NEWSLETTER | 01
OCTOBER 2023
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01992 929170
info@rocketpaye.co.uk
CONTENTS 03 A WORD FROM OUR DIRECTOR 04 WHY ROCKET PAYE? 06 INDUSTRY INSIGHTS 07
SECTOR IN THE SPOTLIGHT
08 NEW TO ROCKET PAYE THIS MONTH 09 CONTRACTOR CORNER 10
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GET IN TOUCH
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A WORD FROM OUR DIRECTOR For those of you that don’t know me, I am Alex Hough, the founder, and Managing Director of Rocket Paye. I have been wanting to produce something like this for a long time now, but due to time constraints and finding the right people to produce a newsletter with such quality, it has been no easy feat.
“I THINK ITS IMPORTANT, THAT AN UMBRELLA COMPANY PROVIDE SO MUCH MORE TO THE INDUSTRY THAN JUST PRODUCING A PAYSLIP TO SEND OUT ON A FRIDAY” I think its important, that an Umbrella company provide so much more to the industry than just producing a payslip to send out on a Friday. We need to be an asset to our clients, rather than just a necessity. That is why, we aim to be at the forefront of our industry, bringing you genuine insight, education, and firsts in everything related to payroll, legislation change and consequences of non-compliance that unfortunately continue to exist.
With arguably the biggest change to the payroll industry on the horizon, the government wanting to regulate (finally) Umbrella companies, Rocket Paye endeavour to keep you informed on what that might look like, how it will impact you and what steps will need to be taken to comply. Over the coming months, we will have our take, as well as experts in our sector digesting the information we are given, as soon as it is available to us. We also aim to educate the workers and contractors we pay, so they are informed every step of the way. I hope this newsletter is received as we intend it to be and that you as the reader gain something from it, that you may not have previously known or considered. Alex Hough MANAGING DIRECTOR
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WHY ROCKET PAYE? Rocket Paye were established to make the contractor the central focus of the supply chain. We felt, that too many companies neglected the worker and didn’t value them as the hard working human that they are.
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AGENCY BENEFITS By working with an award winning payroll company, you can be sure that you are working with the best in our industry and that your workers will be looked after every step of the way. Your workers will be paid first thing on a Friday morning, creating no issues or no shows. If we can’t pay your workers on time, we might as well not be here. Industry leaders – keeping you updated with all the latest industry news, any changes you need to be made aware of and new offerings that might be on there way. Multiple options when it comes to settling your weekly invoice. We think outside the box, to provide you with flexibility when settling invoices. Dedicated account manager, that gets to know your business needs inside out and becomes your single point of contact. Personable Approach – we don’t hide behind computer screens. You can expect regular communication, office visits as much or as little as you need.
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WORKER BENEFITS
“THIS YEAR, ROCKET PAYE WERE VOTED BY AN INDEPENDENT JUDGING PANEL, THE BEST UMBRELLA COMPANY 2023” By being contractor focused, making sure our processes and procedures are geared towards helping them, coupled with our friendly customer service team and employee benefits package, we believe that we are quickly becoming a market leader. This was reflected, when this year, Rocket Paye were voted by an independent judging panel, The Best Umbrella Company 2023, demonstrating our commitment to compliance and transparency for all in the supply chain.
Faster Payment Service – this means all of our payments are released in an instant, giving you access to your funds quicker. Rocket Rewards – Giving you access to thousands of discounts, cashback offers as well as mental health wellbeing assistance, discounted gym memberships, Utility deals, mortgage lenders and CPD training courses. Call Centre – A dedicated call centre that you can use, any time you have a query about setting up or receiving your pay, open during business hours. A mobile app, where you can view your payslips, obtain employment documents at the click of a button on any smart phone across multiple platforms. The ability to be paid via various pay models, depending on your sector, job role and pay rate, making sure you are paid as efficiently as possible. We have multi-lingual speakers here at Rocket Paye, so if English is not your native tongue, do not worry, we have you covered. You can also translate all of our registration forms into your own language.
