160 Euro Daily Rate Contract and its Monthly Salary Equivalent

TestLink

May I know what would be the monthly equivalent of a daily rate salary of 160 euro?

I have to seek the help (and pay them) of an umbrella company / accountant to deal with tax etc - Please let me know if you know any one that does this cheap.

So may I know what would I earn after all the expense and deductions?

shane b

My wife was self employed with an umbrella company until recently. She was paying about 100 euro a month an could include half her phone bill and Wi-Fi as an expense.

Richmond Ultra

TestLink wrote: »

May I know what would be the monthly equivalent of a daily rate salary of 160 euro?

I have to seek the help (and pay them) of an umbrella company / accountant to deal with tax etc - Please let me know if you know any one that does this cheap.

So may I know what would I earn after all the expense and deductions?

You only make money for the days you work, roughly 22 a month. Multiply it all up and then compare yourself against the tax credits that would apply for yourself. It will give you a rough idea.

StupidLikeAFox

This calculator might be useful to you:

http://www.iconaccounting.ie/tax-calculator/

Once heard that a 350e day rate was around the equivalent of 60k per year when you take into account missed holiday pay, public holidays, pension, training, a bit of contingency for time off etc etc.

irishguy

TestLink wrote: »

May I know what would be the monthly equivalent of a daily rate salary of 160 euro?

I have to seek the help (and pay them) of an umbrella company / accountant to deal with tax etc - Please let me know if you know any one that does this cheap.

So may I know what would I earn after all the expense and deductions?

it would be about 35k (assuming 25 days holidays, no sick leave & 10 days out of contract per year (which is VERY optimistic in most roles)) you would be mad to contract at that rate. Stay permanent until you have more experience and can command a higher rate.

Have a look at www.iconaccounting.ie I used them when I was contacting found them very good. They will run the numbers for you for free, do a sample payslip and answer any questions.

TestLink

Many Thanks for the replies...

TestLink

Which is the cheapest / best option - Setup a limited company of my own or be self employed?

TestLink

I was quoted a management fee for the PAYE Umbrella Company as €95 per month? Do anyone know any company cheaper than this?

Also I wont be doing this contract role for long. So what is the best and cheapest option available for me?

irishguy

That seems right, even on the cheap side

LincolnHawk

Daily rate contracting at 160 is grim. If you have a chance at permanent work could you go that route instead?

TestLink

Yes, I would work on a daily contract only till I get a perm role. It is just for the time being...

TestLink

Am I obliged to personal income tax return at the end of the year under Umbrella PAYE option?

zweton

potential 6 mth contract of 350 a day, what would i come out with weekly roughly? Do i need to setup an umbrella group etc. Need to factor in minus bank hols and stuff?

LincolnHawk

1087.75 a week after tax approx.
Yeah you don't get paid for days you don't work so obviously consider that.

danwhite88

LincolnHawk wrote:

1087.75 a week after tax approx. Yeah you don't get paid for days you don't work so obviously consider that.

How do you work out your figures? I'm self employed past few months and curious to see.

LincolnHawk

http://www.iconaccounting.ie/tax-calculator/

Put in your daily rate, choose 20 days and divide the net figure by 4.

It's fairly accurate and ties with what I see in my payslip