Going PAYE is arguably the simplest way to contract. A fixed term contract is issued to you by CK Clinical, reflecting the contract we have with the hiring pharmaceutical company or client, and, as an employee of the company, you are covered by our insurances (Employers’ Liability, Public Liability and Professional Indemnity).
When you work PAYE, your employer (in this case CK) pays 13.8% Employers’ National Insurance contributions for you, which is deducted from the rate you would receive if you were not an employee (often referred to as the “Limited Company rate”).
You are also entitled to a statutory minimum of 5.6 weeks paid holiday per annum (which works out at 28 days for a full-time worker). You will receive payment for leave at the time of taking it. The cost of 28 days paid holiday is just over 12%. Your PAYE rate plus the cost of Employers’ NI plus the cost of paid holidays is the “Limited Company rate”.
You will be required to complete and submit a weekly time sheet, approved by the client, which is used to calculate your pay. You can opt to be paid weekly or monthly and we run payroll twice a week so, providing you submit approved time sheets regularly, you will be paid regularly.
Tax and Expenses
Your pay will be subject to the normal rates of Income Tax and National Insurance. You may only claim expenses that the client has agreed to pay eg for business travel outside your usual place of work.