How an Umbrella Company PSL Can Help Agencies Manage and Avoid Unwanted Risks

As the focus on non-compliance and tax avoidance in the umbrella company market continues to grow, managing risk is more important than ever.

Non-compliance in the temporary labour supply chain poses significant risks and can now impact all parties, from contractors to engagers. One powerful strategy to mitigate these risks is to establish a Preferred Supplier List (PSL) of umbrella payroll providers. By partnering with compliant and accredited companies like Big Fish, recruitment agencies can eliminate non-compliance risks and strengthen their reputation.

Thorough Due Diligence is a Must When Compiling an Umbrella Company PSL

A well-curated and thoroughly vetted PSL ensures you only work with umbrella providers that adhere to UK tax law and strict compliance standards. This safeguards your business, contractors, and clients against tax avoidance schemes and other unethical practices.

A trusted PSL can help to streamline operations while protecting your agency from legal and regulatory pitfalls. With a focus on compliance, you can avoid the potential hazards associated with non-compliant or unethical payroll practices.

Including Big Fish in your PSL means you are choosing one of the most accredited providers in the industry with a proven track record in adhering to UK tax legislation and upholding the highest standards in ethical payroll processing. Our FCSA, SafeRec and Professional Passport accreditations demonstrate our commitment to compliance and shield you and your clients from HMRC investigations, fines and penalties, and enhance client confidence. When your end clients see that you’ve aligned with reputable providers, they recognise your dedication to transparency and integrity.

Strengthening and Building Your Business with an Umbrella Company PSL

A compliant umbrella company PSL strengthens your market position by helping you build long-term, trusted client relationships. It signals that your agency values quality and effectively manages risk. By leveraging Big Fish’s expertise, you can deliver compliant, consistent, and reliable services that set you apart from competitors.

Adopting a PSL featuring trusted umbrella payroll companies is a smart, proactive approach to risk management. It helps you navigate the complexities of today’s recruitment environment while fostering a trustworthy image that resonates with clients and partners alike.

By selecting a PSL that includes top-tier companies like Big Fish, recruitment agencies enhance operational efficiency and reinforce their commitment to ethical practices and regulatory excellence.

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Opportunity or Threat? Autumn Statement 2024

Chancellor Rachel Reeves delivered her first autumn statement on Wednesday, which included plenty of points for discussion.

Much of the pre-statement hype surrounding plans to increase employer national insurance contributions and raids on personal pensions caused trepidation about how the UK’s temporary labour sector would fare.

A Clear Statement Regarding the Umbrella Sector

For many, the previous government’s lack of action to help the temporary labour sector rid itself of non-compliance and unethical practices was a real frustration. However, the Autumn Statement included a direct reference to the umbrella sector, with the Chancellor committing to “clamp down on umbrella companies that exploit workers and crack down on promoters of tax avoidance schemes.”

This statement was accompanied by a policy paper update confirming that from 2026, recruitment agencies and end-hirers will be accountable for any tax and NIC shortfalls created by non-compliant umbrella companies in their supply chain.

A Huge Step in the Right Direction for Compliance

At Big Fish, we’re delighted to hear that the government has committed to taking action against the non-compliant businesses that plague our industry and profit illegally at the expense of hard-working contractors.

As one of the UK’s most accredited umbrella companies, we will embrace the opportunity to demonstrate how our FCSA and Professional Passport accreditations hold us to account to meet the highest industry standards of service and compliance.

In addition, our SafeRec umbrella certification provides independent, real-time audits of every payslip we produce with audit reporting functionality that addresses the need for transparency throughout the labour supply chain.

The moves proposed by the government in the Autumn Statement are a huge step in the right direction for compliance in our sector. Contractors, agencies, and end clients that take a zero-tolerance approach to non-compliance will benefit greatly from partnering with accredited suppliers like Big Fish.

An Autumn Statement of Opportunity

The autumn statement represents a massive opportunity for the UK’s temporary labour sector.

A commitment to stimulate economic growth by investing in public sector bodies like the NHS, supporting national projects like HS2 and British energy, and providing funding support to industries such as aerospace and automotive all bode well for jobs and recruitment.

Increases in the national minimum wage present higher earning opportunities for those workers at the lower end of the pay scale, whilst increases in permanent employment costs, such as the hike in employer NICs, could stimulate a move toward engaging more temporary workers.

