How do I become a member?
We actively encourage new members from all contractor sectors so whether you are a Contractor, Consultant, Freelancer or Interim Manager you will receive a warm welcome from our team. Becoming a member is a simple and straight forward process, we will send you an application form for you to complete and send back to us together with a certified copy of your photo id, such as a passport or driving licence, and a proof of address that is than less than 3 months old. We take care of all other administration such as registering you as an employee.
How long does it take to become a member?
Once we have received your completed form and KYC documentation we are typically able to complete your membership on the same day. Once accepted you will then be a joint shareholder in your own Limited Company and can start to enjoy the benefits this provides you with. Our centralised administration support will contact the agency or client you want to provide your services to and will complete any paperwork they may require on your behalf.
Is there a lock in period, or a set amount of time I have to spend with Equas?
We believe the benefits of membership are so compelling that you will not want to leave but we also understand that personal circumstances can change. We do not seek to tie members in to minimum periods of membership; our goal is to simplify your work life so you are free to leave at any time. We will send you all the paperwork you need to complete the sale of your shares and arrange for payment of any monies owing to you.
How are you different from every other Contractor Payroll Company?
We are different in every way that matters. First of all we are not an Umbrella Company or a Payroll Company, we are a Limited Company jointly owned by its members and run for the exclusive benefit of its members, not the owner of an Umbrella Company. Our logo ME and our registered trademark MyEquas reinforce the fact that you own the Company; when you become a member you truly are completing the process you started when you decided life would be better working for yourself.
Think this seems unusual?
We do not think we are unusual, we think we are better, better for our members and that is what matters most of all. Jointly owned businesses are actually all around us in daily life, whether it be a big Plc listed on the Stock Exchange, a Partnership such as John Lewis or a Co-Operative, joint ownership is actually the norm and provides great opportunities to share costs and administrative burdens to the ultimate benefit of all members.
How is it compliant with current HMRC regulations?
This really is one area where the benefits of membership speak for themselves. Not only is Limited Company ownership entirely accepted and recognised by HMRC, it is actively encouraged by all governments across Europe. This is in direct contrast to the often opaque practices of payroll schemes promoted to Contractors which are commonly targeted by HMRC for investigation. As a Member enjoying full employment status you can rest assured that your standing with HMRC will not be damaged in any way.
How will I be affected by IR35, GAAR & AWR?
Contractors who have either worked as self-employed or through Umbrella Companies in the past are often troubled by the complexities of IR35, GAAR and AWR. One of the major benefits of membership is full employed status which removes these considerations in their entirety.
- IR35 Not applicable. All Members benefit from full employed status with the Company and are not subject to IR35.
- GAAR Not applicable. The combination of salary and dividends from your own Limited Company is entirely normal and is fully accepted and recognised by HMRC. It is not deemed to be abusive which means that GAAR does not apply to our Members.
- AWR Not applicable. All Members benefit from full employed status with the Company and are not subject to AWR making it easier for your clients to work with you.
How will I be engaged? Employed? Self-employed?
All Members are employed by the Company which is registered as an employer in the UK. Our centralised payroll ensures PAYE and NI contributions are paid on your behalf to HMRC via RTI.
What will my retention be?
It is widely accepted that retained earnings for Contractors is higher through a Limited Company as opposed to an Umbrella Company. One of the main reasons for this is the ability to receive dividends which are not subject to NIC and can typically result in Contractors retaining 75-80% of their earnings. The benefits of Joint Ownership and shared costs should, depending on your personal circumstances, push this higher. We will be more than happy to talk to you in absolute confidence about your circumstances and how we can help you to fulfil your ambitions.
Are there any joining or leaving fees?
We do not charge members a fee; all members contribute to the running costs of the business and the provision of services to our Members.
What insurances do you provide?
All of our Members enjoy the benefit of protection under our Employee Liability, Public Liability and Professional Indemnity insurances. We believe the cover provided under our insurances will cover most of the requirements of our Members, if your client requires higher levels of cover then we may be able to arrange an increase in cover if it makes commercial sense for all of our members to do so.
My agency won’t work with offshore companies, will this be a problem?
No problem at all, we are not an offshore company. Situated in Ireland we are able to benefit from freedom of movement and trade within the EU.
My agency has a PSL, how can we get around this potential hindrance?
This shouldn’t be an issue as most agencies readily accept the right and the ability of a contractor to work through their own Limited Company.
Do you offer same day payments?
How do I invoice clients?
Our centralised administration team looks after invoicing for you and to make the process even easier we provide all of members with access to our portal where you can simply enter the hours worked and rate of pay. We will check that everything is as expected and invoice the client on your behalf.
Do you offer a referral scheme?
We actively encourage new Members from all contractor sectors, more Members equals greater benefits for all of our Members.
Will you complete my tax returns?
Yes, our dedicated team of experienced Personal Assistants is on hand to provide you with assistance in completing your annual tax return and much more.