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Last edited by Darren_Test; 2 February 2010, 13:39. -
If they're offering more than the others, something is up IMO. Probably taxman will come after you later. Some of the others aren't great, such as Giant a few years back were automatically allowing expensies for postage of x amount per day, contractors had to call them if they wanted to opt out of doing that. Same for food I think, £5 or whatevef it was automatically claimed each day. Dodgy.......I remember tax man doing a spot check so a friend had to for one week only buy £5 of food a day as evidence she had spent £5 a day for the past year.....Originally posted by Darren_Test View Post -
Here we go again....
Read the small print under the calculator......
"This calculator assumes you take full advantage of our dispensation"
In other words "this calculator assumes that even if you haven't spent anything, you will claim expenses everyday up to the amount you don't need to provide us with receipts for. And if HMRC come knocking then it's not our problem, yah boo sucks to you, we're OK and you're f***ed"
Or am I just being cynical?Comment
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Christ!
They even charge you 3%!!!!!
Bargepole........Comment
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thanks guys...
I was also surprised...
"This calculator assumes you take full advantage of our dispensation"
I gave them my expense claim plan ie how much per month I might spent on fuel/accomodation etc..they come up with a updated figure which was bit less than the calculator amount. But still close to 80%..!!
I am trying to get response from some one who actually using them now.Comment
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You must have lots of exes...
There's no way that any umbrella company can net you any more than another... unless they are doing something dodgy!
Simple as that.
The only thing that will be different is their fee.
When I used a brolly I averaged about 70% and I was doing quite a lot of miles to the gig.Comment
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Originally posted by ilovehr View Post
This is my case as well..also have to be in temp accomodation as well.Comment
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Someone also quite rightly pointed out it is what you take home in your pocket that counts. Spending on expenses just to make the 80% is just a paper excercise making numbers fit.'CUK forum personality of 2011 - Winner - Yes really!!!!
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As others here have said no genuine umbrella company can promise you a level of take home pay. The reason is that all umbrella companies pay via PAYE which means that the tax you pay will be determined by your tax code and your taxable earnings per year i.e. whether you are liable for 40% income tax. National insurance contributions are based on a % of earnings after a universal allowance so this will not vary between umbrella companies. All that is then left to affect your take home pay is the expenses that you incur. If you walk to work and take a packed lunch every day, you will have zero expenses and therefore your take home pay will be around 60% if you are not a higher rate tax payer. If you drive 1000 miles a week between offices and stay away from home 4 nights a week, your earnings percentage will be considerably higher. Even so you will have incurred a cost - petrol, wear and tear on your car, hotel bills etc etc and this will have to be offset against any tax benefit that you may receive from claiming the costs as expenses. If you claim expenses without incurring a cost you are deliberately defrauding HMR&C and they are unlikely to be happy about it.
On a final note - umbrella companies do not have an 'expenses policy' - they can ONLY allow expenses that would be permitted by HMR&C - if they do other wise they are putting their contractors at considerable financial risk
HTHComment
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