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Recent content by Madmax86

  1. M

    Invest in SIPP pension via umbrella company for small fee or do this privately?

    I have requested an illustration from the umbrella based on a £1,000 contribution. Here is a comparison of what the gross/net pay looks like with and without the contribution. There is a higher margin for a plus package with the umbrella hence the difference. Overall, it will cost me £522...
  2. M

    Help understanding Employers NI and salary breakdown.

    Hmmm that is an interesting point. So with my current payslips including the one outlined in my original post, there is the pension contribution at £293.52 with employer's salary sacrifice saving of £26.24. However, I have asked them on another occasion for an illustration of what it would...
  3. M

    Help understanding Employers NI and salary breakdown.

    Yes definitely. I have also done a version where I define the pension as a hard number, not a % and that also works well, specially for scenarios investing a fixed amount into a SIPP. Thanks a lot for your help.
  4. M

    Help understanding Employers NI and salary breakdown.

    This is amazing thank you for clarifying. That did the job, this will be really useful going forwards. I just have one question regarding the way you write your formulas. I'm not too familiar with mathematical equations which is why I struggled understanding your mathematical arguments. I...
  5. M

    Help understanding Employers NI and salary breakdown.

    Adding up those numbers gives me 0.149267. It doesn't explain how you get to 1.179. You have also used 'x' at the start but we do not yet know the value of 'x'. Hence my confusion. Ok I now see how you got to 64.65 as you have now changed the formula to use the Asterix instead of the 'x' which...
  6. M

    Help understanding Employers NI and salary breakdown.

    Thanks a lot for this WTFH this is very helpful indeed. I was with you for the bulk of it but do do you mind elaborating on how you got to the '1.179x' and '64.65' numbers above?
  7. M

    Help understanding Employers NI and salary breakdown.

    Hi all I am trying to understand exactly how my IR35 payslip is broken down and have reached a bit of a stumbling block when it comes to Employers NI. So to help clarify my question, I will use some example figures to illustrate the point... Total income to Umbrella company: £10,400 Umbrella...
  8. M

    Invest in SIPP pension via umbrella company for small fee or do this privately?

    Thanks for those recommendations and the link. Both II and AJ bell are on my Umbrella company's panel so that's good. I did originally consider Vanguard however they aren't on the Umbrella's list of providers so that was out. Your last paragraph is a good suggestion. I already have a payslip...
  9. M

    Invest in SIPP pension via umbrella company for small fee or do this privately?

    Chris that is a very crucial piece of information and to be honest, something I had not considered (maybe because like you say it is rarely ever touched on). Thank you so much for posting it. I absolutely do want the flexibility to increase/decrease my contributions as and when I need to, so...
  10. M

    Invest in SIPP pension via umbrella company for small fee or do this privately?

    Thanks for your response Smartie. I will try and respond to all your points. I intend to pay approx £20k annually into my pension. Yes spot on. I have not yet decided on a SIPP but it's a good point and I will be taking % into account. I have been looking at Hargreaves Lansdown as a...
  11. M

    Invest in SIPP pension via umbrella company for small fee or do this privately?

    Hi all I am currently contracting inside IR35 via an umbrella company (Workwell). I've been auto-enrolled into NEST pensions and currently make the minimum required pension contributions. By the end of the tax year, I am on track to go over the £100k mark so in order to avoid paying more tax...
  12. M

    Invest in SIPP pension via umbrella company for small fee or do this privately?

    Hi all I am currently contracting inside IR35 via an umbrella company (Workwell). I've been auto-enrolled into NEST pensions and currently make the minimum required pension contributions. By the end of the tax year, I am on track to go over the £100k mark so in order to avoid paying more...
  13. M

    Advice needed on car insurance for company car

    Thanks i'll have a read. If I wanted to ignore you I would have stopped reading and responding to this thread.
  14. M

    Advice needed on car insurance for company car

    Doesn't HMRC define temporary as 2 years?
  15. M

    Advice needed on car insurance for company car

    I just use my personal car and no I do not claim mileage
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  1. Contracting
    1. General
      1. Brexit
    2. Business / Contracts
      1. Coronavirus Assistance
    3. Accounting / Legal
      1. Umbrella Companies
      2. HMRC Scheme Enquiries
      3. The Future of Contracting
      4. IR35 Reform
    4. Technical
    5. Welcome / FAQs
  2. Social
    1. Light Relief
    2. Social / Events
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