Finally, we see the autumn statement as a first step toward genuinely cleansing the umbrella sector and making it a safe and prosperous solution for contractors, agencies, and end-hirers.

 

You can also keep an eye open for updates and further news by following us on LinkedIn and Instagram.

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Oyster Rewards - Contractor Benefits and Beyond

At Big Fish, we’re always looking to improve. We continually review every aspect of our service to understand where and how we can do things better.

Our contractors and the desire to understand what matters to them are at the heart of our endeavours.

So, we’ve been doing our research, and at the beginning of 2024, we set ourselves a strategic initiative to better understand and cater to the needs and desires of our valued contractors. An essential element of this is the support we provide to our contractors beyond payroll, which is why we’ve introduced our new and exclusive employee rewards package, Oyster Rewards.

Much More Than Just Contractor Payroll

Oyster Rewards is a unique package of lifestyle benefits exclusively tailored and available to Big Fish contractors. It is guaranteed to help them make smarter financial and lifestyle decisions.

Delivering an exceptional range of enhanced financial, lifestyle, and well-being benefits, Oyster Rewards provides contractors with an exclusive, convenient, and cost-effective suite of services unrivalled in the marketplace.

Fuel Card
One of a contractor’s biggest expenses is fuel, especially when travelling to different sites or to a temporary place of work. Our fuel card, which provides two weeks of interest-free credit terms and up to 4p per litre off pump prices, helps alleviate some of that cost.

Medical cover and cash back scheme
Queues, waiting times, and time off for doctors and medical appointments are contractors’ worst enemies. Our medical cash-back scheme helps eradicate that problem by giving contractors 24/7 GP access, mental health support, and counselling, usually only available to permanent employees.

High street loyalty rewards and discounts
The cost of living has risen sharply in recent years, and even the most basic food or household items can seem expensive. Oyster Rewards delivers discounts off gift cards at over 80 retail shops and restaurants, as well as gym memberships, cinema tickets, hotel bookings, and family attractions such as Legoland.

IFA and specialist mortgage advisory support
As interest rates have risen, good mortgage deals have become harder to find, especially for contractors. Oyster Rewards offers contractors free access to regulated independent financial advisors (IFAs) who provide expert guidance and advice on the best mortgages for the self-employed.

Supporting Every Aspect of Your Contractor Lifestyle

At Big Fish, we see payroll as only a part of the service we provide to contractors.
We want to support contractors in every aspect of their contracting careers and give them all the support necessary to ensure their success. Providing lifestyle and well-being support and guidance gives contractors the peace of mind needed to concentrate 100% on their work.

Benefits for our clients as well as our contractors

The benefits of Oyster Rewards extend well beyond your contractors to you and your clients.
By prioritising the welfare and satisfaction of your contractors, you enhance your reputation, attract top talent, improve productivity and cultivate long-term partnerships. In an increasingly competitive market, Oyster Rewards is a strategic differentiator that drives success and sustainability for you and your contractors.

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Big Fish Group Limited Achieves Prestigious FCSA Accreditation

Big Fish Group Limited is proud to announce its successful attainment of the FCSA (Freelancer & Contractor Services Association) accreditation. This significant achievement underscores the company’s unwavering commitment to compliance and excellence in the umbrella payroll sector.

FCSA accreditation is a hallmark of excellence that demonstrates the highest standards of transparency, compliance, and professionalism in the freelancer and contractor services industry. To achieve this, Big Fish Group Limited has undergone a rigorous assessment process, including detailed audits of its business practices, financials, and operational systems, ensuring it adheres to the stringent codes of conduct and best practice guidelines set forth by the FCSA.

Compliance has been the top priority since Big Fish’s incorporation five years ago. During this period, Big Fish has also secured Professional Passport and SafeRec accreditations, which, along with FCSA accreditation, reinforces its position as one of the UK’s most accredited and transparent umbrella payroll companies.

“Achieving FCSA accreditation is a testament to our dedication to providing a wholly compliant, high-quality service to our clients,”

said Kerry Moston, Managing Director of Big Fish Group Limited.

