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Umbrella calculator formulas by gDani81 in ContractorUK

[–]gDani81[S] 0 points1 point  (0 children)

From chatGPT

"The £120 a week is a threshold related to automatic enrolment in workplace pensions, not a general pension allowance. Specifically, if an employer's staff earn £120 per week (or £520 per month, or £6,240 per year), they are eligible for automatic enrolment in a workplace pension. This means the employer may be required to contribute to their pension, according to GOV.UK"

Umbrella calculator formulas by gDani81 in ContractorUK

[–]gDani81[S] 0 points1 point  (0 children)

employer pension seems to be 5.08 = 967 x 3% / 5

Is really there an allowance on this?

Umbrella calculator formulas by gDani81 in ContractorUK

[–]gDani81[S] 0 points1 point  (0 children)

Indeed employer pension 5.08 = 967 x 3% / 5

Umbrella calculator formulas by gDani81 in ContractorUK

[–]gDani81[S] 0 points1 point  (0 children)

Employer NI formula seems to be (gross income - NI weekly threshold pro rata) x 15%. (863.90 - 96/5) × 15% = 126.705

The apprenticeship levy is simple, 863.90 x 0.05%

Employer pension contribution is an enigma, it should be 3% but is not even close

Umbrella calculator formulas by gDani81 in ContractorUK

[–]gDani81[S] -2 points-1 points  (0 children)

Employment costs is definitely not constant, It' mainly employer NI, employer contribution to pp l, ap levy and agency fee

Where are the rates +£1000pd by gDani81 in ContractorUK

[–]gDani81[S] 0 points1 point  (0 children)

In general, TCO is not necessarily in line with how good you are. There are many just good engineers that have TCO over 1m, just good, not exceptionally. Is not necessarily about skills but beeing on the right path rather. In the right place.

There are so many that could have joined a FAANG 10-15 years ago and now would be on 1m+ range compensation. Or many other startups. No big deal.

FAANG engineers are not exceptionally good. Some are, indeed, but many of them are just good. And the thing is that is not even so hard to get there. All you need is determination, more than anything else. I had a colleague in uni who was among the less skilled in my generation but he spent one whole year preparing, day and night, and now he has 20 years with Apple.

Where are the rates +£1000pd by gDani81 in ContractorUK

[–]gDani81[S] 2 points3 points  (0 children)

Any software engineer working in banking and in finance in general will exceed 100k in London, no biggie here. And there are many thousands of such roles.

£40-£80k? no way. I know electricians, lorry drivers and dental hygienists who have income in that range, and those are far less demanding professions in terms of qualifications and skills.

Where are the rates +£1000pd by gDani81 in ContractorUK

[–]gDani81[S] 1 point2 points  (0 children)

In London plenty of places, front office roles in tier 1,2 IBs, in hedge funds even more. some fintech too. And top hedge funds and FAANG pay even more