Further information on HMRC guidance regarding deductions for umbrella company workers.
HMRC have recently published further guidance for umbrella workers, including a tool which can be used to check your estimated gross and net payments whilst you're working through an umbrella company.
Although the calculator isn't quite perfect yet, it's a great tool to be able to verify your pay before you register with an umbrella company. With the rise in tax avoidance schemes promising inflated take home, this serves as a good baseline for what to expect.
Currently, the calculator will only take into account your rate, hours worked, standard tax code, location, and student loan repayments.
It cannot yet take into account bespoke tax codes or pension contributions
This means workers can check their likely take home pay*, and will make it easier to spot non-compliant umbrella companies, or those who are not being transparent about net pay figures. ✔️
You can check out the tool here.
If you have any questions regarding pay illustrations, you can always contact our friendly onboarding team:
✉️ sales@nasagroup.co.uk
☎️ 0117 929 7683(1)