Indeed it is almost, You pay Class 2 National Insurance contributions at a flat rate of £2.40 a week if your earnings are above £5,075 per year (2010-11).
But as Ive posted elsewhere for class 1 NICs it depends where you fall within the bands as to what your obligations are to HMRC hmrc.gov.uk/paye/rates-thresholds.htm
Also as you probably know, HMRC run those rather fine business education courses will quite happily tell you that drawing a wage between the lower earnings level (LEL) and the earnings threshold (ET) means you don`t need to pay anything. its only when you get above the (ET) do you start paying 11%
don’t forget you’ve got your class 4 to come with your tax bil, thats not £2.80 a week.
paul b:
simple fact is, unless there is a potential profit ( to me thats money over and above what you can earn as a wage) in what you plan on doing, there is no benefit to going s/e, agencies are queing up to take on s/e drivers, why? because @ £1 per hour more, they are, in reality getting a cheaper driver, so who’s standing the cost to give them that saving?
We have a winner. I just wish all the muppets on NOVA would see that. When I was S/E, it was £3/hr more than the agencies were paying as a minimum.
paul b:
simple fact is, unless there is a potential profit ( to me thats money over and above what you can earn as a wage) in what you plan on doing, there is no benefit to going s/e, agencies are queing up to take on s/e drivers, why? because @ £1 per hour more, they are, in reality getting a cheaper driver, so who’s standing the cost to give them that saving?
We have a winner. I just wish all the muppets on NOVA would see that. When I was S/E, it was £3/hr more than the agencies were paying as a minimum.
I’d agree with that too !!! But it still wont stop fellas saying, yeah but you get more money every week with them
I’ve mentioned this in the past but would like to hear your views seeing as we’re on the subject;
I’m “on” for five seperate agencies at the moment but only get work from 3-4 of them, only one pays well but that’s irrelevant at the moment.
From what hmrc told me a year or so ago, one agency is my main employer (in their eyes) and the others are second jobs - which are charged tax at base-rate which is VERY expensive compared to the norm.
I believe if I ask for it, hmrc will look at the tax I’ve paid in the last 3yrs and I could be in for a hefty rebate (if I’m lucky). But there doesn’t seem to be anything I can do about my tax codes, except go self employed, umbrella companies (stuff that!) or bin all but one agency - or get a full time job of course.
NONE of the agencies has ever offered, mentioned or paid me holiday money.
So, would I be better off self employed and sticking with the agencies (I assume that would just be the one tax code then), staying as I am or have you got a better idea?
If you are on for agency as I have said before you are entitled to holiday pay ( sorry cant remember the figure )
1 way to pay less tax is to write to the tax office of said agency as they will have 1 say your a driver & have to provide your own PPE ( include safety boots hi viz gloves clothes ) & ask what is the standard rate for this then the tax office should write back it can take a little time but dont worry then your tax code could go up which is what you want
Then after you receive your P60 or after may 31 next year you could poss claim back some of the tax you pid this year you could also ask if they can look at your tax for the previous 7 years
darkseeker:
From what hmrc told me a year or so ago, one agency is my main employer (in their eyes) and the others are second jobs - which are charged tax at base-rate which is VERY expensive compared to the norm.
Thats correct, you can only nominate one employer as your main employment.
darkseeker:
I believe if I ask for it, hmrc will look at the tax I’ve paid in the last 3yrs and I could be in for a hefty rebate (if I’m lucky). But there doesn’t seem to be anything I can do about my tax codes, except go self employed, umbrella companies (stuff that!) or bin all but one agency - or get a full time job of course.
I’ve no idea about time scales where you mention 3 years, but i do know this…when you recieve your P60’s you need to fill in a self assesment form, list all your employment and your earning and enter all the details from your P60’s and you will get any rebate due to you. You’ll have to do this every year your work for multiple employers.
