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Are You Earning in Excess of 65K

HIGH EARNERS (£65K +).

Still reflecting the changes in the 2007 Budget which came into force in April, for those earning in excess of £65K per annum while the standard Umbrella solution is the preferred option to a Single Owner Company, there is a need to reduce the effects of the higher tax bands. This relies on the consultant/employee receiving a commercial salary commensurate with the value of the assignment or keeping the earnings below the 1st tax threshold.

Payscheme is able to offer a number of alternatives which depend entirely on the consultant's circumstances which includes their domicile status and the location of the assignment. While an Umbrella Solution may be the preferred solution there is an alternative partnership arrangement which can improve the viability of the contract.

The consultant and mobile professional remains an employee and therefore not affected by IR35, negotiates his own assignments and conditions, while Payscheme provides bookkeeping and payroll services to keep the operative compliant and up to date with his tax and NI.

Cover includes Public & Employer's Liability and Professional Indemnity cover in line with the contract requirements. In addition travel, income protection, health and baggage insurance can be extended to the assignment.

Tax compliance advice, estate planning, mortgage and investment recommendations can be provided through our financial affiliates.

See how much you could save by using our salary calculator

Contact our Payroll Team to obtain an example of your potential earnings.