“Coupled with our Professional Passport and SafeRec accreditations, this milestone reflects our steadfast commitment to compliance, transparency, and excellence in every aspect of our business operations.”

Co-founder Amy Whitmarsh added,

“Our expertise and experience within the sector have helped us pursue best practices from day one. We believe that attaining these key badges of compliance helps cement us as a significant player in our sector.”

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What Does Labour’s Plan to Make Work Pay Mean for Contractors?

Labour’s election to government following the July 4th election signals the start of some significant changes for contractors in the UK.

Labour’s new policy document, “Labour’s Plan to Make Work Pay,” proposes significant reforms to improve conditions for the UK’s workforce, including contractors and the self-employed.

These changes aim to simplify employment statuses, strengthen workers’ rights, and ensure fair treatment in the workplace.

So, how will the plan impact the contractors and the self-employed in the UK?

A Plan to Make Work Pay

Labour has committed to implementing its Plan to Make Work Pay within its first 100 days of power. Some of the headline contents of the plan included:

Single Worker Status and Employment Rights

Labour plans to simplify the current three-tier employment status system into a two-tier system using its single worker status. The single worker status will simplify differentiating workers, including contractors and the genuinely self-employed and help eradicate issues such as bogus self-employment.

The plan also outlines Labour’s intention to introduce basic individual rights from day one of employment, eliminating the wait for protections against unfair dismissal, parental leave, and sick pay.

Pensions

Labour’s plan aims to enhance pension provisions for all workers, ensure employers contribute fairly to pensions, and make pension schemes accessible to the self-employed. This initiative seeks long-term financial security for all workers, including contractors.

National Minimum Wage

The plan to make work pay also outlines Labour’s commitment to increasing the National Minimum Wage to reflect the true cost of living, ensuring all workers, including contractors and the self-employed, earn a living wage. This policy aims to reduce poverty and enhance economic stability for low-income workers.

Tax Law and Tax Avoidance

Labour plans to address tax law and tax avoidance, closing loopholes and ensuring fair tax contributions from employers. The plans include measures against bogus self-employment and the misclassification of workers to avoid tax and legal responsibilities.

Contractors Should Expect Change

Labour’s “Plan to Make Work Pay” focuses on a shift towards fairer employment practices in the UK. By simplifying employment statuses, enhancing workers’ rights, and promising greater protection and clarity regarding rights for workers, including contractors, Labour aims to create a more equitable labour market.

As a responsible and compliant employer, Big Fish already provides its contractors with statutory employment rights, a national minimum wage, and an auto-enrolment pension scheme. We complement these statutory rights with our market-leading Oyster Rewards benefits scheme to ensure that our contractors get the best possible support whilst employed by Big Fish Group Limited.

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Tackling non-compliance in the umbrella company market

Earlier this year, the Chancellor of the Exchequer confirmed in his Spring Budget that the government would be providing an update on its “Tackling non-compliance in the umbrella company market” consultation paper.

The consultation paper process began with a call for evidence back in 2022, and many industry leaders have expressed their frustrations at the lack of updates and progress. News of the update was therefore enthusiastically received as a sign that there would finally be some tangible movement toward addressing several significant compliance issues blighting the umbrella sector.

So, was it worth the wait?

What did the update on the umbrella consultation paper include?

As promised, the update was released on Wednesday, April 18th. However, the reaction across the industry could have been more positive, with many observers further frustrated.

The update read as follows:

Tackling Non-Compliance in the Umbrella Companies Market

The government remains concerned about the scale of non-compliance in the umbrella company market, and the detrimental impact that this has on workers, taxpayers and the labour market. Last summer, the government consulted on options to reduce tax non-compliance in the market and will publish a response to its consultation in due course.

To support workers and businesses that use umbrella companies, HMRC will publish new guidance later this year, including an online pay checking tool to help umbrella company workers to check whether the correct deductions are being made from their pay.

The government is minded to introduce a due diligence requirement to drive out bad actors from labour supply chains. To this end it will continue to engage with the recruitment industry and other key stakeholders on the detail of a statutory due diligence regime for businesses that use umbrella companies, and ensure it has the best understanding of the impacts that this could have on reducing non-compliance.

What does the umbrella consultation paper update mean for Big Fish and its customers?

It is a further case of waiting and seeing for all of us.

