Umbrella Caculation

[Rialto99]

Cheers ASB = you're a star. Where do I send the £2.50?

[LisaContractorUmbrella]

OK guys, I think I'm kind of there now. I've just copied this from the contractorumbrella website calculator. Looks like they refer to their charges (£19.95) as "Fees":-

I typed in £1,000 weekly income and £100 expenses

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Employers NI 89.98
Employees NI 61.73
Employee Tax 157.05
Total All Tax 308.76
Fees 19.95
Total Net Income 671.29

Our online calculator uses the standard tax code for 2006/07 - 503L and assumes that you fall inside of IR35.

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Perhaps Lisa or Simon could confirm that the calculation is in fact:-

Income £1,000
LESS Expenses £100
LESS Fees £19.95
= £880.05

Employer's National Insurance on £880.05 = £89.98

Difference after Employer's National Insurance = £780.16

Employee's National Insurance and Income Tax on £780.16:-

Employee's National Insurance £61.73
Employee's Income Tax £157.05

Net Salary = Salary + Expenses £671.29


I'm pretty much done with this calculation, a simple yes or no and the £5 is mine!

Cheers

Hi Rialto99 - the calculation is correct based on the figures that you input to the website.