Daily Company Margin

[mikedarv]

I have a new contract with Giant Group and looking on my account it has the company margin at £28.91 per day as I am on a day rate.

I am just checking to see if this is correct as it seems a bit too much to me!

Always thought the company margins were weekly or is this standard for day rates? I will only submit a timesheet once a month and get paid monthly.

Cheers

[LisaContractorUmbrella]

I have a new contract with Giant Group and looking on my account it has the company margin at £28.91 per day as I am on a day rate.

I am just checking to see if this is correct as it seems a bit too much to me!

Always thought the company margins were weekly or is this standard for day rates? I will only submit a timesheet once a month and get paid monthly.

Cheers

The margin for an umbrella company is usually the money that is retained from the assignment value after payments have been made to HMR&C and the contractor; their turnover if you like. This does seem a very high figure as the average margin is £20-£30 per week. Have you queried this with them?

[BolshieBastard]

Just say 'No!' to brollies and use your own ltd co.

[LisaContractorUmbrella]

Just say 'No!' to brollies and use your own ltd co.

Well that didn't answer the question did it?

[cojak]

Read the title of this forum please BB.

[mikedarv]

Called them again and it looks like the retained Company Margin also includes Employers NI as well as the £28 weekly net margin.

Just the way they were wording it that I hadn't seen before so was getting a bit confused.

So the daily Company margin works out at £5ish fees and the rest employers NI's etc.

[LisaContractorUmbrella]

Called them again and it looks like the retained Company Margin also includes Employers NI as well as the £28 weekly net margin.

Just the way they were wording it that I hadn't seen before so was getting a bit confused.

So the daily Company margin works out at £5ish fees and the rest employers NI's etc.

Employer's national insurance is payable to HMR&C and therefore should not make up part of the company's retained margin which is, by definition, 'retained'

[moggy]

you say both weekly and daily margin is £28 in your posts, i think you have confused yourself with that.

[LisaContractorUmbrella]

you say both weekly and daily margin is £28 in your posts, i think you have confused yourself with that.

Yep I think you may be right - think he meant £28 weekly; I don't think there is a monthly alternative, just £28 x 4 or £28 x 5