LONDON, UK.—May 10, 2023—VectorVMS, a leading provider of contingent workforce and vendor management solutions, has incorporated a new, sought-after feature to support the United Kingdom’s Pay As You Earn (PAYE) income tax and National Insurance (NI) contributions.
PAYE is the system used by HM Revenue and Customs (HMRC), the department responsible for tax collection in the UK, to collect income tax and National Insurance contributions (NICs) from employees’ pay. Under the PAYE system, employers are responsible for deducting income tax and NICs from their employees’ pay before they receive it, and then remitting these deductions to HMRC.
By combining configurable billing rules with its factor types module, VectorVMS makes it easy for employers to set up and automate the calculation of various payment requirements. In the VMS, employers can customise field names to categorise and calculate factors that affect the overall employee pay rate. Those defined settings can be combined with pre-configured billing rules to automate payments including PAYE deductions and other customised billing settings unique to the employer’s workforce.
Said VectorVMS’s VP of Strategy, Taylor Ramchandani: “We understand the challenges faced by our UK clients when it comes to calculating complex payment requirements such as PAYE deductions. This solution provides our clients with the flexibility to automate and customise their billing processes to meet their requirements. It’s part of VectorVMS’s ongoing commitment to providing innovative solutions for our clients.”
With the addition of this functionality, UK businesses will benefit from greater accuracy and automation when handling payments. Ultimately, it enables organisations to focus their time on growing their business and supporting their workforce.
Added Ramchandani, “VectorVMS strives to provide cutting-edge vendor management solutions that help organisations stay ahead of the curve, and this update is just one example of that ongoing commitment.”
For more information or to talk to one of our consultants, get in touch.
VectorVMS combines innovative and trusted technology with leading industry experts to build specialised and state-of-the-art contingent workforce solutions. VectorVMS stands out through its flexible technology that enables configurable delivery models, whether for clients that want to manage their sourcing fully in-house, through a managed service provider (MSP), or the hybrid Shared Managed Services (SMS) programme.
As a part of Learning Technologies Group plc (LTG), VectorVMS also supports a total talent ecosystem that gives customers a comprehensive view of their extended and full-time workforce.
For more information on how VectorVMS can support your organisation’s PAYE and overall billing needs, visit vectorvms.com.
Meet the Expert
Nikki Williams – Marketing Brand Manager
Nikki Williams is responsible for marketing strategy and implementation for VectorVMS. In her role, she helps contingent workforce professionals discover the value of a vendor management solutions through blogs, webinars, conferences, and more. Her goal is to ensure these professionals can quickly find answers to their questions about VMS technology. Nikki has more than 10 years of experience as a marketing professional for technology, including human resources technologies as well as leadership and organizational development services. Connect with her on LinkedIn.