I’m confused, can anyone help me with maths

[hobnob]

Given the need to pay HMRC £1500 a month I don't think that's an option once employer NI is deducted.

I had a look at the Contractor Umbrella calculator:
PAYE Umbrella IR35 Calculator | An Award Winning Umbrella Company | Contractor Umbrella

According to that, £550/day = £1561/week or £6588/month (via an umbrella), and £1687/week or £7312/month (via a limited). Those calculations assume that you're working 52 weeks per year, which means the OP would probably be eligible for a tax rebate if they only work 48 weeks per year.

Based on that, I agree with Whorty that an umbrella makes sense.

[eek]

So knock those 4 weeks off (so 8%) and you can see the problem - he will be running very close to what he needs).

The OPs biggest problem (that needs to be fixed) is reducing his expenditure to match his actual income.

[Whorty]

So knock those 4 weeks off (so 8%) and you can see the problem - he will be running very close to what he needs).

The OPs biggest problem (that needs to be fixed) is reducing his expenditure to match his actual income.

Completely agree, but Brolly is simple, and he needs to keep things simple by the looks of it. To get into trouble with HMRC to the tune of £1500 a month is some achievement - getting a 'realiable' easy to understand net income knowing that all tax etc has been paid surely must be good for them?

But yes, they need to reduce their monthly outgoings too as they do seem, on the face of it, to be living well above their means.