With FPS you don't feel like 'just a number', the service is very personal and they really understand our sector.

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1 CORPORATE BROCHURE

2 Introducing FPS Goup...1 Umbrella Company Services...2 Agency Benefits...3 Umbrella... Personalised...4 Technical Information...6 Service Commitment...8 Summary...8 With FPS you don't feel like 'just a number', the service is very personal and they really understand our sector. - Director

3 Introducing FPS Group Established in 1994, FPS Group is the industry s most trusted and transparent umbrella company administrator. The group has been highly successful, reinvesting profits, growing organically and evolving to meet changing legislation. We remain a family business without third party borrowings, equity or influence. Our head office is based in the Isle of Man but we do not provide any offshore tax structuring solutions. Over 50% of our 70 strong admin team have worked with us for more than 5 years, providing valuable experience that our customers benefit from. We are the UK s only regulated umbrella company provider and firmly believe that compliance and security are of paramount importance. No agency or contractor funds ever leave the UK - we invoice the umbrella company for the administration fee only once the contractor has been paid. and our Groundbreaking Solution As well as being experienced, transparent and regulated, we have also designed a unique product called the Personal Service Umbrella, or PSU, which is safer for both the contractor and agency than standard umbrella arrangements. On the following pages we describe the benefits of umbrella companies generally, and then introduce the PSU. 1

4 Umbrella Company Services Umbrella companies are a useful way of managing contract workers, with benefits for both the contractors themselves and their recruitment agency. Contractor Benefits An umbrella solution is a simple and compliant way for contractors to get paid. They become an employee of the umbrella company instead of the recruitment consultancy. The amount of tax and national insurance they pay is reduced by offsetting HMRC allowable business expenses such as mileage, food costs, training, professional memberships etc. Funds are paid to the contractor with all PAYE deductions having been made, so there is no need to employ an accountant or complete complex tax returns. There is no directorship appointment or company paperwork for the contractor to undertake. There is no charge during periods when they are between assignments and no sign-up or exit charges. By utilising an umbrella company, contractors usually earn significantly more than if they were working directly through a recruitment agency. Please see the contractor information included in this brochure for details. Additional benefits include: Free business insurances* - Professional Indemnity, Public Liability and Employer s Liability. One employer/tax code regardless of the number of agencies a contractor is working through. Continuity of employment / payslip history that can be helpful when applying for mortgages and personal loans. * Certain exclusions apply. 2

5 Agency Benefits Recruiters are there to find the right candidates and place them in the right jobs. Using umbrella companies will ensure that they are making the best margins possible and reduce the administrative hassles of running a temp desk. Margins Agency margins are improved as the umbrella company will charge less for the candidate s services than the equivalent agency payroll cost. Agency Payroll: Candidate Rate of Pay Holiday Pay Employer s NI Standard Margin Charge Out Rate of Pay Umbrella Payroll: Candidate Rate of Pay Uplift INCREASED MARGIN Charge Out Rate of Pay 1 Administration The paperwork and administration involved in running a temp desk doesn t always fit naturally with the sales focused individuals that make the best recruiters. Using an umbrella company allows them to concentrate on making fees instead of answering pay queries, organising holiday pay and time off, discussing candidate welfare/health and safety or sending out payslips, P45s and P60s. 3

6 Umbrella Personalised In standard group umbrella services, all of a provider s contractors are employed by a single limited company that sits within its group structure. We have identified a number of weaknesses and risks in this model and have launched a unique solution: the Personal Service Umbrella (PSU). Instead of having a lot of people under one umbrella, each PSU exclusively employs a single UK contractor - in other words, everyone gets their own personal umbrella company. All FPS administered PSUs are structured as follows: UK limited companies, with UK banking arrangements. Registered as an employer with HMRC - Income Tax, National Insurance and Corporation Tax are paid directly to the UK authorities. Full PAYE deductions are made on all contractor payments in strict accordance with HMRC guidelines. Business expenses can be offset, in line with HMRC guidelines, but Income Tax and National Insurance will always be paid on at least the minimum wage. Operated on a Comparator (equal-pay) model for the purposes of the Agency Workers Regulations (AWR). One low fee per week/month, with no upfront or exit charges. Incorporated and fully administered by FPS Group, ensuring no paperwork or directorial responsibilities for the contractor. They are registered for and charge VAT where applicable*. 4

