Frequently Asked Questions
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IFL Management will issue payment on the same day that payment is received from your Agency/Client. We use the Faster Payments System, so the funds will be with you the same day.
CHAPS payments are available at an extra cost but not needed as we use the Faster Payments System that 99% guarantees that the funds arrive with you the same day.
We will pay you on the same day your agency pays. If they don't pay, we can't pay you. And we will chase all outstanding invoices on the first day they fall overdue, to keep your income regular.
With IFL Management you don't have to worry about any of these matters. We take care of all of these liabilities.
Irrespective of whether your contract is IR35 friendly or not, there are no risks of any IR35 penalties or additional tax being applied to your income when you've joined IFL Management.
The items deducted are Income Tax, Employer's & Employee's NI and our fee. Holiday pay is rolled up hence it is paid with you at the same as the rest of your available funds.
Like all umbrella solutions, this is standard practice. As the Employer's NI is a compulsory legal payment by every employer. The fee charged is not calculated to incorporate the Employers NI so it is deducted from your salary.
We do not deduct any other charges except for the agreed fee. There are no hidden/disguised costs that you need to worry about.
Yes we do require your latest P45. If you do not have one, please let us know and we will send you a starter checklist to complete. The starter checklist will mean you are taxed on a week 1/ month1 basis until we are advised from the Inland Revenue to amend your tax code.
You will receive your P60 from the employer that you are with at the end of the tax year. If you have been with us at this point, we will issue your P60 to you.
As your employer, once all payments have been made to you, we would issue you a P45 to take with you to your next employment.