RBS joins Lloyds and Barclays in only using PAYE contractors

Royal Bank of Scotland is the latest financial institution that has told its contractors it will no longer engage them unless they go on the books.

Earlier this month, Recruiter reported that both Lloyds and Barclays would no longer engage contractors unless they moved onto PAYE (pay as you earn) by the end of February 2020.

According to an internal memo seen by contracting authority ContractorUK, RBS says “all existing contractors” working as limited companies must transfer to either PAYE or an umbrella company by 28 February 2020.

When approached for comment by Recruiter, an RBS spokesperson said: “Like other businesses, we are updating our policies on the use of contractors to make sure we comply with strict new legislative rules.”

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