TimePlan’s Money Matters Fact-sheet is part of our overseas teachers induction pack (you’ll find it at the bottom of the page). It contains information about pay, time-sheets, tax and National Insurance.
How much will I earn?
A Teacher’s wage through 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 of your expenditure against tax. If you choose to be paid by an umbrella company (as most teachers do) you will receive higher take home pay each payroll, provided that you keep your receipts for any 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 for this to increase. The good news is that TimePlan also renegotiates pay so if you receive excellent feedback and we feel you deserve a pay increase, we will discuss this with the schools in order for you to receive 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. You will only receive payments for days actually worked, although some teachers may be eligible to statutory sick pay and maternity pay when they are unable to work according to social security regulations. Teachers are paid every two weeks.
Setting up a bank account
TimePlan will help you to organise a bank account once you arrive in the UK. Please be sure to arrive in the UK with proof of your previous address (utility bill or similar) and a recent statement from your bank at home. At your appointment to register with the bank, you will be asked to produce your passport and a letter of support, which your TimePlan Coordinator will happily organise for you.
How do taxes work?
As mentioned, TimePlan gives all our teachers the opportunity to work through an umbrella company. The company will help you to maximize your take home pay each payroll.
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 you start work you will need to sign a Starter Checklist form which TimePlan or your umbrella company will arrange. When you leave you will be given a P45 from TimePlan and this can be used to claim a tax refund if you 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!.