Sole Trader Solutions
Maximise your income with our Gross Payment Solution (GPS) and access essential insurance benefits.
Gross Payment Payroll for Sole Traders
Futurelink provides a Gross Payment Solution (GPS) for sole traders and freelancers who work in the UK or overseas. Our gross payment solution allows the worker to be paid in full without any tax or National Insurance (NI) deductions upfront. However, the worker will be liable for taxes in their country of residence, managed through an annual self-assessment that must be completed.
Being self-employed, the worker benefits from using business-related expenses to reduce their tax and NI liabilities. Better yet, neither the worker nor the client pays the employer’s National Insurance.
Like all of our other payment solutions, we cover workers for a variety of insurances such as Employers Liability, Public Liability, and Personal Accident. Offshore insurances are also included, so this entitles workers to contract overseas. Additionally, the service is free to clients since we charge a small margin to the worker, which is also tax-deductible.
Get in touch with us today to discover which of our payroll solutions is best suited for your needs, and how you can maximise your take-home pay.
By joining Futurelink, there are many added benefits to the worker and client. Saving money on employment costs, reduced administration time and assuring all parties remain compliant are just some of the advantages when partnering with us.
Other benefits include:
We’ve put together some helpful information regarding our sole trader solution for you below…
A gross payment solution ensures that the worker receives their full gross earnings without deductions at the source. To qualify for our GPS solution, the worker must provide a UTR number.
For UK workers, they will need to pass our SDC (Supervision, Direction and/or Control) questionnaire.
This is all depends on how much the worker earns. As a general rule, the more profit, the more tax workers pay. Here is a rough guideline of how much money you should think about putting aside:
Profits per annum: up to £50,000
% set aside for tax: 25%
Profits per annum: up to £100,000
% set aside for tax: 40%
Profits per annum: between £100,000 and £150,000
% set aside for tax: 45%
Profits per annum: over £150,000
% set aside for tax: 45%
Futurelink offers the Gross Payment Solution to individuals working overseas, regardless of their residency. Since this is a self-employed option, the worker must take the responsibility of setting money aside for tax and NI, and of submitting an end-of-year tax return. Workers can reduce their tax liabilities and subsequently increase their take-home pay by utilising business-related expenses, particularly those related to travel and subsistence.
For those with bank accounts in other currencies, Futurelink has the option to pay in Euros, US Dollars and Pound Sterling. This prevents the worker losing out due to conversion or bank charges.
You can see some of the lovely words from our clients below…
How Do You Get Started?
Getting set up with one of our Sole Trader Solutions is a straightforward process. Simply reach out to our team, and we’ll take care of everything for you. At Futurelink, we guide you through the entire process. Get in touch with our team now and speak to an expert for an initial consultation completely free of charge.