As we settle into 2019 it is time to reflect and review on how we are doing, to avoid regulatory penalties and improve our business for the coming year.
Many recruitment agencies use preferred supplier lists (PSL) for umbrella companies, but how do you ensure this is followed by your workforce? There has been mention of HMRC targeting individual consultants for unpaid tax, due to direct payments made by providers.
Referral incentives place consultants at risk and can leave businesses open to investigation, penalties and fines. Such action also damages the reputation of our companies, which as we all know, takes time to nurture.
The Criminal Finance Act (2017) increased the need for companies to know their supply chain partners and avoid facilitating tax evasion, due to improved ability of law enforcement to investigate proceeds of crime, increase information sharing and suspicious activity reporting and improved civil recovery powers.
These powers essentially mean we need to know what our employees are doing and know the services our agents and business partners provide. This helps us develop suitable risk strategies and controls.
ePayMe are proud of our status as trusted providers for the leading recruiters in the UK and we are always happy to provide guidance and support to agencies, in creating an efficient and compliant payroll process to your contract and temporary workers.
We have an online checklist to assist you on our website here.
Let’s make sure we get it right, allowing us all to provide a great service to our clients contact us on 01252 863700.