7 The benefits of this set up are significant: Each PSU is beneficially owned by the contractor and not FPS Group. This guarantees protection of contractor funds in the unlikely event of FPS Group insolvency. As each PSU is a unique entity, contractors money cannot be affected by other workers AWR tribunals. This honeycomb system ensures protection from class actions. UK auto-enrolment pension legislation is delayed for PSUs, by virtue of being single employee companies. This saves agencies the administrative burden and potential loss of margin until circa Agencies engaging with multiple PSUs need only make a single payment to a regulated client monies account, reducing administration and financial risk. AGENCY PAYE STANDARD GROUP UMBRELLA PERSONAL SERVICE UMBRELLA STANDARD BENEFITS Higher agency margins Offset business expenses Business insurances** Online portal for umbrella administration N/A Protected from AWR class actions LEGISLATION/RISK Pension auto-enrolment deferred until 2017 Electronic Crime insurance in place Regulated by a Government body Client money segregated from company funds N/A N/A * The Isle of Man is part of the UK for VAT purposes. Please feel free to refer to Section 3.2 of HMRC s VAT Guide or contact us if you require further clarification. ** Certain exclusions apply. 5

8 Technical Information Both legislative and commercial risks are important considerations in choosing a payroll solution. FPS Group designed the Personal Service Umbrella with this in mind. Industry Regulation The umbrella industry is generally unregulated. Some providers regulate themselves but, as they make up their own set of rules, it affords little protection to the agencies and contractors that work with them. FPS Group is the only UK umbrella company administrator that is regulated by a Government body. This means that: Directors and key staff are thoroughly vetted before appointment. Appropriate internal controls, policies and procedures must be in place. Independent internal audits and compliance procedures must be undertaken regularly. FPS must maintain prescribed levels of Professional Indemnity insurance at all times. FPS must maintain its own liquidity above statutory solvency tolerances. We are subject to audit to confirm compliance. Client funds must be ring fenced (held separate to the main trading account) and reconciled regularly. Anti-money laundering legislation must be strictly adhered to and a Compliance Officer/Money Laundering Reporting Officer must be appointed. Internal affairs must be organised and controlled in a responsible manner. High ethical standards must be promoted. No Offshore Structuring Offshore structures designed to avoid taxation are a danger to UK recruiters and contractors that use them and offer unrealistic returns. The PSU is an entirely onshore solution and we are happy to provide as much information as you require. They are incorporated in the UK, have UK banking arrangements and are registered as an employer with HMRC. No contractor money leaves the UK. 6

9 Financial Loss In a standard umbrella model, the umbrella company invoices the agency for the service, taking the money into their own beneficial ownership. When umbrella companies have gone into administration, it has resulted in a loss of contractor funds and reputational damage to the industry. The PSU is different: The PSU belongs to the contractor and not FPS. The PSU stands as a separate legal entity from FPS and all other PSUs. The PSU banks through a regulated client monies account. The bank warrants this as segregated from FPS Group funds and so not belonging to FPS in the event of insolvency. This approach means agencies can fund multiple PSUs in a single remittance. Legal Claims Each contractor is employed by their own umbrella company, which contains only their funds. No class action or claim can be made against a central pot of funds, as all contractors are employed by different PSUs. IR35 and MSC Legislation Some agencies recommend contractors start their own company by referring them to a provider of Limited Company, PSC or Accountancy Services. When doing so, urgent consideration needs to be given to the IR35, Managed Service Company and Transfer of Debt risks. These can only be avoided where contractors can demonstrate, in practice, being in business on their own account. The PSU only makes contractor payments subject to the PAYE and National Insurance regime: There is no risk of challenge for unpaid tax and penalties on either the contractor or agency as a result of dividends, loans or other disguised remuneration methods. Contractors are not subject to IR35 as they are engaged as employees of the PSU. 7

