j funk
.co.uk
I'm currently contracting and a lot of people have told me I can get much more money under an umbrella scheme as opposed to PAYE.
I've contacted one and they've sent me their figures. On £128 a day they say I'll net £465 p/w. They are calculating this on the correct tax rate and their fee is £17 p/w. That doesn't make sense / seem worth it to me.
Say tax and NI = -30%, that put me on £448, on PAYE.
This is basically a waste of time isn't it? I imagine people only benefit from claiming fraudulent expenses.
I want to figure this out ASAP so I can accept / reject the contract online. They're not open now and my consultant explained everything really badly earlier. Can someone explain the 'basic salary' deduction?
Figures below:
I've contacted one and they've sent me their figures. On £128 a day they say I'll net £465 p/w. They are calculating this on the correct tax rate and their fee is £17 p/w. That doesn't make sense / seem worth it to me.
Say tax and NI = -30%, that put me on £448, on PAYE.
This is basically a waste of time isn't it? I imagine people only benefit from claiming fraudulent expenses.
I want to figure this out ASAP so I can accept / reject the contract online. They're not open now and my consultant explained everything really badly earlier. Can someone explain the 'basic salary' deduction?
Figures below: