Exchequer

What Exchequer does

Exchequer Contracts Ltd. is a UK-based, owner-managed payroll company headquartered in Chester, Cheshire, operating for over 20 years with a team of 40 employees. The company delivers four distinct service lines: Umbrella employment for contractors, CIS (Construction Industry Scheme) payroll for construction subcontractors, PEO (Professional Employer Organisation) services for recruitment agencies, and SME Accounting using QuickBooks cloud software. Exchequer serves recruitment agencies and individual contractors throughout the United Kingdom, with particular depth in the construction and engineering verticals, and positions compliance and customer service as primary differentiators. The company holds Professional Passport accreditation for PEO and CIS Gross Status, and achieved SafeRec certification in January 2026 enabling independent real-time auditing of every payslip for PAYE and National Insurance compliance with HMRC rules.

The underlying technology is a cloud-based payroll platform supporting online contractor registration (approximately five minutes), contractor portals for timesheet submission and payslip access, and QuickBooks integration for SME accounting workflows. The company also partners with Nest for pension auto-enrolment and with specialist accountants to provide Making Tax Digital-compatible software to CIS subcontractors ahead of the April 2026 compliance deadline. Distribution is direct: dedicated account managers are assigned to each recruitment agency client, supported by an Agency Charter, and contractors can self-register online. Marketing is content-led through a blog and resources section covering IR35, Joint and Several Liability, and regulatory changes, with LinkedIn presence as the primary social channel.

Revenue is generated through weekly margin-based pricing across service lines: Umbrella margins start at £10 per contractor per week with a 0.5% apprenticeship levy on PAYE and optional £4/week public liability insurance; PEO services invoice agencies for the contractor's pay plus an agreed percentage mark-up covering employer costs without a separate worker margin; CIS services offer flexible volume-based invoice discount programmes; and SME Accounting is priced as professional services. As a privately held, bootstrapped company with no external shareholders or disclosed funding rounds, Exchequer operates as a focused mid-market UK payroll specialist with no disclosed revenue or contractor volume figures.

Name

Exchequer

Legal name

Exchequer Contracts Ltd.

Website

https://exchequercontracts.co.uk

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Exchequer Contracts is a UK-based, owner-managed payroll company in Chester with 40 employees, specialising in Umbrella, CIS, and PEO payroll services for recruitment agencies and contractors, plus SME accounting via QuickBooks. The firm holds Professional Passport accreditation and SafeRec certification.

Ownership category

akta.pro rank

Product category

Contractor Payroll Services

NAICS

Payroll Services (541214), Professional Employer Organizations (561330), Professional Employer Organizations (56133), Accounting, Tax Preparation, Bookkeeping, and Payroll Services (5412)

SIC

Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Employer Payroll Processing (SMB & Enterprise) (FSAMAKAA)

Keywords

• Contractor payroll services
• Umbrella employment services
• CIS payroll solutions
• Professional employer organization
• Recruitment agency payroll

Headquarters

HQ city

Chester

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Umbrella Payroll Services: Exchequer earns revenue through weekly margins retained from umbrella contractor payroll. Margins start from £10 per week per contractor, covering administrative services. Additional charges include 0.5% apprenticeship levy on PAYE and £4 per week for public liability insurance if contractor lacks their own coverage.
2. PEO Services: Under the PEO model, Exchequer invoices agencies for the contractor's pay plus an agreed percentage mark-up covering all employer costs including ERNI, pension, and apprenticeship levy. No separate margin is charged to the worker.
3. SME Accounting Services: Accountancy services for SMEs including management accounts, bookkeeping, VAT returns, payroll, annual accounts, and self-assessment tax returns. Services are priced flexibly to match business needs, from full finance function to simple yearly tax return.
4. CIS Payroll Services: CIS (Construction Industry Scheme) services for construction subcontractors. Revenue comes from margin retained on CIS tax deductions, with flexible volume-based invoice discount programmes available.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Exchequer is a UK payroll company that provides Umbrella employment, CIS (Construction Industry Scheme), and PEO (Professional Employer Organisation) services to recruitment agencies and individual contractors, acting as the employer of record to handle PAYE, National Insurance, pensions, right-to-work checks, and statutory compliance. The company also offers SME accounting and taxation services using QuickBooks. It is distinguished by Professional Passport accreditation, SafeRec real-time payslip auditing, and an owner-managed structure with no external shareholders.

Product overview

Exchequer is a payroll company offering four distinct service lines: Umbrella (employment and payroll for contractors), CIS (Construction Industry Scheme payroll for construction workers), PEO (Professional Employer Organisation services for agencies), and SME Accounting (cloud-based accounting services using QuickBooks). The company specializes in compliant payroll solutions for contractors and recruitment agencies throughout the UK, with a focus on the construction industry.

