Integrity as a Driving Force of the Company
TMS have developed a framework and created, in alliance with BDO LLP and Berwin Leighton Paisner, to enable companies to re-engage their existing sales force as independent in a legal & compliant way.
There are numerous benefits for a company utilising TMS’ solution, such as the Employers National Insurance contributions savings of 13.8%, payroll & banking resources and fees, in addition to the mitigation of employee rights and benefits which are in themselves costly & time consuming. Added benefits are the ability to expand or contract ones sales force as market factors dictate and greater retention.
1 in 7 workers in the UK are consultants. Many economists and entrepreneurs have gone on record saying that the trend of using consultants is gaining momentum as businesses are showing that the need for a flexible work force and greater fiscal efficiency will be key to their survival and moreover success. Our Clients have noticed implementing TMS’ solution has yielded a considerably happier and more productive sales force, incentivised by their greater earnings capacity.
Without doubt it is totally tax inefficient to pay sales force on a PAYE basis but until now there has been no compliant alternative. As a direct result of its implementation the TMS concept will immediately provide companies with greater cash flow and increased profitability, which in turn means significant added value to the business with very little disruption to the existing set up and processes.
The advantages of the TMS concept are equally appealing to the sales force. The financial benefits of choosing to become consultants are significant, allowing them to extract considerably higher net earnings from their gross income. This will strengthen a company’s ability to attract the very best talent in any given sector.
The TMS ‘TLC’ package for the consultant is fundamental to our business model and success. Employees choosing to become an independent consultant will be accompanied through the process and be supported by our dedicated Compliance Team. We also provide each consultant with a chartered accountant to deal with their self-assessment returns and other associated tax issues. TMS manage all other compliance matters on an on-going basis and are always available to field additional queries.