Originally posted by lucyclarityumbrella
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Reply to: Umbrella Company Reviews
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Previously on "Umbrella Company Reviews"
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Originally posted by contractor_coop View PostUnfortunately this calculator doesn't factor in the Apprenticeship Levy or make any allowances for Holidays.
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Originally posted by Pixelpension View PostWell, I found this calculator useful:
Contractor Tax Calculator | UK Tax Calculators
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The biggest issue I am seeing contractors coming up against at the moment is umbrella companies quoting monthly figures.
When I quote I will always do a figure based on a 20 day month which gives a worst case scenario, however there are some companies quoting 21 / 22 days, so make sure you tell them either what gross figure would be likely to invoice each month, or request that they all quote over the same period of days per month - that way you will get like for like comparisons. At this point the taxes and NI figures should all be round about the same give or take a few pounds, the only difference will be the margin. Unless like Clarity you don't hit the Levy threshold yet
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There is no centralised way to review all umbrella companies.
The calculation for each company should result in largely the same take home pay. The only difference should be the fee they charge. Using a tool like the one given above will give you a bench mark against which to check their calculations.
They all should give you on request a detailed illustration, based on your day rate, of what you would expect to take home and all the deductions.
All will charge you employers NI, employees NI, income tax, apprentice levy and their fee. They may also make a deduction for pension and / or holiday pay, the latter being paid back to you with all the usual deductions when you claim it.
If pension contributions is something you're particularly interested in there are variances that, depending on the options they have and your preferences, will affect the overall illustration.
Also check that the umbrella you go with is FCSA (or is it FSCA?) registered.
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Originally posted by hari View PostHi All,
Apart from google, is there any website or forum where I can do this?
Hari
Contractor Tax Calculator | UK Tax Calculators
Allows you to input current income earned/tax paid as well.
I found many umbrella's own calculators give fairly misleading calculations (they like to make expense assumptions etc to make their 'take home' pay attractive, which given the rules regarding expenses is risky).
Some I've found won't give you an illustration without asking you to sign up, give them all your details and listen to their sales pitch - I'd avoid those. Some allow you to make pension contributions to your own pension fund choice via salary sacrifice.
You might want to search all the threads on this forum and see what you can find.
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Umbrella Company Reviews
Hi All,
My agent has given me 7 umbrella companies to choose from for my next contract. I would like to review them individually, understand their calculations and then take a decision. Apart from google, is there any website or forum where I can do this?
Any pointers much appreciated.
Thanks
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