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Recent content by biton
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pay frequency decision
Hi, I work with an umbrella company and my agency gave me an option to get paid weekly, fortnightly or monthly. Now it makes very little difference to me but is there a difference between the three tax wise? Will one option be more beneficial from a take-home perspective? Thanks- biton
- Thread
- Replies: 7
- Forum: Accounting / Legal
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Parasol Payslip question
Indeed you have :) How did you get the overpayment back? Is it a significant difference? -
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Parasol Payslip question
Yes, that seems to be the majority's opinion here. As a newbie in this contracting world, I don't trust myself enough to dispute this advice. But it sure is annoying to see half your salary taken away by the evil tax-man. :mad -
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Parasol Payslip question
That was short and clear :) Any specific reason? Ok, I just found out that I was on emergency tax code with Parasol. My real tax code should be 522L (as was with my previous permie job). How different will it be (net pay wise, of course) switching the tax code? I'd be happy with 60% take home... -
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Parasol Payslip question
Well, 50% tax is way too steep for my taste. According to the guide I read, all I need to do is fill some timesheets and make my accountant aware of any communication with the HMRC. I'm not trying to break the law, just to take advantage of the holes in it as most contractors do (if we're... -
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Parasol Payslip question
Thanks for the advice. To be honest, I'm not sure i'll be contracting after this current 6 months contract so the objective is to max my earnings during that time. I read the guide from SJD and it seems they'll do all that for me. I admit i know very little about running a business but I'm... -
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Parasol Payslip question
I understand that but isn't paying less tax the reason why people choose the ltd option? Anything specific I should watch out for? -
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Parasol Payslip question
How long it should take me to set up everything with my own ltd using SJD? Is it safe to say a couple of days? -
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Parasol Payslip question
Nope. It doesn't state anywhere in the payslip what is my tax code. Could this be the difference? I was expecting 60% take home and not 50% -
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Parasol Payslip question
This is definitely Not what I wanted to hear. With this hidden tax I now pay roughly 50% tax. This is madness!! I'll examine the option of own ltd straight away. I hope my agency will allow this switch in the middle of a contract. -
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Parasol Payslip question
Hmm...well, in that case, can I set myself as Parasol Employee to avoid that tax? -
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Parasol Payslip question
Hello all, First post so excuse me for being a newbie :) I just started my first contract and currently working with Parasol. I got my first payslip today and noticed something I don't understand that have a direct effect on my take-home sum. The taxable pay part was 12% lower than what was...
