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As the homeworking allowance increased from £4 to £6 per week (effective from April) how much you claim for a company year that ends this month, for example? 44 weeks at £4 and 8 weeks at £6?
Also, it used to be £4 per week or £18 per month so my accountant posted £216 (12*£18) instead of £208...
Thanks Lucy. So earnings are annualised before calculating employers' NI? It's not as simple as 13.8% of £10,000 less £719 allowance and any other deductions (not sure if there any)? I'm just curious how the Clarity calculator comes up with a figure of £1,108.64 from £10,000 gross monthly pay...
Is Employers' NI calculated differently for an umbrella over the usual method of 0% to ST and then 13.8% over and above? The calculator on the Clarity website for £10,000 of monthly income is £1,108.64 but on Listentotaxman is £1,280.73 using 1250L M1 tax code. Thanks!
Think the off-payroll working rule changes likely coming in April will affect how lenders assess contractors for mortgages?
Or to put it another way, should contractors looking to apply for a mortgage soon mention that from April they might not be working the same way they do now?
If ER was to be raised or abolished, to be eligible for the 10% rate the remaining company funds would need to be paid to shareholders before April 6th, correct?
So if contractors were planning to work until the end of Feb, then await the invoice being paid the end of March, then there's no...