Hi all,
I'm looking at taking on an employee on an hourly rate. At the moment I use a couple of skilled self employed / sub contractors who sometimes invoice for a days labour as well as for full jobs done. I know what they charge and what I can afford. This can normally be between £120 and £160 a day. My question is, how do I work out what I can offer to pay if I employee one of these people full time?
If I am being asked for £15ph with overtime at time and a half, plus 4 weeks holiday p/y, how can I translate that to what a sub contractor may invoice me for a days labour?
Ideally I need an equation to work out what it will cost me per 9 hour day to offer someone £13ph or £15ph on a full time basis including 4 weeks holiday being taken into account - and obviously taking into account tax, NI and pension contributions. Overtime? - if that can be explained what affect that has in terms of tax, NI and pension contributions then that would also help.
Hoping someone can give me an equation which would allow me to enter the hourly rate, 4 weeks holiday, what the tax, NI and pension contributions would be and give me a figure which I can compare to the sub contractor amounts.
I know sick pay is also a consideration.
Thank you for any help and advice.
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