we drive success to your everyday business
GCO Pay has grown from its modest origins in a small office in Portsmouth city center to become a trusted partner for thousands of contractors and numerous recruitment agencies, now operating from its headquarters at Crystal House Suite 6B, Luton.
Initially, the company had only three employees managing payroll for a few hundred local contractors. Over the past 17 years, despite facing various legislative and market challenges, GCO Pay has experienced significant growth. Today, the company employs 100 staff members at its headquarters, providing support to over 200 contractors across more than 89 recruitment agencies.
In 2023, GCO Pay expanded its services by launching an Invoice Finance division, offering flexible and prompt invoice financing solutions tailored for the recruitment sector.
Passionate – Dedicated – Professional
Our Core Values
Everything we do is built around our core values to help us deliver the best possible experience for our contractors and agency clients.
Welcome to our Frequently Asked Questions (FAQ) area! Within this section, you’ll find a collection of typical inquiries and issues that our customers have raised over time. Whether you’re new to our service or have been with us for a while, our aim is for this section to offer you the details necessary to maximize your interaction with us.
Frequently asked questions (FAQS)
As a contractor with GCO Pay, you are employed by us, and we collaborate with your recruitment agency to assign you to various client projects.
Working under the PAYE umbrella provides a simple and flexible payment structure. Taxes and National Insurance contributions are automatically deducted at source, and you also contribute to an approved workplace pension scheme. On top of that, you are entitled to statutory benefits such as Statutory Sick Pay (SSP) and Maternity or Paternity Pay (SMP/SPP).
Being employed through an umbrella company removes the uncertainty surrounding IR35, ensuring job stability—important when applying for mortgages or other financial services.
Your payment frequency is determined by the specific assignment you’re working on, which could be weekly, monthly, fortnightly, or based on the project’s terms. Typically, GCO Pay contractors receive weekly payments, with one week’s pay issued in arrears every Friday. While most payments are processed and deposited into accounts on Friday mornings, the exact timing of clearance may vary depending on your bank, as some banks may process transactions until 6pm.
As an employee, you are entitled to holiday pay, which is calculated as a proportional share of 28 days per year. Typically, we hold this amount until you take time off or until your employment ends. Alternatively, you have the option to receive this holiday pay in advance, paid alongside your regular wages each pay period.
This deduction from the Charge Out/Assignment rate, mandated by HMRC regulations, is subtracted by M&D Umbrella Solutions from the agency. As the employer, we are obligated to remit this amount directly to HMRC. The deduction percentage stands at 13.8%.
All GCO Pay employees aged between 22 and the state pension age, with earnings exceeding £10,000 annually, are automatically enrolled in our approved workplace pension plan through Now:Pensions.
Your pension contributions are deducted before tax calculations, making it a tax-efficient way to save for retirement. While we encourage all employees to consider long-term savings, you have the right to opt out if you prefer. After your first pay period, you will receive an email from Now:Pensions with full details.
Additionally, we offer salary sacrifice pension options for those looking to increase their contributions and benefit from the associated tax advantages. If you would like more information, feel free to contact us.
As an employee of GCO Pay, you are fully covered by our insurance policies for your complete peace of mind.
You are automatically covered for Public Liability, Employers Liability, and Professional Indemnity, with the option to add Personal Accident insurance for additional protection.
As a contractor with GCO Pay, you are employed by us, and we collaborate with your recruitment agency to assign you to various client projects.
Working under the PAYE umbrella provides a simple and flexible payment structure. Taxes and National Insurance contributions are automatically deducted at source, and you also contribute to an approved workplace pension scheme. On top of that, you are entitled to statutory benefits such as Statutory Sick Pay (SSP) and Maternity or Paternity Pay (SMP/SPP).
Being employed through an umbrella company removes the uncertainty surrounding IR35, ensuring job stability—important when applying for mortgages or other financial services.
Your payment frequency is determined by the specific assignment you’re working on, which could be weekly, monthly, fortnightly, or based on the project’s terms. Typically, GCO Pay contractors receive weekly payments, with one week’s pay issued in arrears every Friday. While most payments are processed and deposited into accounts on Friday mornings, the exact timing of clearance may vary depending on your bank, as some banks may process transactions until 6pm.
As an employee, you are entitled to holiday pay, which is calculated as a proportional share of 28 days per year. Typically, we hold this amount until you take time off or until your employment ends. Alternatively, you have the option to receive this holiday pay in advance, paid alongside your regular wages each pay period.
This deduction from the Charge Out/Assignment rate, mandated by HMRC regulations, is subtracted by M&D Umbrella Solutions from the agency. As the employer, we are obligated to remit this amount directly to HMRC. The deduction percentage stands at 13.8%.
All GCO Pay employees aged between 22 and the state pension age, with earnings exceeding £10,000 annually, are automatically enrolled in our approved workplace pension plan through Now:Pensions.
Your pension contributions are deducted before tax calculations, making it a tax-efficient way to save for retirement. While we encourage all employees to consider long-term savings, you have the right to opt out if you prefer. After your first pay period, you will receive an email from Now:Pensions with full details.
Additionally, we offer salary sacrifice pension options for those looking to increase their contributions and benefit from the associated tax advantages. If you would like more information, feel free to contact us.
As an employee of GCO Pay, you are fully covered by our insurance policies for your complete peace of mind.
You are automatically covered for Public Liability, Employers Liability, and Professional Indemnity, with the option to add Personal Accident insurance for additional protection.
I highly recommend GCO Pay to anyone seeking training in accountancy, bookkeeping, and payroll.
Bradley, Bradz