As a contractor engaging with Rocket Paye, you are legally treated as an employee, thus gaining access to all statutory benefits such as Holiday Pay, Sick Pay (SSP), Maternity Pay (SMP) and Pension. As you are deemed as an employee, it means that no matter how many different assignments you engage on, whilst being paid through Rocket, you will have one continuous employment throughout the entire duration. This means you can build up your Tax and NI contributions under one employer, as well as your weekly earnings, making it easier to show a full track record, when you need to prove stable income for things such as loans and mortgages.
Rocket Paye send RTI (Real time information) reports to HMRC each week, showing what you have earnt and contributed in the way of Tax and NI, meaning your personal tax account is always up to date. This reduces admin for you and allows you to focus on your work, rather than worrying about things you aren’t sure about.
Lastly, Rocket Paye strive to make all payments to you in a prompt and time efficient manner. We pay all our workers via FPS (Faster payments) to make sure you receive your wages as early as possible on a Friday.
In the UK, part of your Statutory rights as an employee, are that you are eligible and subsequently Auto Enrolled into a Pension Scheme. This is to help you when you retire. You do have the choice as to whether you continue to contribute to your Pension pot and can therefore Opt-out if you wish. In order to do this, you will need to contact your Pension provider, Smart Pension and request to be opted out. If you do this within the first 4 weeks of being Auto Enrolled, you will receive a full refund of all contributions you have made to that point. After 4 weeks you can still Opt-out, but all contributions made will remain in your pension pot.
As a reputable and compliant payroll provider, Rocket Paye follow all of the guidelines provided by the UK Visa’s and Immigration Agency (Home Office). Before paying you, we are required to see proof of Identification, to the levels required and make sure you have the Right to Work in the UK. Depending on where you are from, depends on what documents we are required to see from you.
The Apprenticeship Levy is a UK Tax which is in place to help fund apprenticeship training and improve the quality of training available. Apprenticeship Levy is collected through the PAYE process alongside other employment taxes.
On your payslip, you will see a small charge for Apprenticeship Levy, which is 0.5% of your PAYE per week, in addition to our company margin. For absolute clarity, Rocket Paye do not benefit from this charge financially and do not spend this money. Any funds that aren’t spent on Apprentice’s or training, is retained by the government for use elsewhere.