Umbrella Calculator

[Great Parks]

I've looked at the brolly calculator in this site but it doesn't server my purposes.

I think what I need is a salary scarifice calculator.

So what I want to do is say I get £xk gross income per month, I want £yk net in pocket (probs just up to the upper threshold) and the rest to go ino my company pension.

Does such a thing exists?

[eek]

I have to ask what the day rate is as once you are above £95k a year or so it won't make any difference.

But as it's a niche item you are going to have to do some of the work yourself but I would personally use Clarity's calculator which allows you to enter a monthly figure - which could be the post pension deduction figure.

Doing that tells me that £4800 a month generates a figure that looks like £50k of income. So you probably want everything above that going into your pension scheme.

[Great Parks]

I have to ask what the day rate is as once you are above £95k a year or so it won't make any difference.

But as it's a niche item you are going to have to do some of the work yourself but I would personally use Clarity's calculator which allows you to enter a monthly figure - which could be the post pension deduction figure.

Doing that tells me that £4800 a month generates a figure that looks like £50k of income. So you probably want everything above that going into your pension scheme.

Ah yes, thank you. Just what I was looking for. Now to find an Umbrella that does salary sacrifice that is ALSO on my agency's approved umbrella list

[eek]

Ah yes, thank you. Just what I was looking for. Now to find an Umbrella that does salary sacrifice to your SIPP's pension provider that is ALSO on my agency's approved umbrella list

I've fixed that for you - as some umbrella companies will only allow you to use their scheme and one was charging £700 for the privilege.

The % kickback that umbrella makes from that fee is for others to guess but I suspect it's a very large percentage.

[Great Parks]

I've fixed that for you - as some umbrella companies will only allow you to use their scheme and one was charging £700 for the privilege.

The % kickback that umbrella makes from that fee is for others to guess but I suspect it's a very large percentage.

I don't have a SIPP - I'm with Transact set up via Wealth Matters as recommended by IPSE years ago. Also the only brolly doing salary sacrifice on my agency's approved list is Orange Genie (and I'm waiting for a call back to discuss details).

Are you saying this could end up in a scenario where I'm going to end up with loads of different pots all over the place? The nature of my work is such that I do a lot of short term contracts via different agencies with potentially different approved brollies.

Seems even more important to be securing outside IR35 roles if this is the case as it doesn't appear to be cut and dry.

[eek]

I don't have a SIPP - I'm with Transact set up via Wealth Matters as recommended by IPSE years ago. Also the only brolly doing salary sacrifice on my agency's approved list is Orange Genie (and I'm waiting for a call back to discuss details).

Are you saying this could end up in a scenario where I'm going to end up with loads of different pots all over the place? The nature of my work is such that I do a lot of short term contracts via different agencies with potentially different approved brollies.

Seems even more important to be securing outside IR35 roles if this is the case as it doesn't appear to be cut and dry.

No it means that the umbrella industry needs to be modernised in a way that ensures agencies have a means of trusting that an umbrella is trustworthy and not dodgy.

[Great Parks]

Ok, so it seems Orange Genie do salary sacrifice into the pension scheme of your choice.

The only caveat is that it has to be a fixed amount rather than a percentage and as this is done on a monthly basis you have to mak sure there is enough left to pay the minimum salary after the pesnion contribution has been deducted. Otherwise they won't make the contribution and you get PAYE on the full amount.

I guess there are implications there for days off etc and leaving some margin to account for them.