IR35 Part Deux, The Hunger

So have just received my first ‘mock-paye’ payslip (aka inside-IR35). My first question is down to the wording; what is an “applicable company deduction”. I ask because I thought you were saying my company wasn’t a proper company? Righto, need to get a bit more info on how this is supposed to work.

Confused? I am. Who ya gonna call…

Transaction	Amount	What is this?
Total umbrella income	£3,000.00	This is the amount invoiced by and paid to Umbrellaco Ltd and is made up of hours worked at agreed hourly/daily rates
Margin	£80.00	This is the income received by the umbrella for the services provided
Employers NI & Levy	£347.70	This is the amount of Employer’s NI and Levy payable to HMRC based on Gross Pay
Employment income	£2,572.30	This is umbrella income minus applicable company deductions.
Gross pay	£2,572.30	Your gross pay consists of basic pay (based on National Minimum Wage), holiday pay, commission or any other statutory payments (if applicable)
PAYE & NI deductions	£416.97	PAYE tax at source and employee’s NI contribution
PAYE employee take-home	£2,155.33	What’s left to feed the mortgage and the kids and pay for planes, hotels and sustenance