First time contracting

Benny2020

Just been for a job interview today which went well, rate of pay is £24.65 Umbrella 37 hours a week.
Can anyone tell me what my net pay would be and do i get paid holidays?

DoctorStrange

Can't tell exactly, but very rough figures might be something like:

£24.65 x 37 = £912.05 per week (assignment rate).

From that, you need to pay the brolly around £20 that'd leave around £892.05

Then take off the 13.8% ENIC and 0.5% AL which will leave you with approx £764.48.

Then you'll need to put aside for the holidays which I think from memory is 12.07% so that'd leave you with £672.21 gross pay. 

Assuming you're in England, you'd then pay £59 NIC and £89 tax, leaving you with approx £528 net per week. 

Tax codes/brolly fees/holiday process/previous earnings etc must all be factored in so the actual numbers might be quite different but hopefully this help a little. 

shamylla

This is difficult to say without knowing more details like if you have a student loan, how much the umbrella company are charging how much is going into a pension and what the agreement is for holiday pay

You can model this by going on to the website listentothetaxman.com

But note.... if you are contracting via an umbrella company it is likely you will be subjected to Employee NI as well as Employers NI

Grumpy_chap

Benny2020 said:

Just been for a job interview today which went well, rate of pay is £24.65 Umbrella 37 hours a week.
Can anyone tell me what my net pay would be and do i get paid holidays?

Take home about £600 per week.  Will vary depending on student loan deductions and what pension contributions you make.

Whichever UC you are using will probably have an online calculator to give an initial indication and will run a personal illustration by return.

Benny2020

Thanks for the reply.