A dispensation is simply a working agreement between a company and HMRC. It is a cost saving mechanism for HMRC that helps them reduce the number of tax inspectors.
A dispensation is, primarily, a means of reducing HMRC paperwork, through estimating the value of multiple small transactions - rather than itemize every single penny throughout the year.
A dispensation benefits a company that is unable to effectively process, record & manage a large volume of data transactions.
Contractors Umbrella Company has sophisticated bespoke software that is capable of handling millions of individual transactions at any one given time, and regardless of the sums involved so we do not use the dispensation approach. We elect to validate each expense and financial transaction utilities our cutting edge systems. The result is that contractors using our umbrella company solution enjoy a greater level of compliance and almost zero chance of tax queries from HMRC
PAYE Calculator updated for 2019, free salary illustration for Contractors Umbrella Company in comparison to traditional PAYE employee
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