If you are contemplating working through an umbrella company, you will likely spend a large amount of time comparing your options. In doing so, you will almost certainly see advertisements from umbrella companies that claim to offer “90% plus take home pay”.

As a contractor seeking to maximise their earnings, 90% take home pay sounds like a dream come true – but unfortunately, these claims can quickly turn into a nightmare.

90% take home pay is never feasible

The idea of being able to keep 90% of what you earn may be tempting, but it can only be achieved under a very specific set of circumstances. Let’s crunch the numbers:

• The rate of tax is the rate that anyone earning above the tax-free personal allowance must pay by law.
• Everyone receives a tax-free personal allowance of £11,850.
• Anything earned after this amount is taxable. This means that anyone in full-time employment must pay tax, as a full 40-hour week at the national minimum wage exceeds the tax-free allowance threshold. If you work full time, you must pay tax.
• If you earn between £11,851 and £46,350, you will pay 20% of your taxable income in tax.
• If you earn between £46,351 and £150,000, you will pay 40% in tax.
• If you earn over £150,000, you will pay 45%.

Given the above, we can conclude that unless you are earning less than your personal allowance of £11,850, you must pay tax at a rate of 20%.

So how can you legally achieve a take home pay of 90% – which is just a 10% tax rate – with an umbrella company? You can’t. It’s illegal.

So why do companies advertise 90% take home pay?

There are two reasons an umbrella company may advertise a 90% take home pay, and neither are positive:

• They are advertising this rate with a caveat – i.e. you can achieve this rate if you earn less than your personal allowance. This isn’t technically a lie as it can be true, but if you work full-time, you will definitely earn over your personal allowance – so really, it’s just marketing spin that applies to only a tiny percentage of contractors.
• More worryingly, a 90% take home pay could indicate that the umbrella company are involved in a tax avoidance scheme. If this is the case, working through such a company could have catastrophic consequences for you in the future.

HMRC and tax avoidance

Tax avoidance schemes are always illegal.

If HMRC find that you owe money in unpaid taxes, they will issue a demand for payment. You can try to argue that you did not avoid tax – your umbrella company did – but HMRC have the power to demand you ‘pay now, dispute later’. Due to this, you would still need to pay the back-taxes even if it is the umbrella company who were at fault. You could then dispute this with HMRC and claim a refund, but only after you have settled the debt in full – and even then, there’s no guarantee that the appeal would be successful.

So what should you do instead?

• Ignore companies that claim to offer you 90% take home pay, as this cannot be legal. This point cannot be overstated enough; there is no such thing as a legal or permitted tax avoidance scheme – no matter what companies claim on their website!
• Look for an umbrella company that pays you via the PAYE system
• Check all monies received to ensure that you are paying the right rate of tax for your income.

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Floorplans are a relatively new addition to property details

Initially they were just used for either very big homes,or new builds,but these days they are much more prevalent and even the cheapest of small flats usually display a floorplan in the property details.

But why are they so important?

It is important that the 3 basic parts are used in ,these being needed to ensure usability.

The first one is it needs to show measurements. Too many poorly-drawn floorplans forget to show any measurements. By the way,the right place for room dimensions is in the floorplan,not in the explanation,this so that any purchaser can easily see their relative sizes

Secondly,it should show a compass,as this allows the buyer to tell which way the front of the house and the garden,faces.

The last element that should be shown on a floorplan,is the total square footage as this allows the house to be compared with others,thus allowing the buyer to quickly see how much house he’s getting for his cash.

This is important in the Britain,as we often sell houses on number of rooms,not really mentioning the fact that a new four bedroomed house can take up the same land as a 3 bedroomed property would have done in the 1980’s.

To be able to see the total floor area gives a buyer an easy way to ensure he is getting good value for money

So why is a floorplan important?

The three main reasons are:

1. It helps a purchaser see how the house ‘fits together’,and therefore whether it is worth a viewing. This is called Room flow,the relative sizes and layout are all factors that a buyer will take into account. This being especially the case for family buyers. In all cases giving the viewer with all the info means that he won’t want to waste time by viewing properties which just aren’t suitable for his needs.

2. A floorplan can help a buyer to visualise the house after the viewing. This can become useful when they may be thinking about making layout changes,like installing an ensuite.

3.Floorplans can make a house seem bigger. It’s very easy when you’ve seen a house to forget rooms that you’ve seen,or overlook a part of the house altogether. This is especially true of box rooms,or areas that aren’t being fully utilised,like storage rooms. By showing all of the house on a floorplan,no room will be omitted.

To conclude,make sure you have a floorplan on your brochure. Remember to ensure it is clear and concise,and that it includes the total floor area.

For more information please see https://www.metropix.com/

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