Yes, we won’t share the information from your disclosure outside of Tide.
An exception to this is when we perform our duty of care, and we consider a member to be in any endangering scenarios. At this point, we may contact emergency services to perform a welfare check.
We’ll securely store your information for the duration of your relationship with Tide, and then for 6 years after an account closure. We’re required to do this to show we’ve adhered to FCA consumer duty responsibilities, and meet our contractual obligations to you.
Then in the next month’s pay run:
‘Admin’ > ‘Payroll’ > select the current pay period and the same employee > ‘Add pay item’ > add the salary advance as a negative value > fill in the ‘Description field, and save.
For example, if the salary advance is £2,000 – you’ll need to add the negative amount of £-2,000.
Note: Salary advances are typically adjusted in the following month's payroll, but can be done at another time, depending on your agreement with the employee.
A salary advance is not a loan – there is no interest charged to the employee. Salary advances are taxed like regular income.
If the salary advance you’ve paid to an employee for a year is more than £10,000, HMRC may consider them as a Benefit in Kind, meaning you’ll need to report this in a P11D form.
