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.
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.”
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.
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.
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.
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."
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.
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.
Big Fish enhances compliance standards with SafeRec accreditation
Big Fish is thrilled to announce that it has successfully attained SafeRec Umbrella accreditation to enhance its compliance capability and service offering.
Our agency partners’ reputation and financial integrity are always a priority for Big Fish and are a major reason we have pushed to secure SafeRec accreditation. Complementing our Professional Passport accreditation, SafeRec provides our agency partners with a transparent and independently audited payroll proposition.
The information and reporting that SafeRec delivers will provide our agency partners with a level of detail and insight beyond anything we’ve seen before.
With the risks posed to employment businesses by non-compliance in the supply chain, SafeRec Umbrella accreditation positions Big Fish at the forefront of compliant and transparent payroll operations.
What does Big Fish’s SafeRec accreditation deliver?
SafeRec is an independent piece of AI software that conducts real-time audits of every payroll process and payslip generated by Big Fish. SafeRec addresses the issues of due diligence, compliance and transparency by providing the following:
- An independent review of Big Fish’s payroll operations, systems, processes and contracts to ensure compliance with UK tax and employment law.
- Real-time payroll and payslip auditing through API integration with Big Fish’s payroll software. Every Big Fish payslip is reviewed at source to check and confirm accordance with PAYE rules. All deductions are also cross-referenced with payments made to HMRC.
- Agency partner and end-client reporting on all contractors and their payslips. Generated independently by SafeRec, regular payslip audit reports provide detailed data to confirm payroll compliance and provide an audit trail and history for future reference.
With SafeRec umbrella company certification, Big Fish provides another added level of protection and security to our agencies and their end clients. We remove the risks associated with non-compliance and provide the peace of mind you need from an umbrella provider.
Navigating the Pitfalls: Protecting Yourself From Non-Compliant Umbrella Companies
In the contractor realm, compliant umbrella companies offer vital payroll services, allowing professionals to focus on their assignments. However, the industry has been blighted by companies promoting tax avoidance schemes that can lead contractors to financial peril.
Like Big Fish, any compliant umbrella company should prioritise its employees’ protection and financial well-being (contractors). So, here are our tips on how to spot and navigate the dangers posed by rogue umbrella companies:
1. A very simple first step is to check with HMRC.
HM Revenue & Customs produces a list of umbrella companies that promote tax avoidance schemes. You can find the list at https://www.gov.uk/government/publications/named-tax-avoidance-schemes-promoters-enablers-and-suppliers/current-list-of-named-tax-avoidance-schemes-promoters-enablers-and-suppliers
These organisations should be avoided at all costs.
2. Beware of “free” services.
Umbrella companies have to cover their operational costs, so they have to recoup them in some way. This is traditionally done via the umbrella margin. Any “free” payroll service offering will likely include hidden fees or dubious practices.
You should beware of any such offers, as it is likely to be you who ends up paying.
3. Be wary of tax promises such as increased take-home pay.
Most non-compliant umbrella companies promise tax savings, usually achieved through tax avoidance schemes. These schemes regularly lead to unpaid taxes and penalties that you’ll be liable for. As the saying goes, if it sounds too good to be true, it probably is.
Always safeguard your financial security by prioritising compliance over dubious savings schemes.
4. Do your due diligence.
Check to see whether the umbrella has any compliance accreditations and look at reviews on sites like Trustpilot, even where the supplier is part of the recruiter’s preferred supplier list (PSL).
5. Accept and understand your liability.
As a contractor, you will ultimately be liable for your tax obligations, even if you have been involved in tax avoidance schemes without your knowledge. Selecting a trustworthy and compliant umbrella company is crucial to protecting you from HMRC investigations, unpaid tax demands, and penalties.
In summary, you may find yourself in a position where you have no choice but to utilise an umbrella company’s services. While you understandably want to maximise the income you can generate on your assignment, you must do your due diligence on the available providers.
Avoiding non-compliant and unscrupulous umbrella companies will mitigate the risks associated with tax avoidance schemes and save you a great deal of hassle and money in the long run.
Trust us when we say it’s not worth the risk.
For further information on how Big Fish can support and protect you, contact the Big Fish team at 01925 989800 or visit our website at www.bigfishgroup.co.uk
