Contractors Payment Solutions Ltd

Umbrella Company

The benefit of using an umbrella company for independent workers is that the umbrella acts as the employer allowing such workers to offset their business expenses against Tax and NI liabilities resulting in a higher take-home pay rate. This kind of service is suitable for all types of independent worker whether you’re contracted temporarily, working through an employment or recruitment agency or engaged directly with end user clients. An umbrella company helps to ensure you benefit from employment rights, such as holiday and sick pay, whilst making sure the maximum take-home pay can be achieved. For more information about the umbrella company service that The CPS Group can provide, please visit our dedicated website or read on below.

Your Umbrella

The CPS Group can provide an umbrella company service via our Your Umbrella package. Your Umbrella allows you to maintain the rights and benefits of being in full employment even when moving from job to job as an independent worker. Our service is very simple to register with and provides an online portal for submitting expenses and timesheets and viewing payslips. Your Umbrella can provide pay on a weekly, fortnightly or monthly basis without delays on a PAYE basis removing the need for year-end paperwork and tax bills and resulting in higher take-home pay and employment rights. Your Umbrella has a fee structure that is flexible and based only upon the hours or days that are worked.

Skinny Umbrella

Our Your Umbrella service is also available in Skinny format which is perfect for independent workers who do not incur expenses because you, for example, work from home or take a company car to work. This ‘lite’ version still provides independent workers with all the employment rights and benefits that come with Your Umbrella but without incurring high fees for services that are not required. Skinny will agree the best rate of pay with the end client or agency to ensure that you receive a better rate of take-home pay than you would via PAYE with our service that costs just £10 per week.

The Your Umbrella Process

Registering with Your Umbrella is very simple and can be completed either online or on the telephone via our call centre which is open 7 days a week from 8am till 8pm. Once you have informed your agency or client that you will be using Your Umbrella for payments, we will step in to discuss the details with them. Once everything is in place, all you need to do is log on to our online portal and use the easy upload feature to send receipts and record expenses as well as complete your online time sheets. Your Umbrella works out your tax, NI and fees, contributes to your holiday pay and then pays you the rest of your wages, sending you a handy text to let you know when payment has been made.

Contractor Accountant

When operating as a Limited Company or PSC, professional accountancy services are vital in order to save time and costs while benefiting from the right knowledge and experience for the job in hand. The CPS Group is able to provide Your PSC, an accountancy service that specialises in dealing with freelancers and contractors in particular. Your PSC has a number of different package levels to choose from, from a complete bespoke service to varying levels of service based on your individual requirements. For more information, please visit our informative website or continue reading below.

Your PSC

From contractors to small business owners, Your PSC can take all the hassle out of keeping track of your accounts and managing your finances correctly with a number of different service levels available. Our Your PSC service utilises the very best accountancy systems to ensure that all the accounts we manage are managed correctly are always completely up to date. Our fully qualified and highly trained accountants are always happy to discuss the details with you and we even operate a call centre that can take your calls every day of the week from 8am to 8pm, even on weekends! Your PSC includes a book keeping service, completion of annual returns, self assessment and tax return service, help with offsetting your expenses, company formation and business banking assistance and your very own dedicated account manager.

1st From Your PSC

1^st From Your PSC is our accountancy service that has been specifically tailored to meet the needs of experienced contractors required an increased level of control over the affairs of their business. At just £75 a month, 1^st From Your PSC provides a range of services including access to Sage Cashbook, Business Bank account set up assistance, calculations on all your PAYE, VAT, payroll, invoicing and dividend payments, administration of all correspondence with HMRC and Companies House, as well as legal and financial advice and your own account manager. Extra services can be purchased including company formation help and Self-Assessment tax returns.

4Most From Your PSC

For a comprehensive accounting service, The CPS Group can provide 4Most From Your PSC, a service that aims to take care of all your accounting needs with just your receipts and invoices. This package includes all the services that come with 1^st From Your PSC plus full book keeping services, HMRC annual returns, quarterly submissions of VAT and annual submissions of PAYE returns including P35s and P11Ds, management of your employee payroll and account management. On top of all this, 4Most From Your PSC provides free company formation help and free Self-Assessment tax returns. 

Bespoke

As the owner and manager of a small to medium sized business, you've already been through the set up process, so you're probably looking for advice on what to do next.

If you choose to go it alone, you'll have to keep on top of commitments such as Corporation Tax, VAT, PAYE and National Insurance, as well as keeping track of paperwork, preparing financial bank accounts and more.

With Your PSC, that pressure can be taken from your shoulders and left to our accounting and company administration experts. Whatever your circumstances, don't hesitate to contact us to find out how we can help.