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INDUSTRY INSIGHTS It is no secret that change is coming. And it will be a big change. For decades now, the Umbrella world has never been regulated, possibly one of the only financial institutions never to have been regulated. This has promoted and allowed charlatans and fraudsters to commit acts of fraud and non-compliance blatantly and regularly, seeing no action taken against them. Quite often, most often, it is the worker, the innocent one, that pays the price. Earlier this year, the government announced that they would be seeking to regulate the umbrella industry, to create a level playing field and clamp down on non-compliance and tax avoidance. Since, it has been meeting with stakeholders from the Umbrella industry, the recruitment industry and employment and tax law specialists to determine what regulation will look like, how it will be implemented, when it will be implemented and what steps everyone will need to follow once in place. We have had a government led call to action, we have had a consultation and now we await the Autumn Statement on November 22nd, to find out what the answer will be. We already know that 3 options of how we move forward were being considered. These were;
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mandating due diligence in the labour supply chain, transferring the umbrella companies tax debt to another party in the supply chain, deeming the employment business to be the employer for tax purposes.
“HOW THE GOVERNMENT WILL MOVE FORWARD, WE DON’T KNOW YET, BUT ROCKET PAYE DO SUPPORT REGULATION OF THE INDUSTRY” How the government will move forward, we don’t know yet, but Rocket Paye do support regulation of the industry, provided it achieves these three things; improved outcomes for the worker, a level playing field in the umbrella co0mpany market and protects taxpayers from significant losses that stem from non-compliance. We will be running a webinar on December the 6th, that provides all the answers for you, with industry knowledge, key speakers, and support on how to move forward. CLICK HERE to be involved
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SECTOR IN THE SPOTLIGHT EDUCATION Schools across England face an unprecedented struggle to hire teachers in what has become a recruitment crisis. A combination of low pay, overwork, and the pressure of inspections by Ofsted are putting students off entering the profession but are also making many current teachers turn their back on teaching to pursue careers in other sectors. Last year, 40,000 working-age teachers left the profession, which is the highest since records began in 2010. Schools are spending record sums of money that they don’t always have in their budget on recruitment agencies finding them new talent or temporary solutions to fill vacancies, which is vital to maintaining a high level of education.
It does seem that the Education sector is finding it really hard to attract new talent or keep talent at all in the current economic state. Because of this, Rocket Paye are proud to offer heavily discounted CPD training courses for any teachers that we pay and employ, furthering their talent and skillset, at a more than reasonable cost. We believe that by providing teachers with access to CPD courses through our Rocket Rewards programme, it will create loyalty to both us but more importantly provide schools, children and agencies with longevity of employment. We hope this will help to close the gap that exists between the 6% increase in teachers since 2010 versus the 11% rise in the number of students in the same period.
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NEW TO ROCKET PAYE THIS MONTH Rocket Paye are super excited to announce two new signings this month, that will both be joining the Business Development team and furthering our presence and brand across the UK.
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EMMA KNIGHT
SAM BINNING
Emma Knight comes from a construction recruitment and logistics background but has spent the last two years in the payroll industry. She brings excellent knowledge to the team and is a real asset, particularly in the construction arena, where she can apply her previous experiences and ease contractors and agencies pain points as a result. Emma is primarily based in London but covers all of the South of England as well.
Sam Binning joins us from one of the industries most well known brands, swapping the rigid corporate structure for the exciting, flexible and ambitious company that we are. He brings a wealth of knowledge and focuses largely on the professional sectors such as IT, healthcare, engineering and oil and gas. He is based in Scotland, so naturally will focus but not be restricted to Scotland and the Northern border cities.
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CONTRACTOR CORNER Are you fed of constantly being paid late? Having to make numerous phone calls to your agency, subby or payroll company every Friday? Unsure whether your pay will be correct? Let us help you. Rocket Paye are partnered with one of the most forward thinking and powerful finance institutions in the UK, meaning you will be paid, on time, every week and that all of your funds are 100% protected from fraud, cyber attacks and theft. We do not follow the traditions of working with a high street bank. We are more forward thinking than that. High Street banks are what everybody knows. They think its secure, safe, and natural. What we have found, is that the processes and software that comes with them is outdated, its clunky, its built with the masses in mind and therefore does not specifically focus on what we need as a payroll provider.
built a software that allow us to be flexible but precise. We only deal with Faster payments; we do not operate BACS or any other method of payment. This means, not only can we schedule faster payments to leave our account, but we can also make a payment within a matter of seconds to your account. Because Modulr are regulated by the FCA, it means 101% of our funds, that are in our account at anytime are protected from any illegal or criminal activity, ensuring you will receive your money regardless. This is in comparison to a high street bank, where only £68k of any amount of money in our account would be protected.
This is where Modulr come into play. Modulr are a financial institution, that are regulated by the FCA (financial conduct authority) and have
Fast payments, every Friday, with absolutely no fuss. That was our aim when we started and that is what we have achieved to date.
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