So if you want to reduce your tax contributions, working within IR35, you can by saving to a pension. The Government will contribute up to 49% of your pension which can give a very healthy return.
So I chose 3 different pay rates which under an umbrella contract should have at least a £6p/h uplift when the new contract goes through to cover the cost employers NIC and the the umbrella company fee.
So for £28p/h a contribution of 100 per month will reduce your salary by £59 and a £1000 per month contribution will reduce your salary by £597 per month. After 23 years of contributions you would have saved £167920 which will be topped up by tax savings to £276000 (www.contractorcalculator.co.uk 11/03/2017).
Information for agency radiographers
