Pay illustration explained

Are you thinking of working with an umbrella company but not sure what your take home pay would look like? 

Don’t worry, there is something called a ‘pay illustration’ which offers a pretty accurate estimate of your take home pay after tax deductions, so you don’t have to guess! 

This will be provided to you before you agree to work with an umbrella provider, so you can shop around for the best offer.

However, it is super important to note that the ‘best’ offer – i.e. the highest take home pay, is usually a sign of tax avoidance. 

For example, when comparing pay illustrations from two providers, you may notice that one (likely non-compliant) umbrella is offering over, let’s say, 85% take home, whereas umbrella option B (likely compliant) appears as though it’s giving you a lot less. 

As we always say;  if it’s too good to be true, then it probably is. 

It also good to be aware that your pay illustration will look slightly different to your actual net take home pay because:

• We will not know your tax code before you sign up with us.
• We do not know anything about your previous earnings before you sign up with us.
• Illustrations yearly income projection, but this often changes (e.g. your contract may end before the end of the year).
• We don’t know if you’ll opt for holiday pay or our pension scheme at this stage (this will obviously impact take home pay).

Our consultants are here to help if you still need clarification on any of the above! Just give us a call on 0203 967 6846 and we can provide you with a pay illustration. 

Remember, Mint is a professional passport accredited provider so look no further if you’re on the hunt for an umbrella to look after your finances.