Payme Post: Issue 15

Welcome back to Payme Post!

In this edition, we cover how technology can be on your side, from healthcare wearables to image-generating AI, technology is advancing faster than most of us can keep up with. However, when it’s applied correctly, technology can speed up the things we need in a hurry, ensure that processes and procedures are correct, and improve our lives. This article also highlights the importance of accreditation. It might surprise you to learn that, unlike banks, building societies and insurance companies, umbrella companies are not legally regulated. Here we learn about accreditation and look at how trustworthy umbrella companies address the issue of compliance.

Technology on Your Side

In our blog, we take a closer look at the technology that Payme employs in order to serve you better. Here’s a sneak peek:

• Security: Cyber criminals are an ever-present threat, especially when money is involved – many of us have been a target or know someone who has. That’s why we’ve partnered with some of the very best tech security firms in the country to ensure that our systems are safe.

• Our own CEST tool: The Government’s Check Employment Status for Tax (CEST) tool has come in for some criticism recently. We made a decision not to rely on this flawed technology, reasoning that our contractors should be better served, and to make their lives easier. That’s why we partnered with Contractor Compliance.

• Payment Tech: We take our responsibility towards our employees, our recruitment partners and their end-clients very seriously and have invested heavily not only in cybersecurity tech but also in software that lets us process payments quickly and accurately too. That’s why we’re able to deal with invoices efficiently and make same-day payments where applicable.?

Read more here.

The Importance of Accreditation

In June 2023 the Government launched a Consultation into ‘Tackling non-compliance in the umbrella market’. This was as a result of its Call for Evidence: Umbrella Company Market that had over 400 responses on the issue of how to tackle non-compliance, which it acknowledges is damaging ‘workers, businesses and taxpayers’, and whether the umbrella market should be regulated.?

In this blog, we cover, the three main objectives umbrella companies should market to. Current Accreditation, currently the umbrella market relies on operators to achieve accreditation in order to prove that they are honest, above board and trustworthy. The main body which provides accreditation is the Freelancer and Contractor Services Association (FCSA).

Read more here.

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