Faster Payments – Coming Soon
When it comes to choosing a payroll provider for your contracting services one of the main considerations is how quickly will you get paid? We all work to get paid and with most of us living a life that involves standing orders and direct debits the sooner we can get funds in the better.
The great news is that the UK Banking Industry is introducing a new system that will significantly speed the whole process up, where as you have to pay a fee for a CHAPS payment to get a same day credit there will soon be no need. Faster Payments Service will allow almost instant (at worst up to 2 hours after a payment instruction has been issued) inter payment between banks that have signed up. Eventually it is hoped that all UK banks will jump on board.
Faster Payments goes live on the 27th of May 2008, following that there will be a period where some banks are still joining the system. During this period if one of the banks involved hasn’t joined then a standard 3 day payment cycle will still be in use. The moral of all this is this, in order to get your pay on the same day for free after the 27th of May, make sure that both your bank and your payroll providers bank are signed up to the Faster Payments Service.
Contracting, Who Would You Like To Win The Next General Election?
The results in the recent local elections won’t come as much as a surprise to most people. Labour seem determined to self destruct, punishing the poor and those who take the risk of running a small business in equal measure with economic policy that does little to inspire confidence in the bunch of morons currently running the country. Only those who are truly arrogant and blinkered could be surprised by what happened. They appear to have lost touch with such a great percentage of the population, reinforced by Gordon Brown’s appearance on the BBC on Sunday to let us all know that it is us who have the problem by not “understanding” what a great financial genius he is. Yes Gordon, of course you are right and everybody else is wrong. You’ve spent money based on a falsely inflated property market and low interest rates that have allowed huge amounts of people to borrow way more than they could afford. You encouraged this, now things have turned, the cycle is rotating. Instead of dragging more money from the private sector to fund ridiculous public sector spending what would really help us all out at the moment would be a reduction in the duty on fuel. This would lower the cost of living straight away across the board. The trouble is that without that revenue those that are elected wouldn’t be able to give themselves such big pay rises so for now they’ll keep with the “doing it for the planet” bandwagon.
So the question is what’s the alternative? In my own opinion Labour seems dead set against contractors and the contracting industry as a whole. On the other hand I think it’s a fair bet to say that the Lib Dems may be even worse on those that work hard to earn hard. The Conservatives seem notable by their silence. So as a contractor who would you like to see win the next General Election in the UK?
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