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Parasol = Thats a lot of deductions!

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    #11
    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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      #12
      I would reckon so
      In Scooter we trust

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        #13
        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
        In Scooter we trust

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          #14
          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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            #15
            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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              #16
              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?
              In Scooter we trust

              Comment


                #17
                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
                In Scooter we trust

                Comment


                  #18
                  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!

                  Comment


                    #19
                    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...?

                    Comment


                      #20
                      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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