Hi,
Thanks again for the replies. Does this look about right to you guys?
Monthly Income £1300
Deducatable Expenses £485 (56 miles per day at 40p Per mile)
Employers NI 44.30
Employees NI 32.39
Employee Tax 38.42
Total All Tax 115.11
Fees 62.50
Total Net Income 1,122.39
Many thanks,
Dan
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Reply to: New to contracting - Help
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Previously on "New to contracting - Help"
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Originally posted by Dan_LThanks for the reply
Will I definately be in the IR35 bracket?
Thanks,
Dan
I realise this is a temporary gig, but you should still read at least one of the First Timer guides!
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Originally posted by SoupDragonI'd choose the umbrella company with the lowest charges. They are all doing the same job. Ignore the calculators that they have on their websites, they often make hopelessly optimistic assumptions about your expenses.
Using this calculator:
http://www.contractoruk.com/money/ir35_calculator.html
..you get £796.57 / month (I don't know how many hours / day it assumes)
For car travel you may be claim 40p / mile (for the first 10k miles) - this is not extra money, it is just money that does not have tax deducted from it.
Will I definately be in the IR35 bracket?
Thanks,
Dan
Leave a comment:
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I'd choose the umbrella company with the lowest charges. They are all doing the same job. Ignore the calculators that they have on their websites, they often make hopelessly optimistic assumptions about your expenses.
Using this calculator:
http://www.contractoruk.com/money/ir35_calculator.html
..you get £796.57 / month (I don't know how many hours / day it assumes)
For car travel you may be claim 40p / mile (for the first 10k miles) - this is not extra money, it is just money that does not have tax deducted from it.
Leave a comment:
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New to contracting - Help
Hi Guys,
I have been offered a temporary position starting for 2 months with the oppurtunity to maybe go permanent. The company have told me that I need an umbrella company so I have been doing some research into how it all works this afternoon.
Please could somebody tell me roughly what my net monthly pay should be as the calculators I have used seem to give quite different amounts.
I am going to be paid £8 per hour over 37.5 hours a week with 200 miles travelling per week.
Any help really appreciated,
Kind regards,
DanTags: None
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