Reply to: Say Hello to the new guy! Loads of questions :)

[Bitbucket]

Mystery solved

How are Giant accounting for it - just telling Gordon Blair that it fell down the back of the sofa? Surely if you are inside IR35 there is no way of avoiding paying tax on the whole lot

Unless you are a contractor such myseries can never be explained by either IR or ordinary folk , you have to enter the magical world of contracting before you can comprehend such complexity.

[Phoenix]

ahh...

*quietly puts down peroxide, wonders if the lotion will wipe off without lasting damage...*

*Takes Kleenex from pocket and starts wiping down Ms Cojak, "Don't worry my lollypop lady, I will be gentle"!

[sasguru]

[QUOTE=John Galt]

My rate is £11 although Giant says they'll only pay me 5.05. So the when the taxman will look at my wage they will se 5.05. Giant will then pay the restoring amont as a "company profit bonus" or something likethat.

Giant states that'll maximise my net pay as I only have pay tax/ss on about half my contract income.
Well, we'll see if things works out better later on. They've told I can claim for the costs occured when living at the hostel I've stayed on.

Can one of the more accountancy minded types amongst you explain this??? If you're paid £11 per hour but only paying tax on £5.05 per hour what is happening to the other £5.95 per hour? How are Giant accounting for it - just telling Gordon Blair that it fell down the back of the sofa? Surely if you are inside IR35 there is no way of avoiding paying tax on the whole lot

The £5.95 an hour is retained as Giant's "Management Fee"

[John Galt]

[QUOTE=Visse]My rate is £11 although Giant says they'll only pay me 5.05. So the when the taxman will look at my wage they will se 5.05. Giant will then pay the restoring amont as a "company profit bonus" or something likethat.

Giant states that'll maximise my net pay as I only have pay tax/ss on about half my contract income.
Well, we'll see if things works out better later on. They've told I can claim for the costs occured when living at the hostel I've stayed on.

Can one of the more accountancy minded types amongst you explain this??? If you're paid £11 per hour but only paying tax on £5.05 per hour what is happening to the other £5.95 per hour? How are Giant accounting for it - just telling Gordon Blair that it fell down the back of the sofa? Surely if you are inside IR35 there is no way of avoiding paying tax on the whole lot

[Visse]

My rate is £11 although Giant says they'll only pay me 5.05. So the when the taxman will look at my wage they will se 5.05. Giant will then pay the restoring amont as a "company profit bonus" or something likethat.

Giant states that'll maximise my net pay as I only have pay tax/ss on about half my contract income.
Well, we'll see if things works out better later on. They've told I can claim for the costs occured when living at the hostel I've stayed on.

Swedish authorities, especially the IR are a pain in the backside.
UK ones have been somewhat easier to deal with....so far.
I'll have a look at the option about having an accountant managing my ltd company, if not now but perhaps when I've got a payrise.

And of course I love older women, like Stiflers mum and Catherine Zeta Jones


Hej hej, jag bodde i Göteborg innan jag flyttade hit

[cojak]

ahh...

*quietly puts down peroxide, wonders if the lotion will wipe off without lasting damage...*

[threaded]

Dolph

[threaded]

They're not all Dorf Lundgren y'know, many are more Björn Borg, if you know what I mean.

[cojak]

Woohoo!

*grabs the tanning lotion and the peroxide...*

[Bitbucket]

This guy is a bargain

Do you like older women, btw?

If he takes 5 quid an hour then he will take old desperate women , in fact forget the contract charge cojak 6 quid an hour and your already on a 20 percent raise (might get you 10 quid if your into Darleks , vicars or Treckies)

[chef]

Hej hej Visse

Var bor du i sverige? (wow, so the ex swedish girlfriend was actually useful..)

just a quick question, where does the £5.05/hr come from? looking at your wage slip it seems as though your net wage / 64 hrs gives £7+ per hr..

tack
chef

[Mustang]

Valkommen til Visse!

Hej Visse!

Welcome to the forum! Var komme du fraan? Lived in Stockholm for 4 years so I can understand why you thought the UK authorities would be easier to deal with!!

As you will probably find out, most people would recommend you set up a UK Ltd company - as far as I am aware nothing stopping an EU national doing this. You can search on here for recommendations how to do this.

Plenty of work out there for us all.....

There are similarities between here and the Swedish system so you should be OK.

Lycke til!

[cojak]

Visse, you may not realise this but they like you... . This is a nice introduction, they're only teasing you a little because they know you can't quite catch the idiom (I know you're up for the challenge with that word... ).

Welcome to the board!

*...dreams over mental picture of 23 year old swede; blue eyes with blond fringe, long eyelashes....*

Do you like older women, btw?

[The Master]

as I understood the e-mail i got from giant about this is that Im only paid minimum and then the rest as "profit bonus"

Im inside the IR35 according to the terms and thats why I've been advised to use the "Strongbox" service. Here a small cut n paste from the payslip

Tota:l £698.50 Gross (63 hours@£11, seems to be correct) But then I'm lost..

Less Billable Expenses (non taxable) £0.00
Reimbursed Expenses £139.70
Company administration fees £56.00
Employers social security £54.38
Pension Contributions £0.00
Temporary Workers Gross Pay (See 'Gross Payments' in Payslip above) £448.42
------------------------
Then looking more closely at the 448:

Payslip:
Gross Payments Basic Pay £320.68
Holiday Pay £26.67
Net Profit Bonus £101.07

£448.42
Less - Deductions Advances £0.00
Employees Social Security £38.66
Employees Tax £72.39
Student Loan £0.00
CSA Deductions £0.00
Attachment of Earnings £0.00

£ 111.05
Add - Reimbursed Expenses
Phone costs £0.00
Travel £16.20
Accommodation £0.00
Hotel/Business Expenses £0.00
Subsistence £123.50
Stationery £0.00
Training/Other £0.00 £139.70
Billable Expenses £0.00

Total Net Pay £477.07

This is my payment for week one (37h) and the week before easter (27h)
--------------------------
Can anyone make some sense out of these numbers?

Hi Visse - welcome aboard.

I have to be honest straight off, I don't understand how umbrellas work as I have never used one. The majority opinion on this board is that they are a waste of time at best, a bunch of conning crooks at work.

I know on your level of pay, any expenditure is a serious one, but my advice would be to speak to an accountant in the first instance.

On top of that, two points:

1. Your social security and tax deductions seem ludicrously large for someone on £5.05 an hour.

2. You cannot claim expenses you haven't incurred. Giant will spin you some bulltulip about daily expenses and not having to see receipts because they have an "arrangement" with the tax man. What they really mean is THEY don't have to SEE the receipts, but you still have to have them, and will need to produce them if your expenses are challenged at year end.

I realise this isn't much help, but every little helps.

[threaded]

you guys were newbies once upon a time too

Nah.