iBalance is a limited company registered in England number 03449506. It operates entirely in the UK, all workers are employed by iBalance and all worker payments are made through our PAYE scheme.
This means agencies are protected from the new 'False Self-Employment' legislation and allows agencies to delegate all their employer responsibilities.
Insurance - Statutory Employers Liability plus Public Liability and Professional Indemnity.
Holiday Pay - The contractor can optionally accrue or include holiday pay each payment.
Sick Pay - Sick pay is paid in full compliance with employment.
PAYE & NIC - All payments are made through PAYE. Tax and NICs are deducted and paid to HMRC accordingly.
PAE - Pension Auto Enrolment - All workers are automatically enrolled into our qualifying pension scheme.
National Minimum Wage - Employees are always paid at least NMW as salary.
Working Time Directive - We monitor hours worked in accordance with the directive.
Right to Work - Full checks are made before employment begins.
Health and Safety - Contractors agree to our policy before commencing employment.
Staff Handbook - This is available to all employees.
iBalance's employment contract has been drafted specifically for iBalance by a specialist employment law firm to ensure it provides an 'over-arching' contract across different assignments carried out by employee contractors.
New employee contractors are provided with a written contract which complies with s1-7 of the Employment Rights Act 1996 (ERA) and the Employment Act 2002.
iBalance extensively validates contractor expense claims, we have invested tens of thousands in online expense validation systems which checks everything from dates worked to postcodes for travel locations.
- We only allow contractors to claim work related expenses in accordance with HMRC rules for Employee Expenses.
- We do not (and have never) operated 'expense dispensation' schemes or 'scale rates' for expenses.
- iBalance requires receipts for all expense claims including mileage.
- Our contractors sign a workers declaration that explains and validates temporary work places.
iBalance Company Structure and Compliance for Agencies
As a result of applying and securing preferred supplier status with a number of Agencies and clients, we are make our service processes fully transparent and provide you with all the information you need to know.
- iBalance is a UK mainland company registered in England, incorporation Number 3449506.
- iBalance has provided payment services for temporary workers since 1997.
- The directors are shareholders and work in the business. Two directors hold accountancy qualifications and practicing certificates as Chartered Accountants and Chartered Secretaries.
- iBalance deducts PAYE Tax and National Insurance Contributions from the full amount paid to the contractor after legitimate employee expenses have been re-imbursed and as a result IR35 does not apply.
- All iBalance contractors work directly through iBalance Limited.
- iBalance Limited is not an MSC provider under the Finance Act 2007.
- iBalance engages with contractors directly and not via any third party.
- iBalance does not divert any of the funds paid to any 'offshore' third party or structure.
- iBalance is registered for PAYE under reference 034 P1123 (HM Revenue & Customs Bristol and North Somerset).
- iBalance Limited does not operate as an employment agency or business.
- Our fees are based on a fixed amount per week or month, not a percentage of turnover.
- Contractor payments are processed the same day we receive funds from the agency - we can even provide payment in advance.
- iBalance Limited is fully insured.
- iBalance Limited is CIS Gross Status registered.
We do not offer any referral fees, rewards, incentives, vouchers or any other thing of monetary value to agencies, end-clients, or their staff or associates in return for new business or to maintain existing business.View our anti-bribery and corruption policy.
- iBalance has arrangements for separating funds relating to contractors' income, tax reserves and trading income of the member company. This includes the normal assurances from banks as to their treatment of 'client' funds.
- iBalance follows strict rules for repaying funds remitted by agencies incorrectly or by mistake.
- We are committed to open, transparent and honest marketing.
- We clearly state on our website the full cost of all our services. This is available to contractors and agencies before they register, so they can make an informed choice before committing to using our service.
- All prices advertised are stated as 'gross' unless otherwise stated.
- Any 'after tax' prices are clearly stated as such and can be verified upon request.
- We clearly state the terms under which contractors get paid - eg. when, in relation to receipt of funds by their agency and if what additional costs (if any) would be incurred to bring payment forward.
- Any illustrations of payment or benefits clearly state the assumptions used to arrive at the calculation.