Take Home Pay of 85%+

[Clare@InTouch]

Surely there aren't many options when going through an umbrella?

Oops, assumed Limited!

Umbrella companies sometimes include mileage repayments in their calculation when they show your percentage take home, that can skew any comparison that's being made between companies.

[Jeebo72]

Good Afternoon All,

I am currently a contractor for an IT Company and through an umbrella company I am receiving an income at around 63% only.

Recently a few companies I have come across that state a minimum of 84% take home rate and its completely legit.

I am relatively new to contracting, so any advise/recommendation on which companies are in the safe zone and can guarantee a take home rate of 85%+ would be really useful.

Thank You

Why stop at 85, I just googled and found two offering 87 and one offering 90. Just hit "feeling lucky" and take the first one offered. Job done. Enjoy your hard earned.

[TheFaQQer]

Maybe the OP's applys his complete lack of attention to his finances as he does to where he posts.

At least his made grammatical sense

Muphry's law strikes again

[mobad]

It depends what your income is, what the expenses are and how you're withdrawing the money.

We'd need more information in order to make a judgement or recommendations.

I am on around £200 a day and expenses of around 200-250 a week.

When you say withdrawing the money, how do you exactly mean?

[MrRobin]

I am on around £200 a day and expenses of around 200-250 a week.

When you say withdrawing the money, how do you exactly mean?

Clare assumed you were using a ltd company, not an umbrella. There is only one way to 'withdraw' money using an umbrella and 60% - 65% take home is normal. Anyone offering more than that needs a very wide berth IMHO.

If you want to take home more than 60% - 65%, then start up a limited company and contract through that.

[northernladuk]

At least his made grammatical sense

Muphry's law strikes again

It is because my brain works faster than my fingers. I believe Einstein had the same problem.

Am guessing this is going to be another case of the OP picking the responses he likes best and ignores all the others.

[fullyautomatix]

If its completely legit and it allows you to take home 85%+, you must be mad to even tell us about it. Keep this information to yourself and pile in. I have been paying just 2% taxes for a number of years and there has been no problems.

[psychocandy]

Still never understand why anyone goes brolly route?

OK. Limited is more hassle but surely even if you're just contracting short term the benefits outweigh the hassle?

[northernladuk]

Still never understand why anyone goes brolly route?

OK. Limited is more hassle but surely even if you're just contracting short term the benefits outweigh the hassle?

One day young padawan you may actually post something useful.... but not today....

[TheFaQQer]

Still never understand why anyone goes brolly route?

OK. Limited is more hassle but surely even if you're just contracting short term the benefits outweigh the hassle?

Not everyone wants to run a business. And some contracts are genuinely caught by IR35.

NickFitz uses an umbrella for those reasons, I believe.