Sole Trader

Sole trader status for the self-employed is ideal for those not wishing to deal with the regulations that come with running a limited company. Being a sole trader is extremely flexible but can be time consuming when taking into account all of your financial responsibilities and requirements such as accounting, invoicing, insurance, and running a bank account. As such, the CPS Group provides Your Sole Trader, an accountancy service offering specialist help for sole traders. For more information, please do not hesitate to visit our website or continue reading below.

Your Sole Trader

Your Sole Trader can provide a range of financial services to aid the smooth running of your sole trader operation. Operating on two separate levels of service, Club and Business, we’re confident that we have the right package to suit your requirements. Your Sole Trader provides a huge range of services in order to make your life easier and free you up to focus on growing your business. Your Sole Trader is able to provide a tax efficient invoicing and payment solution, payment and invoicing services on a daily, weekly or monthly basis, access to Sage bookkeeping, and tax return help. Other benefits include reduced tax and NI contributions, help with claiming expenses, a Flate Rate VAT scheme and free liability insurance.

Small Business Accountant Services

For small business and small to medium enterprises (SMEs), The CPS Group can provide professional accountant services to suit the precise needs and nature of your business. Our account service packages are tailored to meet the individual requirements of every business so you can be sure that you're only paying for the services you really need. We can also provide specific packages for independent workers acting as sole traders and limited companies. Our service packages can even be tailored to suit your requirements if you'd like to take on some accounting yourself, always at competitive prices.

Tax Return Services

Tax returns are required to be completed by people not under PAYE systems including company owners and directors, partners in partnerships, the self-employed and people who receive investment income or rental income. The CPS Group can make tax returns easy though, ensuring everything is returned on time and with your potential tax liability minimised when possible. Our expert team utilise HMRC-recognised software for completing your tax returns, calculating how much you owe and letting you know when payments are due. Our price for this service starts at just £99 but is included with many of our other all-inclusive accountancy services.

CIS Services

For self-employed workers in the construction industry, The CPS Group can provide CIS services, designed to help you benefit from the Construction Industry Scheme set up to ensure you pay the right amount of tax and NI. Our service, called Your CIS, will help you to have all your payments processed correctly through the scheme which was set up by HMRC. Your CIS can help you to achieve a greater degree of flexibility with your finances and an increase in your take-home pay. For more information about the services Your CIS can provide, please visit our website or continue reading below.

Your CIS

The Your CIS service from The CPS Group has a huge number of benefits and features specifically designed to make your life as a self-employed contractor in the construction industry much easier and more flexible whilst maximising your take-home pay. Your CIS is able to help you register with the Construction Industry Scheme, process weekly payments on a same day basis, tax return help, a reduction in tax and NI contributions and access to Sage bookkeeping software, among many others. Tax is deducted on a weekly basis to avoid any surprises at the end of the tax year and our fees are levied on a weekly flexible basis according to the level of your weekly gross pay.                                          

Business Insurance

The CPS Group can offer complete packages of liability insurance to contractors in order to provide you with comprehensive protection against claims that may be made by your end clients or agency. If you are a part of Your Umbrella, Your Sole Trader or Your CIS, business insurance is automatically included with £2M Professional Indemnity Insurance, £5M Public and Products Liability Insurance, and £10M Employers Liability. The CPS Group is also, however, fully equipped to provide business insurance services outside of our normal packages to the self-employed, limited companies and those requiring personal accident cover.

Fully Managed Payroll Bureau Services

Outsourcing your payroll is a fantastic solution for saving yourself time and effort in negotiating the complicated and convoluted payroll legislation. The CPS Group is fully equipped to provide a comprehensive and professional Payroll Bureau services allowing you to spend your time focusing on growing your business. Outsourcing your payroll is also a fantastic way to save yourself the costs associated with time, software and administration whilst ensuring your employees have complete peace of mind regarding their payments. Our service is able to take care of all administration, payslips, deductions, and payments as well as prepare end-of-year tax returns.

Business Consultancy Services

The CPS Group can provide expert business consultancy regarding the legal and financial side of your new business in order to help your idea become a success. Our service includes an initial evaluation before helping you to pick the right business structure to suit your needs, including registering you with Companies House if necessary. We can also aid you with the preparation of effective business plans, cash flow projections and trading forecasts all with the aim of recommending the best ways to finance your business. We can even help you establish a great relationship with your bank and provide access to the best software and systems for internal recording.

Financial Services

The CPS Group is on hand to provide independent and professional financial advice for freelance workers with regards to securing the right mortgages, insurance and pension plans. Working with the very best Independent Financial Advisers at ContractorFinancials, you can benefit from tailor-made financial solutions. A wide variety of products are available including pensions, ISAs and investments, critical illness cover, contractor mortgages, income protection and life cover. With a portion of your contract transferred into a personal pension, tax and NI can be reduced by up to 69%. Income protection provides a safety net of a monthly income if you are ever unable to work through injury or illness.