Reply to: Parasol Do Not Pay Me The Correct Amount

[dmini]

Just a thought, but if you use an umbrella you do actually receive over 87% of your money - so long as you consider the GROSS payment position
The 13% goes in employers NIC contributions.
Generally gross salary is taken on permie roles as including all other bits of tax. so give or take allowances (which I cannot be bothered to calculate)
For each £1000 you get on contract, £130 is taken off as employers NIC contributions. The remaining £870 is paid to you. unfortunately, Hector takes his cut, before you get it, but, for any benefit, or inland revenue purposes, your earnings were £870.
And yes I know there is a £100/week NIC free allowance, I just couldn't be bothered to do the sums!

[Jay54]

Whether right or wrong about the assumption, I've never heard such an absurd claim, ie that you are 'owed' money as a result of a 'tax-free' claim. Obviously not keeping up with the legislation or even reading the posts on CUK. Not all familiar with contracting, are we from the former colonies by any chance ?

how can you claim something that you earned and call it an expense?

[CaribbeanPirate]

I know a simple way of keeping 100% of your dosh.

For £100 I'll tell you.

[Asterix]

Whatever next ?

Whether right or wrong about the assumption, I've never heard such an absurd claim, ie that you are 'owed' money as a result of a 'tax-free' claim. Obviously not keeping up with the legislation or even reading the posts on CUK. Not all familiar with contracting, are we from the former colonies by any chance ?

[Epiphone]

But failed to find it ... ... come on you asked for that one!!

Never said it was useful for anything. Passes the time when I get confused and try w4nk off a pube though

[boredsenseless]

Bah. I don't make enoughto pay 40% tax so stop boasting. But Parasol very probably didn't promise 87%. If you have the original email that states this read it to them over the phone and ask them to explain their accounting.

Prosperity4 tried to touch my willy.

But failed to find it ... ... come on you asked for that one!!

[Epiphone]

Bah. I don't make enoughto pay 40% tax so stop boasting. But Parasol very probably didn't promise 87%. If you have the original email that states this read it to them over the phone and ask them to explain their accounting.

Prosperity4 tried to touch my willy.

[Mordac]

I take it that some of the people replying to my thread work or are involved with Parasol.Yeah, run a check on my i.p..what good would that do..im in london. anyway, the fact of the matter is that i was quoted at 87%(so i to assume that they were quoting me incorrectly???). its a big difference and maby others should learn from it...it seems like i would have been better getting a permanent role as apposed to contract(another contractor said that i wasnt getting the incorrect % after expenses). watch out for parsol..they lie!!

I have used Parasol in the past and I know they don't make the claims you are suggesting. You Sir, are a troll or an idiot. Perhaps even a bit of both.

[ratewhore]

marvellous - the stupidity of some people amazes me...

[boredsenseless]

I take it that some of the people replying to my thread work or are involved with Parasol.Yeah, run a check on my i.p..what good would that do..im in london. anyway, the fact of the matter is that i was quoted at 87%(so i to assume that they were quoting me incorrectly???). its a big difference and maby others should learn from it...it seems like i would have been better getting a permanent role as apposed to contract(another contractor said that i wasnt getting the incorrect % after expenses). watch out for parsol..they lie!!

I don't dount that you feel aggrieved, and yes some people do promise the 87% you mention, I have never heard anyone tie that in with Parasol before but whatever...

The single point here is how you ever expected to take home so much when its a well known fact that income tax runs at 40%, it seems unlikely even with the current incompetents that a tax system could be devised that allows this sort of return unless you took dodgy risks!!!

Once again, always remember that "anything that looks too good to be true, usually is" and more importantly the advise you got from Parasol was free and it turns out (if it was true) that is was worth exactly what you paid for it.

If you get promises like this in future get them in writing, if they won't provide them in writing then the promise doesn't exist.

[moc]

I take it that some of the people replying to my thread work or are involved with Parasol.Yeah, run a check on my i.p..what good would that do..im in london. anyway, the fact of the matter is that i was quoted at 87%(so i to assume that they were quoting me incorrectly???). its a big difference and maby others should learn from it...it seems like i would have been better getting a permanent role as apposed to contract(another contractor said that i wasnt getting the incorrect % after expenses). watch out for parsol..they lie!!

[oraclesmith]

Well, I don't do that. I instruct my accountant to do a pay run as and when required, using up my tax allowance on the first run of the year. Divi's are taken in March when I can see how well my company has performed for that year. If you know in advance how much you're going to take in the year, then aren't you really a disguised employee ?

[VectraMan]

Rubbish. Parasol are lucky to pay you 60 per cent of what you make. You get stung the 40% tax immediately you start with them if it looks like your rate equates to higher tax band over the course of the year. That's why I never used them. You will get what's owing at the end of the tax year on income up to the 40% tax threshold you made initially.

Does anybody not do that? Standard practice is to tax you each month assuming you're earning the same for 12 months a year, not wait until you hit a threshold then increase the tax. It's what I do for my salary from my Ltd (of course I don't get close to the 40% bracket with that). Seems to me the disadvantage of paying 40% tax too soon from an umbrella is quite a small one compared to the disadvantage of paying a lot more tax than you need to anyway.

[Denny]

hey all,
I will try to make this quick!i joined parsol it a few month back.i was quoted by the sales guy that i would receive 87% of my gross pay.i kept all the emails from him as reference. I let this build up for a while but have noticed that i have been getting nowhere near the amount that i was quoted after all my expenses were takin into account.

I tried to contract them but to no avail. All i could get through to was there txt support on their website(which is very impersonal).i tried to organise a face tof ace meeting but they do not give this support. they really are no help and i feel that i am being ripped off big time. As far as i can see from my calculations i am owed nearly £2000...but i can do noting about it.

Does anybody kniw who i could go to to get help(free if possible). they really are terrible. i would advise noone to go with them. they support is crap, you cant get through to their support people and payments have been delayed the odd time.

Please Help me please!!!!!!!

Rubbish. Parasol are lucky to pay you 60 per cent of what you make. You get stung the 40% tax immediately you start with them if it looks like your rate equates to higher tax band over the course of the year. That's why I never used them. You will get what's owing at the end of the tax year on income up to the 40% tax threshold you made initially. Personally, that sort of arrangement put me off. I wanted to pay the correct band from the start moving up incrementally as I made more from my contract.

There's no way they would ever offer 87% of your income. Only an EBT offshore schene would offer something like that - and they're not recommended.

It's not that they're giving you a bad deal or ripped you off, it's just that they've managed your expectations very badly indeed, leaving you disappointed and angry.

[BillHicksRIP]

hey all,
I will try to make this quick!i joined parsol it a few month back.i was quoted by the sales guy that i would receive 87% of my gross pay.i kept all the emails from him as reference. I let this build up for a while but have noticed that i have been getting nowhere near the amount that i was quoted after all my expenses were takin into account.

I tried to contract them but to no avail. All i could get through to was there txt support on their website(which is very impersonal).i tried to organise a face tof ace meeting but they do not give this support. they really are no help and i feel that i am being ripped off big time. As far as i can see from my calculations i am owed nearly £2000...but i can do noting about it.

Does anybody kniw who i could go to to get help(free if possible). they really are terrible. i would advise noone to go with them. they support is crap, you cant get through to their support people and payments have been delayed the odd time.

Please Help me please!!!!!!!

Prosperity4 lick balls.