Locum nurses! Which umbrella company?

RE: Locum nurses! Which umbrella company?

Kirsty RVN — Thu, 04 Jan 2018 14:30:47 GMT

Hi Cee

I have just seen this post and I too go through a umbrella company just as I am not mathematical savvy and worry I will do it wrong and it takes the stress out of it!

But they do take a hefty cut and now considering doing it myself

Please can you offer some advise on

How you get set up?

How and can you submit expenses in?

How you work out and submit your taxes?

Do you do it weekly?

Also I was just a bit confused about NI! As I go through a umbrella company I have to pay two sets of NI to include employee and employers NI which is why we pay more NI but I thought it was the same as a limited company???

What do you have to pay other than tax?

So far I am paying

Umbrellas overhead fees

Tax

Employee NI

Employer NI

Student loan

So quite a lot comes out my salary each week. I too did a week of nights and they took a huge cut

Any advise on getting set up much appreciated

Thanks x

RE: Locum nurses! Which umbrella company?

Courtney Scales — Wed, 03 Jan 2018 21:02:42 GMT

Hello - I am a locum RVN and DONT use an umbrella company.

I do all my own book keeping, and submitted it to the HMRC for tax purposes without using an accountant. On a year of earnings of about 30k, I only lost 2k in tax! No NI, etc..

Umbrella companies do take such a hefty cut, and it is defo not something I am willing to give away.

In summary:

I paid myself a salary of 671 a month - this is the maximum I could pay myself to not pay NI.
The rest I took out as a dividend. Save 20% of that amount for when tax is due. IE with a 500 pound div, put 100 additional to the side for safe keeping.
I have a lot of business expenses: cell phone bill, uniform (shoes..), transport (trains, petrol, oyster card)

There are loads of free templates online to help with book keeping so umbrella companies don't suck you dry!

I had heard good things about Danbro if you wanted to stick to that route.

Hope it helps!