1
2
3
4
| Myth 2:
Another umbrella company website says that I can earn a lot more with them, how come?
Fact:
There are 2 variables that will alter how much your net pay will be (given the same gross salary):
- Expenses - any illustration should show the amount of expenses being re-imbursed (and preferably how they are made up). See myth 1 and 4. for more details
- Admin Fee - the fee charged by an umbrella company will affect your net pay - check you know what this is (some umbrella companies are uncomfortable telling you how much they charge).
Given both of the elements above, the calculation for tax to be deducted is the same for all contractors - there are no 'special' rules that apply to just some umbrella companies - all companies and individuals must apply the current tax laws in force.
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