What does Penguin Self offer?
Work as a self-employed agent with Penguin Pay’s support and benefit from our comprehensive Public Liability (£10 million), Products Liability (£10 million), and Employer’s Liability (£10 million) Insurance. We provide templates to help you compile your expenses through the year. And at the end of the year, provided you meet the criteria for working with us*, we will work with you to guide you through your Self-Assessment tax return, free of charge. The support that Penguin Self provides you with has a value of well in excess of £1000, and that doesn’t include our great customer service which is available throughout the year.
What Does Penguin Self cost?
Penguin Pay’s charges are effectively 4.5% of your weekly income. We will deduct 9% from your gross pay each week, no variation, no change. Half of the 9% fee is offset against your annual tax bill in your self-assessment, resulting in a net fee of 4.5% over the year from your annual gross income.
What do I have to do?
Penguin Self has a quick sign-up process, we will guide you through this. As we pay you through the year you will be responsible for setting aside funds to cover your end of year tax bill. You will also need to keep track of all your work-related expenses, these can be submitted at the end of the financial year through self-assessment. If you require, we will give you a spreadsheet template to help you log them. We are able to help you estimate what the end of year tax bill will be, but we will not be able to give an exact amount.
What will I take home?
The take-home rate is specific to each contractor and dependant on the annual income and the total work expenses claimed.
As an example, a contractor on Penguin self, if they worked a full 52-week year at £1000 per week gross, and claimed an average of £200 per week in expenses (£10,400 for the year), then the take-home pay would be £41,768, a take-home percentage of 80%. However, a contractor earning £2000 per week and claiming no expenses, would have a take-home rate of 64%, and would be much better suited to our umbrella service.
We will run a comparison between your estimated take-home pay on Penguin Self and with our standard umbrella product, and advise on your responsibilities of each payroll option. You can then decide which service would be better suited to you. To get a better understanding of what you could earn through Penguin Self please give us a call. Remember, the estimates that we give are only accurate when assessing a full annual salary and full year’s expenses. Estimates also assume that you are coming into the year neither owing, nor being owed, anything by HMRC..
Download the signup form here
Download the Expenses tracker template here