Take home pay Take home pay
Page 1 of 9 123 ... LastLast
Posts 1 to 10 of 83

Thread: Take home pay

  1. #1

    Still gathering requirements...

    Theonenonly has no reputation


    Join Date
    Oct 2010
    Posts
    22

    Default Take home pay

    Hi,

    Just registered and was after some advice.....

    I have just started contracting so it's all new to me so please forgive me for not knowing much :/

    I have just been paid my first months wages for September (5 week month) I earn £13.30ph and work 39 hours per week. Within September I took 4 days off so as my payslip was generated I was looking at 4 weeks and 1 days worth of pay.

    The exact brakedown of my wages is seen here:

    Week ending Hours Gross pay
    26/09/2010: 17 £226.10
    19/09/2010: 39 £518.70
    12/09/2010: 39 £518.70
    05/09/2010: 39 £412.30
    29/08/2010: 39 £518.70 Total: £2194.50

    So from this amount I pay £28 per week to my umbrella, (But they owed me 1 week free so instead of £140 its £112.)

    So thats £2194.50 - £112 = £2082.50

    Within this month I had £502.82 worth of tax free expenses so I take that off before I work my Tax and NI off.

    £2082.50 - £502.82 = £1579.68

    HMRC also told me normally my tax free allowence should be £539 however I am on an emergencey tax code at the miniute so they explained that I just dont take this amount out to work out the tax and ni.

    So,

    £1579.68 / 100 x 20 = £315.94 to pay for Tax
    £1579.68 / 100 x 11 = £173.76 to pay for NI

    Add those together £315.94 + £173.76 = £489.70 So thats what I owe on both tax and NI.

    So if Ive worked it out correctly

    £1579.68 (taxable amount) - £489.70 (tax and ni deduction) = £1089.98 + £502.82 (readded expenses) = £1592.80 take home pay

    Thats the way I would work it out and also thats the way HMRC would do it. (Please if i have gone wrong please let me know where)

    -----------------------------------------------------------------------------------

    The brakedown on my wage slip:

    Payslip:
    Gross Payments Statutory Payment £0.00
    Basic Pay £978.45
    Holiday Pay £118.80
    Net Profit Bonus £315.66
    Total £1,412.91

    Less - Deductions Advances £0.00
    Employees Social Security £86.43
    Employees Tax £371.35
    Student Loan £0.00
    CSA Deductions £0.00
    Attachment of Earnings £0.00
    Total £457.78

    Add - Reimbursed Expenses
    Phone costs £0.00
    Travel £117.82
    Accommodation £0.00
    Hotel/Business Expenses £0.00
    Subsistence £385.00
    Stationery £0.00
    Training/Other £0.00
    Total £502.82

    Billable Expenses £0.00

    --------------------------------------------------------------------------------

    Total Net Pay £1,457.95

    --------------------------------------------------------------------------------


    Now I know I should expect less due to the emergencey tax code but even with it I find myself £134.85 down.

    Also all my calculations (I spent an hour on the phone to HMRC working out what I should have paid and confirmed the calculations i made above should be correct)

    Can anyone tell me if I am mistaken and explain why?

    The wage slip above shows all pay and deduction amounts, no hidden charges nothing like that.

    Sorry for the long winded post but I am just confused to hell about this.

    I would greatly appreciate the help.

    Thanks in advance

  2. #2

    doGlike

    SupremeSpod has no reputation

    SupremeSpod's Avatar
    Join Date
    Jul 2005
    Posts
    6,193

    Default

    Don't forget Employers NI

  3. #3

    My post count is Majestic

    MarillionFan is a fount of knowledge

    MarillionFan's Avatar
    Join Date
    Jul 2005
    Location
    .
    Posts
    35,762

    Default

    What umbrella? Have you spoken to them? And tt's not the one offering the 'free' service is it because I checked someones wage slip a while back and I couldnt back their calcs up either.
    What happens in General, stays in General.
    You know what they say about assumptions!

  4. #4

    Godlike

    chef is a permanent contractor

    chef's Avatar
    Join Date
    Mar 2006
    Location
    Sverige
    Posts
    6,077

    Default

    Theonenonly -> The One & only -> Chesney Hawks fan? dear god.. or NOB25?

    and how bad are wages in the UK now that IT contractors get paid £13.30 p/hr?? £100 p/day!!!

    FFS
    The proud owner of 125 Xeno Geek Points

  5. #5

    My post count is Majestic

    MarillionFan is a fount of knowledge

    MarillionFan's Avatar
    Join Date
    Jul 2005
    Location
    .
    Posts
    35,762

    Default

    Quote Originally Posted by chef View Post
    Theonenonly -> The One & only -> Chesney Hawks fan? dear god.. or NOB25?

    and how bad are wages in the UK now that IT contractors get paid £13.30 p/hr?? £100 p/day!!!

    FFS
    I don't think thats an obscure question. Just out of university, support or tape change(sorry .Net Developer) seems a good rate.
    What happens in General, stays in General.
    You know what they say about assumptions!

  6. #6

    Contractor Among Contractors

    Ignis Fatuus has no reputation


    Join Date
    Aug 2010
    Posts
    1,318

    Default

    Quote Originally Posted by SupremeSpod View Post
    Don't forget Employers NI
    Presumably that is what accounts for the difference between the OP's Employee Salary of £1579.68 and the umbrella's figure of £1,412.91 ?

  7. #7

    doGlike

    SupremeSpod has no reputation

    SupremeSpod's Avatar
    Join Date
    Jul 2005
    Posts
    6,193

    Default

    Quote Originally Posted by Ignis Fatuus View Post
    Presumably that is what accounts for the difference between the OP's Employee Salary of £1579.68 and the umbrella's figure of £1,412.91 ?
    Yep. If the Umbrella is Giant(as I strongly suspect) then I would suggest that the OP should log in to the Giant site, go to the "payslips" section and view the relevant payslip and the Invoice Reconcilliation slip. Failing that, leave feed back for your ESO who will send you an email in a rather childlike language explaining how the process works.

  8. #8

    Geeklike

    Xenophon has more data than eek

    Xenophon's Avatar
    Join Date
    Aug 2005
    Location
    CUK
    Posts
    8,660

    Default



    All the ladies say 'phwoar'...
    Rule #76: No excuses. Play like a champion.

  9. #9

    My post count is Majestic

    MarillionFan is a fount of knowledge

    MarillionFan's Avatar
    Join Date
    Jul 2005
    Location
    .
    Posts
    35,762

    Default

    Quote Originally Posted by SupremeSpod View Post
    Yep. If the Umbrella is Giant(as I strongly suspect) then I would suggest that the OP should log in to the Giant site, go to the "payslips" section and view the relevant payslip and the Invoice Reconcilliation slip. Failing that, leave feed back for your ESO who will send you an email in a rather childlike language explaining how the process works.
    How would you know that? Do you use an umbrella?
    What happens in General, stays in General.
    You know what they say about assumptions!

  10. #10

    My post count is Majestic

    MarillionFan is a fount of knowledge

    MarillionFan's Avatar
    Join Date
    Jul 2005
    Location
    .
    Posts
    35,762

    Default

    Quote Originally Posted by Xenophon View Post


    All the ladies say 'phwoar'...
    Never noticed the lyrics before. It sounds like how I speak to agents.

    What happens in General, stays in General.
    You know what they say about assumptions!

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •