gain for contractors

Frequently asked questions

Why should I join GAIN?

If you want to enjoy the freedom of being a Contractor and benefit from receiving all of the income you earn every week up front, in your pocket, so you can decide what to do with it, then GAIN could be right for you.

How do I know GAIN will work for me?

GAIN won't work for everyone. We run an ethical business and will only work with you if we know that the scheme will be beneficial for you. The type of work you do, amount you earn and number of days you work, will determine whether GAIN is right for you.

Is this legal?

Yes. Choosing to be paid through the GAIN solution is legal. In 2006 the Government released the Finance Bill containing the Managed Service Companies Regulations (MSC). GAIN is a Contractor Payment Solution, so is not subject to this legislation for Managed Service Companies. For more information, check HMRC's MSC guidance notes

What legislation does GAIN have to comply with?

GAIN is operated within all of the legislation it is required to. You will never be paid below the Minimum Wage and we will always make payments to HMRC on your behalf, for any PAYE and National Insurance that you are responsible for. Our Contractor Payment Solution is managed ethically, legally and professionally.

Will I have to pay HMRC a tax bill at the end of the year?

Your income is paid to you on a PAYE basis. Therefore, all PAYE and National Insurance contributions will have been paid to HMRC already, by GAIN, on your behalf. If your sole income is managed through GAIN scheme, then no, it is highly unlikely this will happen. However, if you benefit from other income streams, you may be asked to complete a Self Assessment Form by HMRC. We will support you, by providing all the necessary figures you need to complete your Self Assessment Form, at no extra cost.

How much does it cost?

GAIN is probably one of the most competitive solutions you will find. We will charge a low administration charge every time you are paid through the scheme. This small charge can be offset as an expense against your tax liability each week, reducing it even further.
You will benefit from;

  • NO set-up charges
  • NO charges to leave the scheme
  • NO hidden charges to manage your account with us
When will I get paid?

You will be paid every Friday, one week in arrears.

Am I restricted to the amount of expenses I can claim?

No, you are not restricted as to the amount of expenses you can claim each week, as long as they are legitimate business expenses. However, you do need to make sure you submit your expenses on time, each week, otherwise your take home pay may be reduced. To ensure that you are always paid above the Minimum Wage and in line with Minimum Wage Legislation, our team of experts will manage the amount of expenses you can claim each week - optimising your take home pay.

How is the Tax and National Insurance dealt with and by whom?

All elements of your Tax and National Insurance Liabilities are calculated and dealt with by GAIN on behalf of your Company. Payments and reporting are made to HMRC in line with legislative requirements.

Do I get paid Holiday Pay (Working Time Directive)?

By choosing to join GAIN, you become a Director and enjoy the benefits of being a Contractor, which means that you receive all of the income you earn every week up front, in your pocket, so you can decide what to do with it. You are paid on a PAYE basis, but you are not an employee.

You will not accrue holiday pay. However, this can be far outweighed by the increase in take home pay you could benefit from by being paid through GAIN compared to being paid on a PAYE basis. We always recommend that you put some of this extra income aside, to use if and when you decide to take a break.

What can I claim for?

A clear breakdown of claimable expenses is outlined in your personal application pack and we will run through this during your induction call. Rest assured, we only work to the expenses guidelines set out by HMRC each tax year.

Will this affect my benefits and state pension?

We can't guarantee that there will always be a state pension!
However, as long as you earn more than the "Annual Tax Allowance" (see HMRC website for current value) from all sources of taxable income, then you should have satisfied the requirements for your State Pension. SMP, Paternity Pay and SSP, will need to be claimed via the relevant state benefits channel, as the GAIN solution does not operate a scheme in these areas.

If you are claiming benefits that are based on taxable earnings, you may wish to get them reassessed, because if your taxable earnings reduce, then you may be entitled to a higher level of benefits.

What happens with Auto Enrolment Pensions?

By choosing to join GAIN, you become a Director and enjoy the benefits of being a Contractor, which means that you receive all of the income you earn every week up front, in your pocket, so you can decide what to do with it.

You are paid on a PAYE basis, but you are not an employee. Therefore, you will not be automatically enrolled into a Pension Scheme. We suggest that everyone should assess their options in terms of having a private pension and choose the one most suitable to their circumstances.

What happens at the end of the Tax Year?

The company tax returns are produced and reported to HMRC by GAIN on your behalf. We will then send you copy p60 documents for your own records. You may have to complete a Self-Assessment Form yourself for HMRC.

Your income is paid to you on a PAYE basis. Therefore, all PAYE and National Insurance contributions will have been paid to HMRC already, by GAIN, on your behalf. If your sole income is managed through GAIN scheme, then no, it is highly unlikely this will happen. However, if you benefit from other income streams, you may be asked to complete a Self-Assessment Form by HMRC.We will support you, by providing all the necessary figures you need to complete your Self-Assessment Form, at no extra cost.

We hold Annual Company Meetings, at our head office in Mitcheldean, and all our Consultants are invited to attend and participate.

Do I have shares in the Company?

No, you do not have shares in the company and are not paid any dividend or profit payments. Your income is paid on a PAYE basis.

How much better off will I be?

How much more income you generate will be different for each individual. Depending on the number of hours you are working, the hourly rate of pay you earn and the amount of expenses you claim, your weekly income can increase enormously.