The government has committed to releasing further guidance to support contractors and recruitment agencies later this summer, as well as an online pay-checking tool for contractors to check their pay and deductions for accuracy.

The government’s reference to statutory due diligence could have longer-term implications and consequences for recruitment agencies and their end clients; however, this remains a proposal for further consultation.

Big Fish is already committed to providing the highest possible levels of compliance. Our SafeRec and Professional Passport accreditations mean that we regularly audit our systems and processes for compliance and audit all of our payslips daily.

We are already well prepared for and would welcome all further initiatives to eradicate non-compliance from our industry.

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Introducing Oyster Rewards

At Big Fish, we never stop looking for ways to improve what we do. We’re always looking to do things better, make things easier, and complete things quicker.

That’s why, at the beginning of this year, we embarked on a strategic initiative to understand better and cater to the needs and desires of our valued contractors.

This initiative resulted in the introduction of a new and exclusive benefits and rewards package, Oyster Rewards.

About Oyster Rewards

A unique package of lifestyle benefits exclusively tailored and available to Big Fish contractors, Oyster Rewards delivers a comprehensive suite of considered premium opportunities to enhance all aspects of your contractor’s everyday life.

Oyster Rewards include:

  • UK Fuel card offering up to 4p per litre off pump prices* and including two-week credit terms. (*4p off per litre for
  • Diesel and 1p off per litre for Unleaded)
  • Health4all Medical cover and access
  • Discounts off high street retail, entertainment & gym memberships
  • Free regulated IFA consultations, including mortgage advice for self-employed

Why Oyster Rewards benefits recruitment agencies

We understand that our agency partners are always looking to optimise their contractor workforce, and we believe that Oyster Rewards will help you gain significantly from your contractor workforce management.

Here’s why:

Attracting and retaining top talent

The ability to attract and retain top-tier talent is paramount to your success. In a competitive market, Oyster Rewards will set you apart as an agency of choice, with contractors more likely to choose an agency that prioritises their well-being. Moreover, satisfied temporary workers are more inclined to accept future assignments through you, reducing turnover and enhancing continuity in service delivery.

Strengthening reputation and brand equity

By investing in the welfare of your contractors, you cultivate a positive reputation that will instil confidence in your clients. This positive brand equity can lead to increased client retention and referrals, delivering sustained growth and profitability.

Enhancing productivity and performance

Oyster Rewards will contribute to your contractors’ overall well-being and job satisfaction, resulting in enhanced productivity and performance on assignments.

Contractors who feel valued and supported are more motivated to excel in their roles. Access to benefits such as wellness programs and financial stability initiatives reduces stress and distractions, allowing your contractors to focus on delivering high-quality work. This, in turn, strengthens your client relationship and reinforces your reputation for reliability and excellence.

Cultivating Long-Term Partnerships

Oyster Rewards can transform temporary assignments into long-term partnerships between you and your clients. When your clients witness the positive impact of Oyster Rewards on the motivation and contentment of your contractors, they are more likely to engage you for future staffing needs. Additionally, your contractors will be more inclined to recommend you to their peers, further expanding your network and opportunities for growth.

Benefits for our clients as well as our contractors

The benefits of Oyster Rewards extend well beyond your contractors to you and your clients.
By prioritising the welfare and satisfaction of your contractors, you enhance your reputation, attract top talent, improve productivity and cultivate long-term partnerships. In an increasingly competitive market, Oyster Rewards is a strategic differentiator that drives success and sustainability for you and your contractors.

Call 01925 989800


Fill up with Big Fish

Big Fish is thrilled to announce a significant milestone in realising a strategic objective to understand better and cater to our valued contractors’ needs and desires.

We are excited to confirm a new collaboration with Radius, an established and prominent player in the fleet and mobility services. Radius has cultivated strong partnerships with all major UK fuel brands and has been growing its own extensive network, UK Fuels, for 34 years.

This partnership between Big Fish and Radius represents a pivotal component of our strategic initiative to introduce a range of enhanced financial, lifestyle and wellbeing benefits for our contractors. The primary advantages of this partnership are the exclusive discount offered to our contractors every time they refuel at the pump and the two-week credit terms available with each account. Combined, they offer our contractors a flexible and cost-effective solution to managing their outlay on fuel.

