Contracting at RBS (The Royal Bank of Scotland)

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The Royal Bank of Scotland, often referred to as RBS, has supported businesses, families and communities since 1727. Their range of brands and services include business and personal banking, as well as corporate finance and insurance.

The group includes subsidiaries, such as:

  • Drummonds Bank
  • Ulster Bank
  • NatWest
  • Coutts

The RBS Group employs over 60,000 people, many of these roles are filled by contractors. These aren’t limited to those which require financial expertise, there are plenty of jobs in IT, marketing, human resources. There are also positions for those with experience in retail and customer-facing roles.

RBS Group has a careers area on their website, displaying each role currently available throughout the UK and across each of their brands. This area includes the application and selection process, with tips and tricks to use during each stage. It also includes an insight into their company culture, and how their employees are supported at work.

Contractors are recruited within IT, finance, risk, change, operations and services. You can search for roles by location, business area and position. It’s also helpful to submit your CV and register your interest in working for RBS by joining their talent community.

If you’re looking for a role in the financial sector, you should consider seeking the support of a specialist recruiter for guidance, this includes CV support and finding vacancies that fit you best.

The RBS Group deal with contractors working through both umbrella and limited companies, but what are the advantages and disadvantages of both structures?

Contracting through an umbrella company

As a contractor, one of your options is to use an umbrella company. This means you will essentially become an employee of the umbrella company. When it comes to being paid, you will submit timesheets to the umbrella company who will invoice the end client for the work that has been completed.

You will receive less than you would working through a limited company, as your income will be subject to Income Tax deductions and National Insurance contributions.

ltd company certificate

Contracting through your own limited company

As a limited company, your take-home pay will be considerably higher. Setting up your own limited company is straightforward, and only takes up a few minutes of your time. Forming your company requires a one-off cost of £125 + VAT, with SJD this includes:

  • Helping to organise a Company Bank Account
  • Registering the Company for VAT and PAYE
  • Advice on the optimum share structure of your Company

Being VAT registered means you can reclaim VAT on purchases that you have been charged VAT on. Most contractors take advantage of the Flat Rate VAT Scheme, which is provided by the government to help simplify taxes. This means that you charge VAT on your invoices but pay back a lower rate.

Once you start contracting through your own limited company, you simply invoice your end client at the end of each job. You then complete a simple spreadsheet each month, which shouldn’t take more than a few minutes of your time each month.

You then need to decide on appointing a contractor accountant that is right for you. SJD Accountancy is the UK’s largest provider of fixed fee, limited company accountancy services to contractors. We offer our clients:

  • Unlimited face to face meetings across the UK – meeting our team face-to-face provides our clients with the reassurance they need to entrust us with their accounting needs
  • Access to their own dedicated accountant – No call centres, no outsourcing, no automated call handling. Simply telephone, email, or arrange a face-to-face meeting.
  • Our Customer Promise – We will respond to any question sent to your accountant or any dedicated department within 24 hours. If we need more time, we will update you as soon as we can. We promise to keep you informed of the progress we are making in answering your question.
  • Outstanding reputation – We have won more awards for customer service and accountancy excellence than any other firm in our market.
A contract on a clipboard with two signatures

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