FAQs
Q. Will I be paid monthly or weekly?
A. This will depend on the payment cycle of your contract/agency. If they pay us weekly we will pay you weekly.
Q. How quickly will I be paid?
A. If you’re with a bank that supports faster payments then you’ll be paid same day, otherwise BACS takes 2-3 days. You can elect to receive CHAPS same day payments but we have to pass on the cost of this service, £30.
Q. As a contractor, am I entitled to holiday pay?
A. Contractors joining Payquest become employees of ours and so are entitled to employment rights and benefits, including holiday pay.
Payquest handle holiday pay very simply – every time we pay you, we will make the appropriate calculation in respect of the holiday pay that you have accrued. This will be paid to you every time we run a payroll, therefore we will pay you in advance for your holidays.
Q. Is Payquest a managed service company?
A. Absolutely not. Upon joining Payquest you become an employee and receive all money via our compliant PAYE payroll service.
Q. What insurance cover do I get as a Payquest employee?
A. You will benefit from the following industry leading insurance cover:
£2m Professional Indemnity insurance
£5m Public Liability insurance
£10m Employers Liability insurance
Q. How do I inform you of my hours?
A. You will submit them quickly and easily using our secure online portal.
Q. I’ve received quotes from a number of umbrella companies and all the figures are different, why is that?
A. All UK umbrella companies operate under the same PAYE Legislation. The only difference in the figures should be the fee. If an umbrella company offers a higher quoted return than Payquest then they may be either exceeding allowable expenses limits or operating a non-compliant payroll, either way, be wary of these operators as they may be placing you at risk of facing a future tax bill.
Q. What is a ‘dispensation’?
A. Essentially a dispensation is an agreement between HMRC and your Umbrella Company to reduce the amount of paperwork in managing expenses. Under a dispensation there is no need for your Umbrella to include allowed expenses on an employee P11D and there is no need for the employee to include expenses on their tax return. There is a degree of misinterpretation in the industry about what dispensations are for – as you are only able to claim allowable business expenses which you have actually spent (not dispensation limits). A dispensation in itself will not get you an increased return.
Q. Do I need to submit receipts for expenses?
A. Yes, you will need to send us receipts for expenses claimed unless it is covered in the HMRC Benchmark Scalable rate as un-receipted. This is free and straightforward and is explained in our expenses guide.
Q. Do Payquest pay sick, maternity and paternity leave?
A. Yes, as long as the statutory requirements are met, you will receive these benefits.
Q. What ID you I need to provide?
A. If you’re a UK citizen we’ll just need to take a copy of your passport, if you’re not then we’ll also need some other proof of your right to work in the UK. This is straightforward and is explained in our sign-up process.
Q. How long will the agency take to pay?
A. This depends upon the specific payment terms of your agency, but we recommend that you get us a weekly timesheet by close of business Friday and monthly timesheets on the last day of the month so that we can immediately invoice for your work.
Q. Do I get taxed on your fee?
A. No our fee is deducted before tax and therefore the actual cost to you is reduced.
Q. Why do you deduct employers National Insurance from the amount you pay me?
A. Payquest pays the employers NI from the gross sum received from the agent, as required by law.
Q. Do I get a payslip?
A. Yes. This will appear in your online portal account so that you can view or print it.
Q. How do I get a mortgage or other credit as a contractor?
A. As a member of Payquest you are an employee, you will be able to benefit from this and will be able to provide payslips to prove your income. If you require any help with this our preferred firm of independent financial advisers "Payquest Financials" are on hand for impartial advice.