How do I register with Precision?
Just call or email our registration team. They will take your details and explain what documents they need to complete the registration process. These documents prove your ID, address and eligibility to work in the UK. They also need your P45 from your current/previous employer.
Is there a Registration Fee?
No. We do not charge a fee to register with us nor do we charge you if you decide to leave us. The only fee taken is when you bill for us and for any ad-hoc requests.
What is your fee?
Our fee is taken when we process your timesheet. The fee is called a margin and is either £22.50 per week or £81.50 per month. From time to time we may offer a discounted fee. Please get in touch for more information.
Our margin is offset before we calculate your Gross Pay for tax. This means that the net cost to you is much less than the weekly/monthly margins that we publish.
Do I need to complete a Self Assessment?
You will receive a P60 at year-end. All tax and NI deduction are calculated from your Precision payment and HMRC will be notified in Real Time (RTI). Unless you receive income from other sources or want to offset expenses then you shouldn’t need to complete a self assessment.
I work on Government contracts and been advised that I can’t determine my IR35 status, is this correct?
That is correct. Since April 2017 contractors engaged on contract with a public sector organisation e.g. a NHS Trust, cannot determine their own IR35 status. This is now determined by the public sector organisation and the deduction of PAYE will be taken before payment is made to you. This removes many of the tax efficiencies that you enjoy through your limited company.