10 Service Commitment At FPS Group, we are passionate about providing a bespoke, one-to-one service, to meet the needs of both our agencies and contractors. Agencies A dedicated Account Manager will be appointed to look after all your needs. They will be your first point of call for all referrals, queries and concerns. As well as a helpdesk number, we will be happy to provide you with your Account Manager s direct line and address. Contractors Contractors will be appointed a dedicated Client Relationship Executive to support them. They will be proactively guided throughout their initial 12 weeks of working via an FPS administered PSU, or until they are completely confident with the service. Summary FPS Group is one of the most longstanding administrators to UK umbrella companies, a constant thought leader and the only one that is regulated by a Government body. The Personal Service Umbrella (PSU) is far superior to the standard group umbrella model offered by other providers. By utilising the PSU, you will be: Helping your contractors to make more money. Increasing your margins. Future proofing your business against changing legislation. Protecting funds throughout the supply chain, from the agency to the contractors pockets. Call us today to find out more. 8

11 FPS are always ahead of the game when it comes to legislation affecting the recruitment industry. Their response is always innovative, relevant and, more importantly, effective. - Chief Finance Officer tel // // web // FPSUMBRELLA

12 Agency Commissions We can offer an array of commission agreements to meet your changing needs. Which one of these options best suits your business needs? Introducer Commission We can provide fixed introducer commission agreements for agencies and consultants. Introducer fees will be payable once an introduced contractor has received their 2nd payment through their FPS administered umbrella company. Rates and methods of payment are negotiable. Fee Sharing/Trail Commission For agencies that wish to enter into an on-going fee sharing agreement, we are happy to set up a trail commission plan. A percentage of our administration fee will be paid back to yourself throughout the time the contractor is working through their FPS administered umbrella company. Rates will depend on the exclusivity of the relationship, as well as contractor volumes. Trail commission agreements must be signed on an annual basis. Corporate Hospitality We are happy to discuss a wide variety of corporate hospitality opportunities as an alternative to commission. These include: Team building days Drinks and dining Sporting events We are subject to, and work strictly within, the anti-bribery legislation. The incentives above are not intended to reward improper conduct. If you wish to discuss specific incentives in more detail, please speak with your Account Manager.

13 Information for Contractors FPS Group s Personal Service Umbrella offers a convenient and reliable way to be paid whilst you work on contract. Furthermore, business expenses can be processed, making it a more tax-efficient alternative to being paid on your agency's payroll. Benefits: Increased net pay over agency PAYE* Dedicated Client Relationship expert to look after all your needs Free access to FPS Rewards discount site Flat weekly fee, only payable when you work Secure online servicing facilities, including expense processing Full entitlement to UK employee statutory benefits One tax code, avoiding unnecessary overpayment of tax Income Tax and National Insurance deducted at source Protection from legal/monetary claims by other contractors Inclusive business insurance of 15m in total (certain exclusions apply) No company or director responsibilities Take home pay comparison: Agency PAYE PSU Hourly Rate Weekly Net Pay Weekly Net Pay Difference from PSU Based on 810L Wk1 Tax Code, working 40 hours per week for 46.4 weeks, claiming weekly expenses up to 150, 13.8% rate uplift, 24 weekly invoicing fee. Figures correct at time of going to print. Expense claims: By claiming for business expenses you incur as part of your contract, you can save on both income tax and national insurance. Eligible expenses include: Travel to and from your temporary workplace Business mileage Meals/subsistence Accommodation and personal incidental expenditure Business phone calls Specialist clothing Training costs Professional memberships and subscriptions Our expenses questionnaire has been drawn up after consultation with HM Revenue and Customs, which means that if you claim expenses you are doing so legitimately and not incurring any future tax liability. We check your eligibility before authorising your claim.

14 FPS Group Viking House, St Paul s Square, Ramsey, IM8 1GB FPS Group is the trading name of Freelance Professional Services Ltd Freelance Professional Services Limited is licensed by the Isle of Man Financial Supervision Commission All Rights Reserved CORPORATE BROCHURE

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