Payroll Models
Payroll Models
We at SRP Associates understand the diverse needs of agencies in the ever-evolving contracting sector. That's why we offer a complete suite of outsourced payroll options to cater to the requirements of contractors and end-user clients across various sectors and industries. Our goal is to provide agencies with a comprehensive solution, serving as a "one-stop shop" to streamline the entire outsourced payroll process.
Our range of payroll solutions includes standard umbrella, PAYE, and joint employment models. Additionally, we offer a comprehensive suite of financial and accounting services tailored for self-employed contractors operating through their own limited companies or as self-employed. With SRP Associates, agencies can confidently navigate the complexities of payroll and focus on their core business.
Standard Umbrella
Joint Employment
PAYE
Our umbrella solution at SRP Associates remains the most popular and straightforward payroll model in the industry. It offers contractors the advantages of an employed solution, including full employment rights and statutory entitlements. By entrusting their payroll management to SRP Associates, agencies can eliminate any risk or liability as we assume the role of the contractor's employer.
Administering this payroll model is simple for agencies. They only need to submit timesheets and data files promptly to ensure accurate and timely payments for all their contractors, every time. With SRP Associates, agencies can enjoy peace of mind knowing that their contractors' payroll is handled efficiently and effectively.
The rise of complex supply chain structures across various sectors has led to the growing popularity of Joint Employment arrangements. These arrangements involve the shared responsibilities for contractors between SRP Associates, the recruitment agency, and the end-user client. Joint Employment arrangements are particularly prevalent in sectors such as health and social care, offering flexibility to all parties involved while ensuring that workers receive full employment rights and entitlements. At SRP Associates, we understand the unique needs of these sectors and provide comprehensive support to ensure compliance and maximise the benefits of Joint Employment arrangements for all entities involved.
Our PAYE solution, operating as a payroll bureau, offers agencies a straightforward solution that is highly favoured by many end-user clients. This model is easy to administer and provides contractors with full employment rights and entitlements to statutory benefits, including sick pay, maternity/paternity pay, and a range of holiday pay and pension options. It differs slightly from the umbrella model as contractors are considered "employed" only for the duration of their assignment contract, rather than on a full-time basis. This PAYE model is available to all contractors registered with SRP Associates, ensuring compliance and providing peace of mind for both agencies and contractors.