TimePlan’s Money Matters Factsheet is part of our overseas teachers induction pack. Click on the button at the bottom of the page to open the factsheet. It contains information about pay, timesheets, tax and National Insurance.
How much will my son/daughter earn?
The pay with TimePlan varies depending on experience, position, location, and how a teacher chooses to be paid. We always try to secure the highest pay rate possible and are only limited by how much schools are willing to pay.
TimePlan works with a number of umbrella companies, who have dispensations from the UK tax office and are able to offset some expenditure against tax. If they can choose to be paid by an umbrella company (as most teachers do) they will receive higher take home pay each payroll, provided they keep their receipts for the allowable expenses.
For our day to day contracts, the pay begins at £110 per day for newly qualified teachers outside the London area (£115/125 inside London and for shortage subjects like Math and Science) with potential to increase. The good news is that TimePlan also renegotiates pay so if your son or daughter receives excellent feedback and we feel they deserve more, we negotiate with schools to get them a higher pay rate based on experience, qualifications and performance.
The annual salary is calculated as a daily rate times 195 (that being the number of teaching days in a year) and therefore includes holiday pay of at least 12 weeks. They will only receive payments for days actually worked, although some may be eligible to statutory sick pay and maternity pay according to social security regulations. Teachers are paid every two weeks.
Setting up a bank account
TimePlan facilitates in the setting up of bank accounts on arrival in the UK.
How do taxes work?
As mentioned, TimePlan gives all our teachers the opportunity to work through an umbrella company who will take care of the UK taxes that your son or daughter will be required to pay.
The UK operates a PAYE (Pay As You Earn) tax system. The tax year turns from the 6th of April to the 5th of April the following year. Most taxpayers are entitled to a tax free Personal Tax Allowance (currently £10,000) which is spread over 52 weeks of the year. Tax is then payable in different percentages, from 20% to 45%, depending on how much they earn. In addition, National Insurance contributions are also deducted, starting at 0% and rising to 12% depending on earnings.
When they start work they will need to sign a P46 which TimePlan or the umbrella company will arrange. When they leave they will be given a P45 from TimePlan and this can be used to claim a tax refund if they have only worked part of a tax year (don’t worry TimePlan helps with this).
Paying off those student loans
We assure you that all our teachers have enough money to pay for all the necessities, travel and to start paying off those nasty student loans!
Our banks offer some great money transfer facilities so it will not cost the earth to send money back home.
If you require more detailed information, call our Payroll Department on 020 8371 8020 who are always willing to give advice!