PayePass - Protecting the Supply Chain - End to End
PayePass has the solutions
"We want a world where the contracting sector is free from the perils of tax avoidance and evasion schemes, mini-umbrella companies, skimming and holiday pay misconduct."
- Julia Kermode CEO of PayePass
Such practices exploit workers, create financial risk and ultimately affect the value of businesses that allow this within their supply chain. That’s why we must eradicate the many dubious schemes that masquerade as compliant umbrella businesses for these main reasons:
- Innocent people are duped into them, with many not knowing until they receive a huge bill from HMRC.
- Schemes make so much money that they can afford large financial incentives to coerce the supply chain into choosing them. Compliant businesses simply can’t compete with the scale of backhanders being offered.
- Being unable to compete drives bad practices such as skimming and withholding holiday pay – these scandals might be legal sometimes, but they aren’t ethical and they are never acceptable.
That’s why PayePass offers a guarantee that none of the following are taking place within our Verify Award clients:
- tax evasion
- tax avoidance
- holiday pay being withheld
- funds being diverted to offshore schemes
- mini or cloned umbrella companies
Not only do we guarantee it, but our Verify Awards are backed by a £10m professional indemnity insurance policy.
“For me, the ability to protect workers from misconduct is and always has been my driving force. That’s why I became CEO at PayePass, and that’s why what we’re doing is so important.”
Our PayePass Verify Award focuses on all the different processes involved in paying contractors via payroll. Of course, there are many other ways that Service Providers pay contractors and offer additional support services – which means that there is potential for misconduct here too.
So, we are developing our brand new Compliance Awards which are comprehensive and cover everything that Service Providers offer the temporary workforce sector.
PayePass Compliance Awards will be a truly visionary game changer for the sector, which comes in direct response to demand from agencies and end-clients – the UK’s first independent financial and legal auditing standard that will apply to all services being offered.
Provide a Compliance Guarantee
PayePass is not just about benefits for umbrella companies and their contractors. Employment businesses and end-clients also benefit by choosing to work with businesses that achieves a PayePass Verify Award. In addition, we can be commissioned to audit supply chains or individual businesses on-demand, for any historical period of concern.
With employment status changes because of IR35, updating of the Finance Act and Criminal Finances Act, and HMRC’s focus on eliminating tax avoidance schemes, proving an appropriate level of due diligence is unavoidable for the protection of the directors and shareholders of any business in the temporary workforce supply chain.
When an umbrella company displays a PayePass Verify Award, it’s a guarantee that our internal team of lawyers, accountants and payroll experts have verified that it has correctly calculated every salary and paid HMRC exactly what is due to it.
What Sets PayePass Apart?
No Other Compliance Provider In The UK Can Match Us
Unlike others that provide compliance services to umbrella companies, PayePass has its own in-house regulated professionals to analyse and scrutinise every aspect of an entire payroll run for any given period, with full eyes-on financial auditing applying the Financial Reporting Council International Standard on Auditing (UK) 500.
To further support our credentials, independent chartered accountant experts in all things payroll, have validated our payroll calculations and Verify offering to ensure that we have the most accurate payroll calculations at our fingertips.
Although not underestimating their importance to the sector, rather than just having our clients sign up to a list of best practices that they agree to abide by, PayePass will ensure that its awarding criteria for all Awards is fully complied with and determined only by us.
The PayePass vision is for its Compliance and Verify Awards to become the foremost accepted wholly independent validation of Services Providers in the temporary workforce sector that demonstrates they are confident enough to allow a financial and legal deep dive to prove their commitment to compliance.
PayePass Approved Service Providers
The only ones you will ever need
Whether a Service Provider achieves a Verify Award now or a Compliance Award in the future, they become an Approved Service Provider and can proudly display one of our logos as proof of their accomplishments.
Both display a unique ID number for each Approved Provider that links to our online database to confirm its legitimacy.
The database provides information on prior audit dates, outcomes and, depending on what they have signed up for, the next audit date.
Third parties can sign up for automatic updates on all Service Providers so there is no need to undertake time consuming and costly compliance checks, or risk forgetting to do them. This service will provide notifications on renewal, expiry or removal of an Award.