new Public Sector Fraud Authority:

“The creation of the Public Sector Fraud Authority represents a landmark in our fight against public sector fraud. We know that fraudsters are a committed, capable and evolving adversary.

To respond to this we must raise our ambition and challenge ourselves to increase our impact on this often unseen and underestimated crime. The PSFA will support public servants across government and public bodies to take that step – to innovate and modernise our approach to fraud.”

The recent success of the National Fraud Initiative (NFI), which between 2020 and 2022, detected and prevented more than £200m of public sector pension fraud, paved the way for the new team to be established.

Read the full Gov.uk article here

How We Can Help…

If you are looking for a reliable, best-in-practice umbrella company that prides itself on its client-focused approach, contact New Red Planet today using the form below or call us on 0161 713 1730.

Find out more

If you would like to know more about New Red Planet Products or services, request an information pack by completing the quick form below

What are the benefits of being paid through an Umbrella Company?

by nrpnewsite | Aug 3, 2022 | All Articles, Blog, HMRC, Legislation, News, Recruitment Businesses, UK Employers

What are the benefits of being paid through an Umbrella Company?

The Benefits of Using an Umbrella Company

When looking at what an Umbrella Company is and how it can benefit you – being employed by an Umbrella company is something which offers a wealth of benefits to contractors.

But, to understand the benefits, we must first understand what an Umbrella company is.

An Umbrella company undertakes the employment of temporary workers supplied by recruitment agencies.

It pays the appropriate tax on behalf of the contractor, as well as sending them a payslip weekly or monthly, depending on how frequently they get paid.

In essence, a recruitment agency finds work for a contractor, and an Umbrella company pays them.

Flexibility in using an Umbrella

Using an umbrella company is a great way to dip your toe in the water that is working as a contractor.

You have the option to opt in and opt-out of self-employment, so you can try both and make your own decision on which you prefer.

Umbrella Companies can aid with finances

Contractors don’t want to spend unnecessary time nursing their own accounts. An Umbrella company manages the contractor’s tax payments so that there are no nasty surprises when the tax bill arrives.

Due to the ever-expanding and confusing presence of IR35, being paid as a contractor through an Umbrella company.

Employee Benefits when working through an Umbrella Company

When you work as an Umbrella contractor, you become an employee of the Umbrella company, thus you benefit from: sick pay; maternity/paternity pay; holiday pay.

This is a huge added layer of security that a contractor wouldn’t get if they were self-employed.

Taking the safe route when choosing an Umbrella Payroll company

Safest route

As an added safety net to recruiters, contractors and end clients, the recommended type of payroll company would be one that is FCSA Accredited. The FCSA is seen as the industry standard for Compliance and Customer Service and as New Red Planet are FCSA Accredited, there is no need to search any further.

How We Can Help…

Find out more

If you would like to know more about New Red Planet Products or services, request an information pack by completing the quick form below

How to find the right Umbrella Payroll Company For You.

by nrpnewsite | Jul 19, 2022 | All Articles, Blog, HMRC, Legislation, News, UK Employers

How to find the right Umbrella Payroll Company For You.

Who is the best Umbrella Payroll Company to use?

You have an upcoming assignment and you’ve been instructed by your agency that you will be getting paid via an Umbrella Company but are unsure exactly what an Umbrella Company is.

New Red Planet, an FCSA accredited payroll provider, will explain what an umbrella company is, how it can benefit you as a contractor, and why you should choose an FCSA Accredited Umbrella for your on-payroll assignments.

In summary, an umbrella company is the main alternative to creating your own limited company as a contractor.

The primary responsibilities are to supply you with employment status (and related statutory rights) while on assignment and to manage all your tax obligations to HMRC for your work.

Umbrella companies are becoming more prominent in the contractor marketplace since the changes to IR35 legislation in the Public Sector in 2017 and in the Private Sector in 2021, which saw many contractors moving to on-payroll assignments, the majority of which is via an umbrella company.

