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How was my day rate calculated??

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    #11
    Originally posted by mudskipper View Post
    Or he made a typo
    Doubt it Look at today's earlier post...
    Blog? What blog...?

    Comment


      #12
      Originally posted by Talent Tom View Post
      Nah, I only included Corp Tax just so you could get an idea of what my take-home would be.
      When I agreed £525 day rate, I don't want to be out of pocket in take-home. I thought it might aid the calculations!

      I have asked the client to clarify (and I've asked the same question of my accountant) but I'm trying to pre-empt any issues. I've never been subject to IR35 before and have no idea how it's calculated.

      It's really baffling me how they arrived at that figure.
      Have you tried finding and online calculator that breaks it down for you. There is one on the contractor umbrella we site.

      In fact, in case you struggle with that as well it's here. Take a bit off the CU fee and it comes out on the nose.

      https://www.contractorumbrella.com/take_home_pay.html_0

      This stuff isn't hard you know.
      Last edited by administrator; 17 September 2018, 09:06.
      'CUK forum personality of 2011 - Winner - Yes really!!!!

      Comment


        #13
        Jesus christ guys - that's why I came here for help!
        I didn't claim to be an expert.

        No need to be so snide, eh?

        I appreciate any genuine help, though.

        Comment


          #14
          Originally posted by Talent Tom View Post
          Jesus christ guys - that's why I came here for help!
          I didn't claim to be an expert.

          No need to be so snide, eh?

          I appreciate any genuine help, though.
          Actually, it is help. And you have had a worked example as an answer. However since you haven't answered our rather more obvious clarifying questions, it is difficult to be any more precise.

          It's not necessarily a personal attack on you, but to be brutally frank, the reason we have a lot of problems with the government not recognising our value is because too many contractors CBA to learn the basics of their trade and outsource the decision making to their accountant and let the money roll in. It is not that difficult to find out how basic taxation works and what the impact of IR35 is vs a non-IR35 contract in terms of income, as has already been demonstrated. Your original question is one you should mostly be able to answer by yourself. We understand you don't know the answer, which is why you asked, but my counter-argument is that as a presumably experienced contractor, why don't you know the answer?

          HTH...
          Blog? What blog...?

          Comment


            #15
            Originally posted by malvolio View Post
            Actually, it is help. And you have had a worked example as an answer. However since you haven't answered our rather more obvious clarifying questions, it is difficult to be any more precise.

            It's not necessarily a personal attack on you, but to be brutally frank, the reason we have a lot of problems with the government not recognising our value is because too many contractors CBA to learn the basics of their trade and outsource the decision making to their accountant and let the money roll in. It is not that difficult to find out how basic taxation works and what the impact of IR35 is vs a non-IR35 contract in terms of income, as has already been demonstrated. Your original question is one you should mostly be able to answer by yourself. We understand you don't know the answer, which is why you asked, but my counter-argument is that as a presumably experienced contractor, why don't you know the answer?

            HTH...
            Why don't I know the answer?!?!

            Well, my original post suggested I've never been subject to IR35 before.
            And who are you to tell me that I can't be ar$ed to learn my trade? I'm an organisational and leadership development consultant. I'm very good at it.
            But I don't understand tax. I am rubbish with all that sort of thing. It confuses me. That's why I appointed an accountant and that's why I came here for some help!!

            There's no need to belittle and ridicule those who don't know as much as you.
            I'm sorry I even bothered!

            Comment


              #16
              Originally posted by Talent Tom View Post
              Why don't I know the answer?!?!

              Well, my original post suggested I've never been subject to IR35 before.
              And who are you to tell me that I can't be ar$ed to learn my trade? I'm an organisational and leadership development consultant. I'm very good at it.
              But I don't understand tax. I am rubbish with all that sort of thing. It confuses me. That's why I appointed an accountant and that's why I came here for some help!!

              There's no need to belittle and ridicule those who don't know as much as you.
              I'm sorry I even bothered!
              Don't worry about him it's a common trait from some on here.

              The reason your question is difficult is that the answer is personal dependent on the expenses you would claim for this contract and how much you want / can put in a pension.
              merely at clientco for the entertainment

              Comment


                #17
                Originally posted by eek View Post
                Don't worry about him it's a common trait from some on here.

                The reason your question is difficult is that the answer is personal dependent on the expenses you would claim for this contract and how much you want / can put in a pension.
                Thank you!

                I don't know about what expenses can be claimed - so I'll do a bit more research.

                Comment


                  #18
                  Originally posted by Talent Tom View Post
                  Thank you!

                  I don't know about what expenses can be claimed - so I'll do a bit more research.
                  That's easy. No travel, accommodation or subsistence costs if you are inside IR35. Normal business costs can still be offset against CT of course.
                  Blog? What blog...?

                  Comment


                    #19
                    Originally posted by Talent Tom View Post
                    Thank you!

                    I don't know about what expenses can be claimed - so I'll do a bit more research.
                    There is an entire section of the forum dedicated to being inside IR35.
                    'CUK forum personality of 2011 - Winner - Yes really!!!!

                    Comment


                      #20
                      Get used to these kind of answers Tom, very few helpful people on these forums...

                      Most just say ask your accountant or google it...my advice is ask your accountant and before you do, give it a quick google.

                      Good luck buddy

                      Comment

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