We're moving to support PAYE workers only from April 6th, 2021.
But what does that mean for our nurses, carers and support workers using Florence Flex?
Here, we'll explain the benefits of going PAYE...
What are the benefits of PAYE?
PAYE stands for ‘pay as you earn’, and is the government’s system for collecting income tax and National Insurance from your wages.
This means your taxes are paid from your earnings before they reach your bank account.
You can be 100% sure you’re paying the correct taxes this way, and are not running the risk of miscalculating and being chased for back taxes by HMRC.
Other advantages of being paid via PAYE
1. Pension contributions
- You will be automatically enrolled into Florence’s pension scheme, The People's Pension after three months.
- You will then benefit from Florence’s contributions (3% of eligible earnings) as well as a tax relief on the contributions that you make (5% of eligible earnings).
2. Entitlement to state benefits
- When you pay National Insurance contributions, you build up your entitlement to contributory benefits, such as:
- Maternity Allowance (contribution-based)
- New Style Jobseeker's Allowance (contribution-based)
- New Style Employment and Support Allowance
- Bereavement Benefits
- Basic State Pension and New State Pension
- Your entitlement to certain state benefits and the amount you can get depends on your National Insurance contribution (NICs) record.
- By being paid via PAYE, you can ensure that there are no gaps in this record so that you have full entitlement to these benefits.
3. Convenience for you
- You don’t need to pay for an accountant
- You don’t need to arrange your own indemnity insurance.
- You don’t need to keep a record of your receipts, or worry about what to claim for.
- You don’t need to prepare annual accounts or submit confirmation statements, corporation tax returns or self assessment tax returns.
How will I get paid?
As a nurse being paid via PAYE on Florence, you’ll be paid weekly on Thursdays (if your timesheet is approved by 3pm the day before).
Can I work other jobs paid via PAYE?
You can work for other employers, as well as working through Florence, and your taxes will be calculated accordingly. You should always end up paying the same amount of tax, regardless of how many jobs you have that are paid via PAYE.
We recommend seeking professional advice on tax and pensions based on your individual circumstances, to be fully informed.
To read more about working two or more jobs paid via PAYE, please see our longer response to this question in our PAYE guide here.
How to become PAYE on Florence Flex
Becoming PAYE on Florence Flex takes a matter of minutes. Everything is done online and it’s completely free to get set up.
Click >> here << go PAYE.
Please note you have to be logged into your Florence Flex account in order to access the link.
Questions? Get in touch
If you have any questions at all about PAYE, please check our question and answer page to see if we’ve covered your question to your satisfaction.
You can also get in touch with your account manager by phone or on email, any time.
Thanks for working with us during this time, we’re ready and listening for any feedback you have.