IT Contracts Finance Limited - FAQ
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FAQ - Your Questions Answered

Q. When do I get paid?

A. ITCF will issue payment on the same day that payment is received from your Agency/Client. These funds leave our account with Barclays immediately but due to banking systems they may take 2-3 days to clear to your account. If by chance you bank with Barclays as well, then the funds may clear the same day!

Q. Can you offer CHAPS same day payment?

A. Yes we can but as the banks charge extra for this then we would need to pass this additional cost on. Contact us for details.

Q. Will ITCF pay me even if my agency doesn't pay ITCF?

A. We will pay you on the same day your agency pays. If they don't pay, we can't pay you. And we will chase all outstanding invoices on the first day they fall overdue, to keep your income regular.

Q. What about my VAT, PAYE and NI liabilities?

A. With ITCF you don't have to worry about any of these matters. We take care of all of these liabilities.

Q. Am I at risk of IR35 penalties by working with you?

A. Irrespective of whether your contract is IR35 friendly or not, there are no risks of any IR35 penalties or additional tax being applied to your income when you've joined ITCF.

Q. What will be deducted from my payments?

A. The items deducted are Income Tax, Employer's & Employee's NI and our fee. Holiday Pay is also held back but paid to you when you actually take leave throughout the year.

More Questions?

Q. Why do I have to pay the Employer's NI as well as the Employee's NI?

. Like all umbrella solutions, this is standard practice. As the Employer's NI is a compulsory legal payment by every employer. The fee charged is not calculated to incorporate the Employers NI so it is deducted from your salary.

Q. Will I have to pay a set up/close down fee?

A. We do not deduct any other charges except for the agreed fee. There are no hidden/disguised costs that you need to worry about.

Q. Do you require my P45?

A. Yes we do require your latest P45. If you do not have one, please let us know and we will send you a P46 to complete. The P46 will mean you are taxed on a week 1/ month1 basis until we are advised from the Inland Revenue to amend your tax code.

Q. Where do I get my P60?

A. You will receive your P60 from the employer that you are with at the end of the tax year. If you have been with us at this point, we will issue your P60 to you.

Q. What happens when I leave?

A. As your employer, once all payments have been made to you, we would issue you a P45 to take with you to your next employment.