If you are looking for a straightforward, efficient and easy to understand solution giving you full employment rights whilst maintaining your professional independence then PEO, professional employment, is for you.
umbrella pay rate
Under umbrella employment the agency will quote you a limited company pay rate which is payable to us. Then like other umbrella companies we deduct our margin, employer’s national insurance, apprenticeship levy and any pension contributions before arriving at your gross taxable pay.
These deductions can vary depending on the number of hours worked and therefore your gross pay rate will vary. Payslips require an invoice reconciliation to show how your gross taxable pay was reached - all of which can be confusing for workers.
The government has recognised this confusion and from April 2020, as part of the government’s Good Work Plan, agencies will have to detail these deductions on an agency Key Facts Page to each worker so that you have a clear understanding of your actual gross pay rate.
PEO pay rate
Under PEO you are quoted your actual gross pay rate from the start which never changes unless your pay rate changes. There are no deductions other than normal PAYE employee tax and national insurance. There is no invoice reconciliation required and payslips are therefore very easy to follow.
The pay rate that you are quoted is the pay rate that you are paid.
Please note that these calculations are based on the following series of assumptions:
- inside IR35 status with PAYE tax and employee’s NI deductions applied
- basic Rate (BR) tax code used
- average savings made with giant advantage; no expenses
how to join
For giant to be able to offer PEO employment to you we must have agreed the required processes with your agency.
Please contact us so that we can advise you whether your agency has set up PEO employment with us.
We look forward to having you on board!