Our collaboration with Radius underscores our commitment to innovation and customer-centric solutions. Together, we look forward to driving greater efficiency, convenience, and cost-effectiveness for our contractors, empowering them to thrive in today’s competitive landscape.

"Our partnership with Radius highlights our dedication to innovation and customer-focused approaches,"

Remarks Katie Brough, Head of Operations at Big Fish Group.

"Working together, we anticipate enhancing efficiency, convenience, and cost-effectiveness for our contractors, enabling them to excel in today's competitive environment."

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More of the Same from the Spring Budget?

The Spring Budget, presented by Chancellor of the Exchequer Jeremy Hunt on Wednesday, March 6th, followed a familiar path.

When Hunt presented his Autumn Statement in November, the key messages were curbing inflation, stimulating investment in UK businesses, and getting people back to work. The message from Hunt on Wednesday gave us more of the same.

The Spring Budget offered plenty of promise for the UK’s temporary labour sector, but what will economic growth and getting people back to work actually mean for contractors and recruitment agencies?

Contractors to Get Further Relief From NIC Cuts and More

Unsurprisingly, with a general election on the horizon, there was another big statement from the Chancellor to sway voters.
Following the reduction of Class 1 National Insurance in November, Hunt confirmed a further two per cent cut will take effect from the 6th April. The reduction is forecasted to save an average worker earning £35,000, approximately £450 per year. The cut means that Class 1 NICs have been reduced from 12% to 8% over the last five months. Umbrella contractors will already have begun to see the financial benefit of the first reduction and should see a further impact next month.

Self-employed individuals, who will see Class 2 NICs abolished in April, were also awarded a further 2% reduction to Class 4 NICs. This reduction is in addition to the 1% reduction announced in November, meaning that from April, Class 4 NICs will reduce from 9% to 6%.

Contractors that provide their services via their limited companies were a little aggrieved at the lack of support offered in the Autumn Statement. This time, while there were no significant changes in dividend payments or corporation tax rates, The Chancellor did provide some relief to SMEs by raising the VAT registration threshold from £85000 to £90000.

Will Business Boom as a Result of Consecutive Budget Statement Boosts?

Continued commitment to investing in British business and stimulating economic growth make promising reading for recruiters in the UK.

In Wednesday’s Spring Budget, the Chancellor committed more funding to support several UK regions and private and public sector businesses. This continued investment and the government’s determination to attract more people into work and “make work pay” point toward potentially busy times for recruiters and contractors alike.

For further information on how the spring budget may affect you, contact the Big Fish team.

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Doing It For The Girls

We’re not shy when it comes to our advocacy of diversity, equality and inclusion. It is something that we’re incredibly proud of at Big Fish.

So, as we celebrate International Women’s Day, we’re delighted to announce that Big Fish Group has agreed to a two-year sponsorship deal with Runcorn Saxons, a U10s girls’ football team.

As an independent, female-owned business, Big Fish is committed to providing equal opportunities for individuals to fulfil and enjoy experiences they might otherwise not have had. Our sponsorship deal will see the Saxons receive complete home and away football kits, training kits and sideline jackets for seasons 2024/25 and 2025/26.

We’re delighted to be able to provide this sponsorship, and we’ll be regularly supporting the Saxons from the sidelines when the new season kicks off.

Runcorn Saxon’s U10 Coach Chris Hicks

“Runcorn Saxons U10 Coach Chris Hicks expresses gratitude for Big Fish’s sponsorship, emphasising its pivotal role in facilitating the provision of new kit for the girls. He highlights that this support will significantly enhance their sporting experience, fostering a sense of unity and pride within the team.”

Team fundraiser Claire Smith says:

“With Big Fish being led by two successful women in a male-dominated sector, having them on board as our exclusive sponsor investing in our girls shows our girls that they are valued and believed in with their football – which they all absolutely love. Thanks so much to Amy and Kerry!”

Chris is optimistic about the next two seasons, especially with the upcoming Blackpool tournament. Following their recent 2-1 victory over the national champions, the Saxons have demonstrated their potential for success, leaving room for anticipation of what they can achieve.

Who knows, we might be cheering on the next pride of lionesses. Keep an eye out for regular updates.

Big Fish. Proud, bold and breaking the mould.

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