Solus PSC is an on-line PSC platform that allows Umbrella Companies to quickly and easily adopt PSC model while keeping the business as usual for Agencies and Contractors. Its a PSC model that’s set to redefine the way PSCs are managed.
The intelligent architecture and user interface lets the Umbrella Companies to take control of the PSCs without comprising a bit on compliance. It’s designed to empower the Umbrella Companies while insulating the Agencies companies completely from the change over to PSC.
Why Solus PSC?
In a traditional PSC model, contractors process the timesheets, and the invoice is sent from his/her company to the agency. Agencies then pay the PSC, and the contractor runs the salary calculations before getting him/herself paid. Intermediaries such as Umbrella Companies have no role to play while the accountants have very little control on when and how much the contractors pay themselves. They usually play the role of providing services such as RTI, VAT100, and CT600, and completing accounting entries. This model works well for monthly paid contractors who are usually paid at a high level and have time and resources to manage their business affairs to some extent. It also works for Agencies who deal with professional contractors that are limited in numbers.
However when it comes to transition from an Umbrella to PSC model, wherein hundreds of contractors need to be paid at on a weekly frequency, the traditional PSC model can be a recipe for failure. There is just not sufficient time to get even the basic things right, and it’s futile to expect contractors to take on the burden themselves. Weekly paid contractors expect to get paid at the latest by Friday, without having to worry about the nitty-gritty of business liabilities.
What is different in Solus PSC
- You remain a critical part of the supply chain, as an Umbrella company would do.
- Agencies do not have to deal with hundreds of PSCs. Instead they deal with you as usual.
- All transactions and calculations are done from a single central screen for hundreds of companies, as if there are hundreds of contractors in your payroll.
How does it work?
- Business as usual between the Agency and you, and the PSCs become your suppliers.
- You process the timesheets, invoice the agency and receive the funds. You then process the payments to the PSCs.
- When prompted by the system, click a button to run payroll and dividend calculations across hundreds of companies.
- Bulk email/SMS contractors payment advice.
- Single-click process for RTI, VAT100, CT100 followed by bulk email/SMS to contractors on PAYE, VAT and CT Payments due.
- Contractors simply confirm payments by a hyperlink.
- Automated email reminders for unconfirmed payments.
Contractor payment methods
- Salary only
All earnings used in salary
- Dividend and annual salary
Salary based on set basic plus dividend
- Dividend plus automatic salary
Minimum salary based on tax code