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mikedarv
28th May 2012, 10:39
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
28th May 2012, 12:19
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
28th May 2012, 12:26
Just say 'No!' to brollies and use your own ltd co.

LisaContractorUmbrella
28th May 2012, 12:52
Just say 'No!' to brollies and use your own ltd co.

Well that didn't answer the question did it?

cojak
28th May 2012, 12:56
Read the title of this forum please BB.

mikedarv
28th May 2012, 13:52
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
28th May 2012, 15:37
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
29th May 2012, 16:31
you say both weekly and daily margin is £28 in your posts, i think you have confused yourself with that.

LisaContractorUmbrella
30th May 2012, 07:13
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