How much does Spirit charge?
Spirit manages all the administration and accounting overheads of the composite company and pays your net earnings into your account by BACS transfer. This is all included for a weekly fee of 25.00, including insurance premiums. These insurance premiums are charged to the composite company and are tax deductible, making the actual weekly cost of 22.00 to a basic rate taxpayer and 15.00 to a higher rate taxpayer. For expenses there is a small processing charge of 5% of the value of the claim and if there are any non-standard payments for all or part of the weekly or monthly earnings these may also incur a small administrative charge. There are no charges when you are on holiday or between contracts.
