- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: Comparison of umbrella calculators
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "Comparison of umbrella calculators"
Collapse
-
On a side note, not sure how the Umbrella branch of JSA compares to their ltd. accounting, but the later is utter garbage.
-
Agree with Mal - without knowing the basis of the calculations we can't answer but as the PAYE tax figure is lower in the umbrella company figure compared to the CUK calculation, it could be that the umbrella company has assumed that you will claim some expenses even if you have entered zero amounts
Leave a comment:
-
Originally posted by AutomationGuy View PostWhen I use this calculator:
Umbrella Company Tax Calculator
(£375 per day, £110 umbrella fee, 37.5 hours per week, 52 weeks per year, 1000L tax code, no expenses)
... results are as follows:
Total annual income: £97,500.00
Employers NI: £11,781.12
Employee PAYE: £28,623
Employee NI: £5,181.28
Net monthly income: £4,216.18
Using monthly calculator here and matching input data (£375 per day, no expenses):
JSA Take Home Pay Calculator
... results are as follows:
Total annual income: £97,500.00
Employers NI: £10,605.00
Employee PAYE: £22,950.00
Employee NI: £5,210.00
Net monthly income: £4,408.00
For £450 daily rate, discrepancies are even higher: £4,667.35 vs £ 5,173.00.
Main reason for difference seems to be the income tax (employee PAYE). Can you explain me which calculation is correct and why?
The calculators are a pointless comparison since you don't know what they have assumed for the above questions (and a few others). There is only one set of taxation rules for them to follow, so your comparison should be based on how correctly they follow them and what their fees are. Ignore any whose fees are based on your day rate, and any who promise you much more than around 65% net income.
Leave a comment:
-
Comparison of umbrella calculators
When I use this calculator:
Umbrella Company Tax Calculator
(£375 per day, £110 umbrella fee, 37.5 hours per week, 52 weeks per year, 1000L tax code, no expenses)
... results are as follows:
Total annual income: £97,500.00
Employers NI: £11,781.12
Employee PAYE: £28,623
Employee NI: £5,181.28
Net monthly income: £4,216.18
Using monthly calculator here and matching input data (£375 per day, no expenses):
JSA Take Home Pay Calculator
... results are as follows:
Total annual income: £97,500.00
Employers NI: £10,605.00
Employee PAYE: £22,950.00
Employee NI: £5,210.00
Net monthly income: £4,408.00
For £450 daily rate, discrepancies are even higher: £4,667.35 vs £ 5,173.00.
Main reason for difference seems to be the income tax (employee PAYE). Can you explain me which calculation is correct and why?Tags: None
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Reports of umbrella companies’ death are greatly exaggerated Nov 28 10:11
- A new hiring fraud hinges on a limited company, a passport and ‘Ade’ Nov 27 09:21
- Is an unpaid umbrella company required to pay contractors? Nov 26 09:28
- The truth of umbrella company regulation is being misconstrued Nov 25 09:23
- Labour’s plan to regulate umbrella companies: a closer look Nov 21 09:24
- When HMRC misses an FTT deadline but still wins another CJRS case Nov 20 09:20
- How 15% employer NICs will sting the umbrella company market Nov 19 09:16
- Contracting Awards 2024 hails 19 firms as best of the best Nov 18 09:13
- How to answer at interview, ‘What’s your greatest weakness?’ Nov 14 09:59
- Business Asset Disposal Relief changes in April 2025: Q&A Nov 13 09:37
Leave a comment: