The Managed Account Service is more suitable for people who prefer to have their direct payment held in a separate bank account and don’t want the hassle of collating and submitting financial returns to the local authority.
With the Managed Account Service, SPAEN will:
- Open a designated bank account on your behalf and in your name;
- Administer the designated bank account on your behalf;
- Register you as an employer with HMRC;
- Register your employees with HMRC;
- Communicate with HMRC on your behalf;
- Calculate and pay your PA’s salary (4 weekly);
- Calculate and pay HMRC all income tax and National Insurance deducted from your PA’s earnings;
- Calculate and pay your employer’s National Insurance contributions to HMRC on from your account;
- Collate all your receipts for your direct payment account;
- Draft and submit your direct payment financial return to your local authority on your behalf
All monies will be deducted and paid from your nominated bank account electronically and you will receive regular remittance advice so you can keep track of how much money you have left in your direct payment account.
This service costs £414 per year and again covers you for up to 4 PA’s at any one time.
SPAEN’s Managed Accounts are covered by the Financial Services Compensation Scheme (FSCS), ensuring your money is in safe hands! You can find out more about the FSCS here.