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Take-home Pay Calculator

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Monthly take home pay (% of annual income)


Not on the flat rate scheme
Second shareholder?
Warning: your expenses currently exceed your annual income. Please reduce your costs. Your annual pension contribution exceeds the annual allowance of £40,000 – you may therefore incur an additional tax charge on the excess contribution. Please refer to our pensions factsheet for more details about the tax implications of pension contributions.
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  Outside IR35 Year 1 Outside IR35 Year 2 Inside IR35 Year 1 Umbrella
Annual Income @ £1000 per day
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Turnover
Mileage @ 20 miles per day
Home office @ £4 per week
Pension contributions @ £1073.33 per month
Other expenses @ £11 per day
Accountancy fees
Salary
Employer's NIC
Pre-Tax Profit
Corporation Tax
Post Tax Profit
Dividends declared (net)
Profit Retained in the company
Personal Income Details
Gross Salary
Less - PAYE on Salary
Less - NIC on salary
Net Dividends
Less - Tax on Dividends
Pension Contributions
Expenses
Total Income After All Taxes
Monthly Take home pay
Take home pay as % of annual income

Assumptions

  1. Uses tax rates and allowances for 2014/15
  2. Assumes all contracts are OUTSIDE IR35
  3. Assumes no others sources of income for the contractor and spouse's other income taxed fully at source
  4. Based on income/expenses as detailed
  5. The Higher Rate taxes will be LOWER if you work fewer weeks, increase expenses, pay more into your pension or your rate falls.
  6. The Higher Rate taxes will be HIGHER if you work more weeks, reduce expenses, pay less into your pension or your rate increases.




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