Umbrella Company Calculator has been built with one thing in mind – to provide contractors and freelancers in the UK with an accurate umbrella company take home pay illustration. A tremendous amount of time and effort has gone into this tool to ensure it’s as precise as possible. Keep reading, and we’ll explain more about Umbrella Company Calculator, including who built it, and which calculations produce the numbers you’ll see when you submit the form for yourself.
Umbrella companies process the payroll of their employees using PAYE – the government tax system. We’ve built our calculator using figures linked to PAYE, including the latest income tax rates and National Insurance figures. However, there is more to umbrella company calculations – as we’ll explain.
When a contractor requests an umbrella company calculation, there are a lot of pieces of information required. Assuming an umbrella company puts the correct information into their calculators – results should be accurate and trustworthy. However, we see time and time again that some umbrellas are manipulating the results of their calculations by putting misleading information into them to inflate a contractor’s take-home pay.
For example, some umbrella companies will use incorrect tax codes, and others won’t account for the worker taking time off throughout the year (such as annual leave). Therefore, we wanted to create a platform that presented contractors and freelancers with an accurate umbrella company calculation, and here’s how we’ve done it.
Our umbrella company calculator produces figures you can trust. Find out more about the complex calculations our developers have used here.
When you register with an umbrella company, you are entitled to holiday pay, but it is often an area that causes a lot of confusion. Continue reading as we explain how holiday pay works through an umbrella company, including how it is calculated and paid to umbrella company employees.
From the 6th April 2022, National Insurance for employees and employers will increase by 1.25% to help fund health and social care. Continue reading as our article outlines the new Health and Social Care Levy and how it will impact contractors working via an umbrella company.
Key Information Documents (KID) were introduced on the 6th April 2020 to provide a breakdown of the deductions that temporary workers will see to their pay and provide essential information regarding their assignments. Continue reading as our article outlines what information should be included in a KID and who should give it to you.
It is a legal requirement for umbrella companies to provide and enrol their employees in a workplace pension scheme as an employer. Continue reading as we give an overview of how pensions work when contracting through an umbrella company and how to opt-out if you do not want to continue with the pension contributions.
Contractors receiving their first umbrella company payslip can sometimes find it challenging to understand how their pay has been calculated and what deductions have been made. This guide explains how an umbrella company payslip is generated and the tax deductions you can expect to see.
If you’re required to use an umbrella company for your payroll, it’s understandable that you may decide to shop around and choose the umbrella company that offers the highest take home pay retention. However, as we’ll explain in this article, all umbrella companies (the compliant ones) will process your payroll identically, and your retention between providers shouldn’t vary. However, there…
