Skip to main content

Posts

Showing posts from January, 2022

Calculating Salary

Have you been thinking about employing a member of staff?  Perhaps it's your first time. Maybe you have been a sole trader until now but the work keeps on coming and you need the extra help. Or maybe you're a seasoned employer considering creating a new role within your business. Whatever your circumstances, there is a lot to consider. You need to take your time to consider the true cost to the business. Firstly, there is their salary. No doubt you want to be paying your staff a fair wage for the work they are doing. After all, if they can do the same job for much more elsewhere, they may not remain loyal for long. For the purpose of the blog, we will use a £28,000 salary as an example. Next, you need to consider your National Insurance contribution. At the time of writing that is 15.05% of their salary over earnings of £758.01 per month (please check here for the most up to date information https://www.gov.uk/national-insurance-rates-letters ). £28,000 – (12 x £758.01) – 15.05