Our take home pay calculator uses your hourly or daily rate, amongst other factors, to evaluate your potential monthly income after deductions. Calculations are based on the below assumptions:
1) 20/21 tax and NIC rate
2) Flat Rate Scheme for VAT with first year discount applied
3) Business expenses are estimated at 5% of net annual invoice total
4) Income taken out of the company is only up to basic rate thresholds
5) You are a limited cost trader
6) You are eligible for entrepreneur’s relief
7) You work 52 weeks per full tax year
From our 28 years’ experience, we know take home pay is a determining factor when deciding to become an independent professional. Our salary calculator has been designed to help you realise your earning potential.
Note that these calculations are only an estimate and are only applicable to assignments outside IR35.
To get started, simply enter your hourly or daily rate.
If you’re interested in an example of how take home pay as a contractor differs between limited companies and umbrella companies, this comparison gives a good overview. You can also find out more about how National Insurance Contributions and the Flat Rate VAT Scheme affect your earnings in this article.
Besides these aspects, it is likely that you will have other questions when it comes to starting your contracting career; for example expenses, the flat rate VAT scheme and IR35 are things that you may like to know about. At SJD Accountancy we have over 28 years of contractor accounting experience, so you can be assured that when you appoint us to be your accountant, you’re in good hands.
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Our Customer Promise allows you to appoint us with complete peace of mind.
The simplest way is to call us on 01442 275 789, we’ll have a friendly dedicated member of our team waiting to go through your unique contracting needs and recommend the package that’s right for you. Or, you can request a callback at a time to suit you, with the form below
The above salary calculator is based on the following assumptions:
18/19 tax and NIC rate
Flat Rate Scheme for VAT with first year discount applied
Business expenses are estimated at 5% of net annual invoice total
Income taken out of the company is only up to basic rate thresholds
You are a limited cost trader
You are eligible for entrepreneur’s relief
You work 52 weeks per full tax year