It is often tempting to oversell the role of technology when solving information-based problems. In terms of tax validation and data security the next generation technology driven umbrella company has arrived. TUC has made this possible using its technology knowledge base first deployed to monitor and manage huge levels of foreign exchange risks in the City of London, married with old school employment and payroll experience.
“In this world nothing can be said to be certain, except death and taxes.” Benjamin Franklin
In terms of umbrella employment and payroll, it has taken nearly 230 years to deliver on the words of Benjamin Franklin. Finally, agencies and other participants in the temporary worker supply chain can now be certain that employment taxes have been deducted and paid to HMRC correctly. Furthermore, this data can be validated in ‘real time’!
What does this mean in practice? Using Transparent Umbrella Company’s platform means agencies now have instant access to worker payslip data, delivered through ‘real time’ reporting channels which complement agencies current internal compliance requirements.
Tax compliance is now anytime, anyplace, anywhere…
Tax validation is now simple, a director or compliance manager can now choose to check in ‘real time’ payslip data while walking in the park or waiting for a commuter train.
This represents a step change, until now, the ability to validate payslip data has been the realm of expensive and largely manual, periodic and retrospective reporting which are all only based on trust.
Cost benefits for agencies & proven compliance rigour for the public-sector
When partnering with TUC, agency compliance managers no longer have to undertake manual checking procedures. TUC provides payroll data to allow agencies to audit all worker payslips. Moreover, TUC can deploy software that checks daily payslip data emitted from the Transparent Umbrella Company platform.
The possibilities for proving tax compliance and building better relationships with public sector clients are endless. Imagine the commercial opportunities that emerge when you allow upstream public sector compliance teams to verify taxes, in real time.
Lower fees for workers too
Just as there are immediate positive cost and risk management implications for agencies, this type of technology also enables workers to be charged a much lower, arguably fairer fee. We all know that since travel and subsistence was reformed in 2016 (and umbrella payroll process simplified), fees to workers have been slow to react. This cycle of high fees and low compliance has now been broken, the effect being that for partner agencies, fees for umbrella workers are now targeted from just £1 per shift or £5 per week.
Getting started with Transparent Umbrella Company
To see how Transparent Umbrella Company can mitigate your exposure to the Criminal Finance Act, help reduce your internal compliance costs and improve outcomes for and buy-in from workers:Contact Us