Originally posted by Agent
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How was my day rate calculated??
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Originally posted by Agent View PostGet 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
What gets people upset is when people have done no reading whatsoever. Or if they answer a question based on given facts. And those given facts then mutate as the thread goes on.Comment
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Originally posted by Agent View PostGet 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
Some people simply can't be helped, sadly.Blog? What blog...?Comment
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Originally posted by Talent Tom View PostSo, I'm about to start with with a public sector organisation.
Private sector I'd charge £525pd, which was agreed.
For background - I'm VAT registered, pay 16.5% corp tax.
I know they have to deduct tax & NI 'at source', but the figure they've said they'll pay me is £463.11pd.
Does anyone have any idea how that's been calculated?!
And will I be liable for any other taxes after it's paid (income, corporate, etc)?
£463.11*5*52=£120408.60 "salary"
plug that into Employer NIC Calculator - Good Calculators gives £15489.67 employers NI due
and apprenticeship levy of 0.5% on salary = £602.04
£120408.60 + £15489.67 + £602.04= £136500.31
so it's costing them £135898.27 /52 /5 = £525.00 per day to pay you £463.11Comment
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Originally posted by Agent View PostGet 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 buddyThe Chunt of Chunts.Comment
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Originally posted by Talent Tom View PostSo, I'm about to start with with a public sector organisation.
Private sector I'd charge £525pd, which was agreed.
For background - I'm VAT registered, pay 16.5% corp tax.
I know they have to deduct tax & NI 'at source', but the figure they've said they'll pay me is £463.11pd.
Weekly
Company Income 2625.00
Employment Taxes 307.21
Employee's NI 113.77
Employee Tax 791.08
Total All Tax 1,212.06
CU Margin 29.50
Total Net Income 1,383.44
They will be deducting the Employment Taxes (ie Employers NI and Apprenticeship Levy) and they should be taking the Employees NI and PAYE tax, so what is paid to your Ltd company can be taken with all taxes accounted for.
Removing the Employment taxes from your contract rate and excluding our umbrella margin, your day rate which is subject to Employees NI and PAYE tax is around £463.00 (as they suggest).
HTHComment
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Originally posted by malvolio View PostMake that three worked examples....Comment
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Originally posted by MrMarkyMark View PostCompared to the staggering value you provide here yourself, you meanComment
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Originally posted by Agent View PostYou didn't get the irony in my post did you..The Chunt of Chunts.Comment
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