|
SmartWork With
Workplace Pension |
SmartWork
Without
Workplace Pension |
Outside IR35 PSC
No Expenses No Pension |
Assignment Rate / Contract Rate / Umbrella Rate |
0 |
0 |
0 |
Net Pay |
0 |
0 |
0 |
Assignment Income / Contract Rate / Umbrella Income |
0 |
0 |
0 |
SmartWork Margin |
0
|
0
|
0
|
Sub-Total |
0
|
0
|
0
|
|
Mileage Expenses that are not re-billable to client |
0
|
0
|
0
|
Other Business Deductions (e.g. Pension) |
-
|
-
|
-
|
Net Assignment Income |
0 |
0 |
0 |
|
Employer Deductions |
Net Assignment Income |
0 |
0 |
0 |
Employer National Insurance |
0
|
0
|
0
|
Apprenticeship Levy |
0
|
0
|
0
|
Employer Pension |
0
|
0
|
-
|
Gross Pay for NI and Pension |
0 |
0 |
0 |
|
Payslip Details |
Gross Pay exc. Mileage Expenses |
0 |
0 |
0 |
Salary |
0
|
0
|
0
|
Holiday Pay (paid in advance) |
0
|
0
|
0
|
Notice Pay (paid in advance) |
0
|
0
|
0
|
Bonus |
0
|
0
|
0
|
Total Gross Pay inc. Mileage Expenses |
0 |
0 |
0 |
Employee Deductions Breakdown |
Equivalent Annual Gross Salary |
0 |
0 |
0 |
Employee Pension 5% |
0
|
0
|
0
|
Gross Pay for Tax |
0
|
0
|
0
|
PAYE Tax |
0
|
0
|
0
|
Income Tax at Basic Rate (20%) |
0
|
0
|
0
|
Income Tax at Higher Rate (40%) |
0
|
0
|
0
|
Income Tax at 45% |
0
|
0
|
0
|
Employee National Insurance |
0
|
0
|
0
|
Student Loan |
0
|
0
|
0
|
Postgraduate Loan |
0
|
0
|
0
|
Total Employee Deductions |
0
|
0
|
0
|
|
Accountancy Fees & EL, PL & PI Insurance |
0
|
0
|
0
|
Corporation Tax 26.5% |
0
|
0
|
0
|
Dividends |
0
|
0
|
0
|
Tax on Dividends |
0
|
0
|
0
|
Net Pay |
0 |
0 |
0 |
|
Retained Income |
Net Pay less Mileage Expenses |
0
|
0
|
0
|
Mileage Expenses |
0
|
0
|
0
|
Funds Transferred (Excluding £100k+ Threshold Impact) |
0 |
0 |
0 |
Effective Net Pay |
0 |
0 |
0 |
Total Pension |
0 |
0 |
0 |
Total (Funds Transferred and Pension) |
0 |
0 |
0 |
This pay illustration is intended to show you the deductions that will be made from your pay. It is for illustrative purposes only. - Assumptions:
- Funds Transferred takes into consideration a full Personal Allowance with a tax code of 1257L W1 based on working 52 weeks.
- Effective Net Pay takes into account the reduction in Personal Allowance for annual income over £100,000 based on working 52 weeks.
- Your Personal Allowance reduces by £1 for every £2 that your gross pay exceeds £100,000. This means your allowance is zero if your income is £125,140 or above. No income from other sources for the tax year.
- Mileage claims are subject to SDC checks to determine if eligible. You will be considered to be working under SDC conditions unless formally assessed otherwise.
- Mileage Expenses are processed through SmartWork and only reflected in this illustration if requested. Mileage is calculated at 45p per mile (25p after 10,000 miles)
- Other non-rebillable Business Expenses are recovered through your annual Self Assessment Tax Return.
- Re-billable Expenses (client-approved and with receipts) are paid separately to you, without charges or deductions
- This table is for illustration purposes only and is based on English 2024/25 tax and NI rates. Actual values will vary based on your personal circumstances.
- Equivalent Annual Gross Salary is calculated over 46.4 weeks worked in the year to cater for 28 days holiday leave per year.
- Your holiday pay will be paid to you in advance of taking annual leave and this amount will be clearly stated on your payslip
|