Parasol = Thats a lot of deductions!
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  1. #11

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    Quote Originally Posted by AnnaO View Post
    Cheers Wary, there is a 24 quid difference. I will ask parasol once they have replied to the mystery deduction!
    Thats pretty much what I calculated the employment costs to be on the other thread. This means their margin is 51.50. Does that make them the most expensive umbrella company in the U.K.

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    I would reckon so

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    Total Pay = 4,250
    Expenses = 1330
    Umbrella Margin = 119.50
    Employment Costs = 429
    Employee NI = 211
    Tax = 224

    Total net pay = 3,264

    Both the umbrella margin and employment costs were deducted before the tax and NI from what I can see

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    Quote Originally Posted by The Spartan View Post
    Total Pay = 4,250
    Expenses = 1330
    Umbrella Margin = 119.50
    Employment Costs = 429
    Employee NI = 211
    Tax = 224

    Total net pay = 3,264

    Both the umbrella margin and employment costs were deducted before the tax and NI from what I can see
    They would be, since these are expenses and hence reclaimable. Rather than pay them out and reclaim the non-BIK via the P11D at year end, the umbrellas simply deduct them from the gross before tax. It's one of the ways they make you think you're getting something for nothing.
    Blog? What blog...?

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    Quote Originally Posted by The Spartan View Post
    Total Pay = 4,250
    Expenses = 1330
    Umbrella Margin = 119.50
    Employment Costs = 429
    Employee NI = 211
    Tax = 224

    Total net pay = 3,264

    Both the umbrella margin and employment costs were deducted before the tax and NI from what I can see
    From these figures, I calculate your Employers NI as approx 268. Even if the Employment Costs include their 119.50, this is still less than the 429 you quote!

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    Quote Originally Posted by malvolio View Post
    They would be, since these are expenses and hence reclaimable. Rather than pay them out and reclaim the non-BIK via the P11D at year end, the umbrellas simply deduct them from the gross before tax. It's one of the ways they make you think you're getting something for nothing.
    Understood by how is it my tax is 224 when on other calculators it should be 387?

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    Quote Originally Posted by Wary View Post
    From these figures, I calculate your Employers NI as approx 268. Even if the Employment Costs include their 119.50, this is still less than the 429 you quote!
    It's really odd the payslip is a puzzle of numbers and their margin is taken out with the employment costs and they're not combined so it's 4250 - 429 + 119 = 3702

    From this 3702 the rest is then taken like tax, NI, expenses etc

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    Quote Originally Posted by The Spartan View Post
    It's really odd the payslip is a puzzle of numbers and their margin is taken out with the employment costs and they're not combined so it's 4250 - 429 + 119 = 3702

    From this 3702 the rest is then taken like tax, NI, expenses etc
    If they're deducting 119.50 IN ADDITION to the 429 employment costs, then it sounds like they really are shafting you mate!

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    Quote Originally Posted by Wary View Post
    If they're deducting 119.50 IN ADDITION to the 429 employment costs, then it sounds like they really are shafting you mate!
    What I don't get is why someone on 850 a day is using an umbrella and worrying over the odd hundred quid when they're paying around 2k extra tax a month.... Still, to each their own, I suppose.
    Blog? What blog...?

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    Quote Originally Posted by Wary View Post
    If they're deducting 119.50 IN ADDITION to the 429 employment costs, then it sounds like they really are shafting you mate!
    yep, we're being shafted

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