All workers are employed by iBalance, which provides clear employment status and takes away all onerous employer responsibilities for the agency.
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 - Taxes are deducted and paid to HMRC accordingly.
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.
Staff Pension - Contractors have access to a stakeholder pension scheme.
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 take great pleasure in making our service fully transparent and providing you with the all you need to know.
- iBalance is a UK mainland company registered in England, Incorporation Number 3449506.
- 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).
- Four executive directors hold accountancy qualifications including a Chartered Accountant and Chartered Secretary.
- 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.
- 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.
- Whether member companies develop an 'Employees Reserve Account' on their balance sheet to deal with the various statutory financial obligations - eg. sick pay, redundancy pay etc. Whether the Reserve would have a minimum level relating to the size of the member's business.
- 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.