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Can someone check my sums?

(7 Posts)
OrchidFlakes Fri 26-Apr-13 09:22:32

I'm just wanting check I haven't missed anything when costing a nanny:

Gross salary - £200 per week, £10,400 per year (will be paid monthly)
Employer liability insurance - £200 per yr
Nanny tax fees - £275 per yr
Annual cost - £10,875 or £906 a month

Are there any other taxes I need to pay that aren't covered in the gross?

nannynick Fri 26-Apr-13 11:09:08

What do you mean by emplpyer liability insurance?
There is:
Employers National Insurance, part of payroll costing.
Employers Liability Insurance, often part of home contents insurance.

Nanny Payroll can be done cheaper than your nannytax costing. Decide if you need the extras you may get from nannytax, or if you just need payslips, p60, reminding when to pay HMRC then look at other companies like payefornannies.

eeyore12 Fri 26-Apr-13 11:40:18

There is employers ni which is not included in the nannies gross wage

OrchidFlakes Fri 26-Apr-13 13:56:00

Thanks nannynick I'll check my household insurance - fab top tip! I'll look at payefornannies too.

How much is employers NI? The latest budget said employers could hire someone up to £22k and not pay tax?

But maybe I have misunderstood that...

NickNacks Fri 26-Apr-13 14:05:52

National insurance is not tax though.

nannynick Fri 26-Apr-13 14:14:32 select 2013/14 tax year and enter in details such as gross annual salary. It will calculate employers NI, use as a guide.

Details of the new reduced employers have not yet been finalised to my knowledge, so as yet we do not know exactly which employers it will apply.

nannynick Fri 26-Apr-13 20:59:47

Employers NI is around 377 (tax year 2013/14).

Are you including activity budget, mileage payments and other travel on duty costs? Those can add up. Though given salary of £200 a week, is the nanny only working a couple of days?

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