Kingston UK is proud to be supporting the Chartered Institute of Public Relations (CIPR) this month by sponsoring an event for its members from across Kent.
The CIPR, which represents freelancers and contractors (as well as other types of workers in [...]
How much does it cost?
Kingston UK’s charge is £25 per payment when the contractor’s gross pay exceeds £200, (dropping to £15 per payment when it is below £200, and £5 per payment when it is below £100),
This amount is taken before tax and National Insurance contributions (NICs) are deducted so that the charge becomes tax efficient.
This means that the actual cost to the contractor is about £12 after this has been taken into account (and dropping to around £8 when gross pay is below £100).
Kingston UK shows its charge in full on payslips and does not take a percentage, just a flat fee, unlike many of its competitors (who often have additional charges as standard like ‘Admin costs’ and ‘insurances’, all of which are already included within the single KUK charge).
Employers’ National Insurance contributions (ENICs):
Employers’ National Insurance contributions (ENICs) must be deducted as the contractor/freelancer is now an ‘employee’ of Kingston UK. Kingston UK shows this on the payslip so that the contractor/freelancer can clearly see all deductions made and how their net pay has been calculated.
The benefits of coming under Kingston UK’s umbrella and use of our ‘dispensation’ far outweigh the cost of paying the ENICs
Retainer fund: Holiday entitlement
Every one of our contractors pays into a retainer fund. The retainer is your fund and your money. Its contents are accessible to you upon request.
We take this money because, as our PAYE employee, you are entitled to holiday pay. However, Kingston UK can clearly not pay this to you from the low £25 fee we charge. The retainer therefore allows us to ‘pay’ you these entitlements when you request them from us.
For more information on the retainer fund and how it works, please contact us.