What to look for when choosing:

Every provider should process your payment in the same way
Don’t be fooled by umbrellas that offer you higher take-home pay. We all abide by the same tax laws so take-home pay should be the same
Compliant Accredited umbrella companies will have your best interest at heart
The FCSA is the UK’s most recognised industry body dedicated to ensuring the supply chain of temporary workers is compliant and ethical
Great customer service and track record of compliance
What benefits do the umbrella company provide compared to others Same Day
- Faster Payments
- Referral Rewards
- Unlimited Support
- A phone line you can call and actually speak to someone on
- Introductory offers

New Red Planet & FCSA

New Red Planet’s accreditation comes from FCSA (The Freelancer & Contractor Services Association), The UK’s leading membership body dedicated to raising standards and promoting compliance for the temporary labour market.

FCSA’s “Code of Compliance” is recognised as the gold standard in the industry, and its members go through the most stringent audit processes on an annual basis.

The FCSA Code of Compliance has been developed by Ernst & Young, in consultation with HMRC, and is available to the public on the FCSA website.
All FCSA Accredited Members are tested annually against the FCSA Codes of Compliance by independent, carefully selected assessors.
The assessors are top-tier, regulated accountants and solicitors bound by their own professional standards and code of conduct and are independent of the FCSA.
The FCSA Codes of Compliance are continually updated to reflect current legislation.
Non-compliance by FCSA Accredited Members results in the suspension or termination of FCSA Accredited Membership.
No FCSA Accredited Member is allowed to operate Offshore Schemes, Loan Schemes, Trusts, Managed Services Companies Schemes, Pay-day-by-Pay-day models, or similar.

Conclusion

Remember – first things first – pick a compliant umbrella company like New Red Planet and rest assured you and your tax affairs will be managed correctly and in accordance with all UK Tax and Employment laws.

If you are looking for a reliable, best-in-practice umbrella company that prides itself on its client-focused approach, contact New Red Planet today:

T: 0161 713 1730

E: info@newredplanet.com

W: www.newredplanet.com

Find out more

If you would like to know more about New Red Planet Products or services, request an information pack by completing the quick form below

What is the FCSA Code of conduct?

by nrpnewsite | Jul 15, 2022 | All Articles, Blog, Freelance Professionals, HMRC, Legislation, News, Recruitment Businesses, UK Employers

What is the FCSA Code of conduct?

What is the FCSA Code of Conduct?

As a contractor working in the freelance sector, you may be aware of the importance of choosing the right umbrella company. There are many such providers in the market, so how do you choose the most suitable one?

An umbrella company should ensure they provide all the benefits of employment, while ensuring the very highest standards of customer service and compliance.

Continue reading to discover more and understand why an FCSA Accredited umbrella company (one of which is New Red Planet) will be the best choice you can make.

Compliance and Standards of Service

The company you’d want to work with should be a reputable firm that offers the highest standards of services and compliance. Ideally, these firms would be audited by a trade body or association, so you have a guarantee as to what you can expect.

This is particularly important now due to the increase in the government’s focus on the contractor market and the recent changes in the IR35 Legislation.

Therefore, it is more important than ever that both contractors and agencies can rely on a reputable firm to provide compliant advice.

FCSA

New Red Planet’s accreditation comes from FCSA (The Freelancer & Contractor Services Association), The UK’s leading membership body dedicated to raising standards and promoting compliance for the temporary labour market.

FCSA’s “Codes of Compliance” are recognised as the gold standard in the industry, and its members go through the most stringent audit processes on an annual basis.

The FCSA Codes of Compliance have been developed by Ernst & Young, in consultation with HMRC, and is available to the public on the FCSA website.
All FCSA Accredited Members are tested annually against the FCSA Codes of Compliance by independent, carefully selected assessors.
The assessors are top-tier, regulated accountants and solicitors bound by their own professional standards and code of conduct and are independent of the FCSA.
The FCSA Codes of Compliance is continually updated to reflect current legislation.
Non-compliance by FCSA Accredited Members results in the suspension or termination of FCSA Accredited Membership.
No FCSA Accredited Member is allowed to operate Offshore Schemes, Loan Schemes, Trusts, Managed Services Companies Schemes, Pay-day-by-Pay-day models, or similar.

Source: www.FCSA.org.uk

If you are already a New Red Planet partner or employee, you can feel confident in the compliance of your pay model and agreement.

If you are looking for a reliable, best-in-practice umbrella company that prides itself on its client-focused approach, contact us today by calling us on 0161 713 1730 or email us at : info@newredplanet.com

Find out more

If you would like to know more about New Red Planet Products or services, request an information pack by completing the quick form below

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