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Ah, yes, I thought that might be it.
Remember that the employer NI portion isn't subject to the other taxes, so from those figures you get (13.8+12+20)/(100+13.8)=40.25
Debatable how to account for apprenticeship levy.
Does tax code affect what salary is most tax efficient?
I'm guessing it doesn't, but I'm not sure.
I have a lower tax code than usual so that HMRC can collect some higher rate tax on investment dividends via it. Possibly this is a bit pointless now I am a contractor, but that's the situation...
I have been using an umbrella company on a contract via an agency with a public sector client at 400pd for over a year. I used an umbrella because I was worried about IR35 and because I wasn't sure contracting was for me.
The end client has offered me a renewal (the end of the current contract...