Expert payroll advice is invaluable for recruitment agencies placing a number of different roles, be it contract, permanent or international placements. Receiving the correct advice ensures the agency runs smoothly and compliantly without any nasty surprises popping up.
At TBOS we speak to many Recruitment Directors daily about their payroll requirements, this could be queries about processing their candidates through PAYE, paying them through an umbrella company or paying the candidates through their own limited company. We also have many cases where the Directors are left confused about tax, invoice finance, PAYE and staff commission calculations, which is why it’s important for agencies to be given the correct payroll advice every time they need it.
RECRUITMENT AGENCY PAYROLL QUERY
This week in particular, a perm-only recruitment agency who specialise in finance permanent placements approached TBOS. They had been offered a 12-week contract placement with a low paid PAYE staff member, who would go onto being a permanent placement after the initial 12-week period.
Unfortunately, the agency had no capabilities of running the contractor’s payroll and did not want to use their company’s finances to fund the contractor. It also became apparent that they did not have the contract templates required or the knowledge to calculate the rate for the candidate, which would have to include holiday pay, Employers’ National Insurance, pension contributions.
HOW TBOS HELPED THE RECRUITMENT AGENCY
Just like many of our recruitment clients, the agency in question had little knowledge about processing the candidate through PAYE payroll. As they couldn’t calculate the true cost of the contractor this meant they couldn’t generate the correct rates.
This is where TBOS stepped in, we were able to advise and support the agency on this placement by providing our TBOS Freedom solution. This pay-as-you-go plan was able to fund and administer the contract placement, with our team managing the complete payroll process. We supplied credit insured funding for the placement, managed the timesheets and invoicing as well as the PAYE calculations and payroll, and in turn supplying the candidate with a full breakdown of their pay on their payslip. We also supplied compliant contract templates for the agency and even managed the contracts to they could carry on recruiting and closing more sales for their business.
ARE YOU IN A SIMILAR SITUATION?
Get in touch with TBOS today on 0345 504 6333 to discuss your agency’s payroll requirements in more detail, we’d love to hear from you.