The Warrington based employment management company, Parasol, has become one of the first UK umbrella companies to qualify for the Professional Passport standard for best practice.
Good For The Entire Industry
Parasol is one of the oldest and best-known contractor umbrella companies in the UK, so it is perhaps not surprising that the company should achieve the qualification. What is important is the collaboration between Parasol and Professional Passport: having the two work together does demonstrate the importance both of the Professional Passport standard and its acceptance by the mainstream companies in the industry. This move is thus good for everyone in the industry.
Greater Levels of Security
Professional Passport has been designed to offer the contractor, recruitment agency and end client greater levels of security. The Passport reviews the structure, processes, auditing practices, insurances and marketing claims of umbrellas. With the recognition that an umbrella is compliant comes the ability for agencies to recommend it to their contractors without risk of liability for contractor tax debt that would ensue if the umbrella were a managed service company.
Totally Independent
''Professional Passport is totally independent which means that our certification is as objective as possible,'' says Professional Passport director Julia Delany.
Professional Passport is totally independent which means that the information we provide is as objective as possible
Julia Delaney-Professional Passport
Certification from Professional Passport means that Parasol is operating to the highest possible standards of legal compliance and adopting best practice guidelines that would be expected by HMRC, all hugely important factors when choosing a service provider.
Long-Term Approach Means High Standards
Says Parasol managing director Rob Crossland: ''Parasol has been offering employment and payroll services to freelance contractors for 8 years and has always steadfastly refused to offer managed service company solutions or composite schemes, as we believed them to be laden with risk for both the agency and the worker.”
“Our long term approach has not only paved the way for many close relationships with blue-chip recruitment agencies, but also ensured that qualifying for the Professional Passport was straightforward and swiftly concluded.”
Our long term approach has not only paved the way for many close relationships with blue-chip recruitment agencies, but also ensured that qualifying for the Professional Passport was straightforward and swiftly concluded
Rob Crossland-Parasol
Professional Passport director Crawford Temple praised Parasol, commenting specifically on its clear business strategy and its commitment to a transparent trading approach. ''Parasol have always focussed on professional employment services and are viewed as the 'experts' in this area. Our audit has confirmed that, in our opinion, they are fully compliant. They have robust systems and procedures in place and have a clear vision for the future.''
Avoiding Managed Service Companies
Under legislation introducted last year, contractors must avoid working with managed service companies which run their limited companies for them, or risk a heavy tax penalty. Umbrellas like Parasol which have qualified for certification by an independent authority like Professional Passport are a secure choice in this respect. There are many other umbrellas which are complaint, but the certification provides an additional assurance for contractors who are choosing a contractor umbrella company.