Our Payment Solutions
Sole Trader Solutions
Includes Employers & Public Liability Cover. Offshore Insurance Also Included.
Gross Payment Payroll for Sole Traders
Futurelink provides a Gross Payment solution (GPS) for sole traders and freelancers that work in the UK or Overseas. Our gross payment solution allows the worker to be paid in full without any tax or National Insurance deductions upfront. However, the worker will be liable for taxes in their country of residency, managed through an annual self-assessment.
Being self-employed, the worker benefits from using business related expenses to reduce their tax liabilities and reduced National Insurance. Better still, neither worker or client pays employer’s National Insurance.
By joining Futurelink, there are many added benefits to the worker and client. Saving money on employment costs, reduced administration time and assuring all parties remain compliant are just some of the advantages when partnering with us.
Other benefits include:
A gross payment solution is where the worker receives the full gross earnings without being taxed at source. The GPS solution does require the worker to provide a UTR number in order to qualify for this solution.
For UK workers, they will need to pass our SDC (Supervision, Direction and/or Control) questionnaire.
This is all depends on how much the worker earns. As a general rule, the more profit, the more tax workers’ pay. Here is a rough guideline of how much money you should think about putting aside:
Profits per annum: up to £50,000. % set aside for tax: 25%
Profits per annum: up to £100,000. % set aside for tax: 40%
Profits per annum: between £100,000 and £150,000. % set aside for tax: 45%
Profits per annum: over £150,000. % set aside for tax: 45%
Futurelink offers a gross payment solution for those individuals working overseas, regardless of their residency. As this is a self-employed option the worker must take on the responsibility of putting money aside for tax and National Insurances and submit an end of year tax return. Workers can use expenses to decrease their tax liabilities, thereby increasing take home pay. The expenses must be business related to qualify, ones that come under travel and subsistence.
For those with bank accounts in other currencies, Futurelink has the option to pay in Euros, US Dollars and Pound Sterling. This prevents the worker losing out due to conversion or bank charges.