At Competex we have a unique system for processing salary payments.
You advise us of your instructions by emailing a payroll template to firstname.lastname@example.org. We calculate the gross figure and the employer’s National Insurance. We then pay net salaries to the employees’ personal bank accounts and tax and national insurance directly to HMRC’s bank account.
The Payroll timetable will be send to you at the beginning of each tax year and lists the dates by which cleared funds must be received for each pay run and when you can expect to see the net pay in your personal account. This timetable is always available to download from our website. In the event that you require a faster payment, this can be arranged for a fee. You are entitled to 13 pay runs in a full year within your fees (1 for each month + an additional run in March) and this is pro-rated from the date you start with Competex.
An extended March timetable covering the year end will be provided at the beginning of March.
The payroll template should be completed each time a salary is processed and this acts as your instruction to us, dictating who should be paid and how your salary funds should be split or calculated. It is also important for RTI purposes that you notify us, using this template, how many monthly periods the payment covers. The payroll template should then be emailed to email@example.com before we receive your funds. If you wish us to pay a regular salary to any person on your company payroll, then you can send one initial instruction with full details. This instruction will then stay in place until further notice from you.
Every bank differs, so please be aware of the time it takes from making a transfer to the cleared funds appearing in our account. Funds transferred by CHAPS are cleared on the same day. Alternatively payment can be made by cheque, made payable to ‘Competex Client Salaries Trust’. Please use the bank giro credit slips which we will provide upon request. These slips are unique to your company and ensure that your payments can be identified. Cheques can be paid in at a bank branch or posted to: The Royal Bank of Scotland Group Liverpool Service Centre Wavertree Technology Park Stephenson Way Liverpool L13 1HE
We recommend that you transfer funds electronically using digital or telephone banking. Please ensure that your unique company reference is quoted.
Many consultants need part time secretarial help and often employ members of their family for this purpose. You are entitled to pay a reasonable wage for work done (although this will not usually be possible if your work falls under IR35) and we are happy to add 3 further names to the payroll. However, if there is more than one fee-earning director or employee, we will charge an additional administration fee for each any extra director or employee. Any change to the payroll must be notified to Competex as soon as possible.