Exciting changes are on the horizon for businesses across the UK. With the new tipping legislation set to take effect on October 1, 2024, it’s crucial to prepare for a significant change in how tips are handled. The law mandates that all tips received must be fully distributed to employees, without any deductions for administrative fees or other charges.
Phorest has the solution you need to ensure that you are compliant with the new UK Tipping Laws – PhorestTips.
Here’s how PhorestTips will transform your business:
✅ Ensure 100% Compliance: With PhorestTips, you’ll align with the new legislation, guaranteeing fair distribution of tips directly to your staff.
💰 Tips Go Directly to Staff Bank Accounts: Say goodbye to the hassle of managing cash tips or calculating how much in tips each staff member is owed. Tips flow directly into staff bank accounts, streamlining the process for everyone involved.
🏖️ Boost Staff Retention: Prepare to see a 25% increase in tips for your staff. Our research shows that this boost will likely be spent on holidays, mortgage repayments, and everyday expenses, enhancing staff happiness and satisfaction.
💸Save on Taxes: Implementing PhorestTips means you’ll also benefit from savings on Employer & Employee National Insurance Tax. Discover your potential savings by visiting our calculator HERE (just scroll to the bottom of the page!).
Your team can follow these 5 steps to get set up – it only takes 3 minutes:
- Download and Login to PhorestGo 2.0: Every team member should download the PhorestGo 2.0 app and log in with their Phorest details. Make sure the app is updated.
- Access PhorestTips: Once logged in, staff will need to go to the PhorestTips section in PhorestGo 2.0. This is where they will need to add their details so that they can receive tip payments directly.
- Enter Personal Information: Each staff member must enter their name, birth date, and address, and upload ID for identity verification.
- Create a Stripe Account: Staff will then need to follow the instructions to set up and verify a Stripe account for handling payments.
- Ready for Tips: Once Stripe is set up, your team will be all set to receive tips straight to their bank accounts! 💰
*Please Note: You will need to restart Phorest to the latest version to ensure that PhorestTips works for you.
For more information on getting set up, please see our support article HERE.
