Here are your 4 payment options:
Your gross pay will be paid to your selected umbrella company; they will then pay you on a PAYE basis. We have a number of umbrella companies which we use already, please ask your consultant if you need help on deciding. If you choose an umbrella company which Oyster have not used before, the umbrella company will go through our full compliance and credit checks before we decide to allow them to be used.
Oyster’s Payroll through PAYE
In this option, you will be paid through Oyster’s payroll via PAYE. You will be paid directly into your personal account, with National Insurance and tax deducted at source. You will be entitled to 28 days holiday and company pension.
You will be paid into your LTD company account at the gross amount, meaning you will have to submit your own taxes, NI contributions and VAT payments (if applicable). This is IR35 dependant, and you cannot choose this option if you are inside IR35.
LTD Company Off-Payroll
This is the alternative for contractors who are inside IR35, but still want to be paid into your LTD Company. Being paid off-payroll means you will get paid into your limited company NET of all taxes. You can still be paid VAT.