Construction Contract Workers
IPS 2 LTD what we do for you
We liaise with your agency or end-client and provide them with all the necessary documentation required We submit the monthly and annual CIS returns which confirm the tax deductions that have been made. You will be ready to invoice once we have processed your application and confirmed your tax status. We will send you a Welcome pack with your contract that you need to sign and return to us. If you are contracting for the first time, tell your agency or end-client that you are working through a limited company. Provide us with their details, and we will forward all necessary documentation directly to them.
If you are working through an agency on their PAYE system, tell them that you wish to offer your services through a limited company. We will liaise with them to ensure a smooth and efficient change in your status, and deal with any contractual changes, then work as normal and send your timesheets to your agency - advising us of the details by phone, fax or email to enable us to raise an invoice on your behalf. You are responsible for your own tax assessments, and as a self-employed contractor you are able to claim legitimate business-related expenses
IPS 2 LTD Charges
We charge 4% of the value (excluding VAT) of each invoice we process on your behalf.
There is no joining fee, and no termination fee.
Personal Accident Cover
All members automatically receive insurance against occupational workplace accidents. This is crucial for any self-employed sub-contractor, for both site and office based assignments.
The cost of the cover is included in your weekly invoicing fee and is for cover on the weeks that are actually worked. The fee is simply deducted from any payments made. Additionally, the cost of our invoicing fee is fully tax deductible.
This cover provides up to £50,000 for more serious injuries, or up to £300 payout per week up to 52 weeks or 60% of earnings. Cover includes loss of limbs, hospitalisation and funeral benefits.
To get a copy of the policy details with full explanation of what is covered please contact us on 01624 819991.
How do I get paid?
On receipt of your timesheet or invoicing instruction, we will invoice your agency or end-client for the time you have worked.
On receipt of our invoice, the recruitment agency will make payment to us through the BACS system (the UK's electronic banking system). We will process this, deduct your CIS tax at the notified rate together with our 4% fee and transfer your money to your account which normally takes three working days to clear in your account.
A payment remittance advice will be sent to you by post for each payment made.
Why Choose IPS 2 LTD
IPS 2 LTD is dedicated to a very high level of customer service. Our Experienced and dedicated staff are here to assist with any questions you may have.
IPS 2 LTD also understands the importance of a friendly and efficient service.
We guarantee that there are no hidden fees or charges; all you pay is 4% of the value (excluding VAT) of
each invoice raised. (Subject to a min fee of £5).
Questions You May Have
- What are your fees?
Our fee is 4% of each invoice raised (exclusive of VAT) subject to a minimum of £5. There are no joining or termination fees. - Must I be registered as self-employed?
Yes. Before we can complete your application and make payments to you, we first have to verify your tax status with HMRC. This is normally a simple process, but you do need to submit your UTR number (Unique Tax Reference Number) on your application form. - When do I get paid?
We run payments every day of the week, except for UK Bank holidays. Your payment is processed on the day we receive the funds from your agency or end-client, which will arrive with you 3 days later. If you require us to CHAPS the money (same-day payment) to your bank account there will be a CHAPS fee of £25 deducted from your payment. - Can I claim expenses to offset my taxable income?
Yes. As a self-employed individual, you will submit an annual tax return. You are entitled to claim legitimate expenses related to your occupation against your annual tax return. - What should I do with my timesheets?
You are required to send your timesheets to your Agency or Client as normal and they will then inform us of your hours. In the event that you are asked to send them directly to us, you can phone them in, fax them or email them to us. - What should I do when my contract ends?
If you are going permanent or leaving the country, just inform us in writing and we will end your contract. If you are moving to another agency, just let us know and we will liaise with that agency and you continue as normal. - Do I need to submit a personal tax return?
You will need to submit a personal tax return as you are self-employed.
Download Application Form