Entering into the world of education is an incredibly noble task. It takes a very patient, kind, and encouraging person to work with school children day in and day out. Further work continues outside of the classroom with extracurricular plays or even parents' evening preparation. But while you are busy keeping a child's reading list on track and teaching long division to an entire classroom, dealing with your own personal finances can become a second priority.
When contracting as a teaching assistant, personal finances should retain importance, but knowing how to organise them can quickly become complicated.
Working through an umbrella company
If you're currently working on a contract basis as a teaching assistant, you might have run into a few questions when it comes to your taxes. What deductions can I claim? How much should I deduct for National Insurance? Why have I received yet another tax bill?
Choosing to work through an umbrella company can help alleviate all of these issues.
Working through an umbrella company means that:
- they will make the necessary PAYE and National Insurance deductions for you
- you will be able to offset allowable expenses like travel, meals, and accommodation against tax, maximising your take-home pay
- as an employee of the umbrella company you still have access to state benefits including state pension and maternity pay
- staying with the same umbrella company provider gives you continuous employment which helps with mortgage applications
Using PayStream's services
PayStream has developed an easy-to-use umbrella service called My Max.
My Max let's you sign up online in a matter of minutes and just like the name suggests, it maximises your take-home pay with minimum hassle.
So how does it work?
Once you have chosen a trusted and compliant umbrella company, you will be able to focus on the most important parts of being a teaching assistant:
- learning new teaching methods to apply in the classroom
- connecting with other teachers to further your skills
- updating your training qualifications
By being able to focus on each of these specifications to help foster your professional growth, you will also be making yourself eligible for the best teaching contracts.