Differentiator

Problem solved

Functional benefit

Products and services

• Umbrella Umbrella employment service in which Exchequer acts as the employer for contractors, handling PAYE, NIC, pensions, right-to-work checks, insurance, and statutory payments. Contractors retain employment benefits such as holiday pay, sick leave, and maternity/paternity rights while preserving contractor flexibility. Margins start from £10 per week per contractor.
• CIS (Construction Industry Scheme) Specialist payroll service for construction industry subcontractors operating under HMRC's Construction Industry Scheme, providing CIS registration, compliant payroll processing, public liability insurance, and weekly payment advice. Volume-based invoice discount programmes are available for agency partners.
• Exchequer PEO (Professional Employer Organisation) Employment intermediary service in which Exchequer employs the contractor and invoices the agency separately for wages and an agreed percentage mark-up covering employer costs (ERNI, pension, apprenticeship levy). Workers receive a fixed hourly rate, a simple payslip, and no margin is retained by Exchequer from the worker.
• SME Accounting Accounting and taxation services for UK small and medium-sized businesses, delivered using QuickBooks cloud-based software. Services include management accounts, bookkeeping, VAT returns, payroll, annual accounts, and self-assessment tax returns, with flexible pricing matched to business needs.

Quantifiable outcome

• 99% of payments hit worker accounts at 6am on Friday
• +2 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered core and minor.

• SafeReccoreTechnology or Integration · 1 January 2026SafeRec provides independent, real-time auditing of every payslip produced by Exchequer. Each payslip is checked as it is generated to confirm full PAYE and National Insurance compliance with HMRC rules. Certification helps prevent disguised remuneration and unauthorised deductions.
• Lighthouse Construction Industry CharityminorOthersExchequer is committed to supporting the construction industry through partnership with the Lighthouse Charity, the only organisation dedicated to providing emotional, physical, and financial wellbeing support to construction workers and their families.
• NestcoreTechnology or IntegrationNest (National Employment Savings Trust) is Exchequer's pension provider for umbrella contractors. Nest was set up by the Government to make auto-enrolment simple. All umbrella employees earning over £10,000 annually are auto-enrolled. Nest is open 8am-8pm Monday to Sunday.
• Professional PassportcoreTechnology or IntegrationProfessional Passport provides independent accreditation for umbrella, PEO, and CIS payroll services. Exchequer holds Professional Passport accreditation for PEO and CIS Gross Status, providing assurance of compliance with all legal obligations.
• Entyce CreativecoreGTM or Marketing PartnerEntyce Creative is Exchequer's long-term marketing partner (over a decade) responsible for brand refresh, website development, and marketing support. They understand Exchequer's business and brand personality, having led the 2025 brand identity refresh.
• Specialist Accountants (MTD Partners)minorImplementation/ SI/ Consulting PartnerExchequer has partnerships with specialist accountants who know CIS inside out. These partners help set up CIS subcontractors with MTD-compatible software for Making Tax Digital compliance from April 2026.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Giant Pay: UK umbrella company providing PAYE umbrella employment to contractors and serving recruitment agencies. Operates in the same Umbrella/PEO space with similar contractor compliance focus.
• Orange Genie: UK umbrella, CIS, and contractor accountancy provider serving recruitment agencies and contractors. Overlapping service lines with Exchequer across Umbrella, CIS, and SME accounting.
• SJD Accountancy: UK accountancy and umbrella services firm specialising in contractor tax and payroll. Comparable to Exchequer across Umbrella, CIS, and contractor-facing accountancy services.
• Parasol Group: One of the largest UK umbrella and accountancy services for contractors, offering Umbrella, limited company, and CIS payroll solutions. Direct competitor to Exchequer in the same contractor-payroll category with similar recruitment-agency channel.
• Crystal Umbrella: UK Umbrella and contractor payroll provider with a comparable agency channel and focus on compliant PAYE/NIC processing. Direct competitor in the same contractor-payroll category.
• Brookson Group: UK provider of umbrella, limited company, and accountancy services to contractors and recruitment agencies. Highly comparable to Exchequer across Umbrella, CIS, and contractor accountancy lines.
• Clearsky Business Solutions: UK Umbrella and CIS payroll provider operating with recruitment agency partners. Direct competitor to Exchequer in the same Umbrella and CIS service categories.
• Nixonhill: UK Umbrella, CIS, and Limited Company services for contractors and agencies. Comparable service mix and customer segments, including construction-focused CIS offerings.
• PayStream My Maxxia: UK umbrella and contractor payroll provider serving recruitment agencies and contractors with similar Umbrella and CIS offerings. Comparable customer base and product mix to Exchequer.
• Dolan Accountancy Group: UK accountancy and umbrella services firm supporting contractors and recruitment agencies with Umbrella, CIS, and personal accountancy. Comparable customer base and service mix.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/exchequer-contracts

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Exchequer