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Take-home Pay Calculator

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Take-home Pay Calculator

Our Take Home Pay Calculator illustrates what you could take home as a contractor. The calculator provides a guide to your monthly take home pay, and shows how this compares to working through an umbrella company.

Our calculator can also demonstrate your expected earnings as a contractor in terms of your IR35 status. To learn more about your IR35 status please visit our Contractors Guide to IR35.

If you are thinking about making the move to contracting, please call our New Business Team on 01253 362062 or email craig.whelan@nixonwilliams.com.

Please note that this calculator represents earnings from the tax year 15/16. If you are looking to gain a more accurate view of your earnings for the tax year 16/17, please contact the New Business Team on 01253 362062 or email: craig.whelan@nixonwilliams.com

Alternatively, if you are a client of Nixon Williams, please contact your accountant for a bespoke calculation for the tax year 16/17.



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Not on the flat rate scheme
Second shareholder?
Monthly take home pay (% of annual income)
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.
Print results
  Outside IR35 Year 1 Outside IR35 Year 2 Inside IR35 Year 1 Umbrella
Annual Income @ £500 per day
Add Flat Rate VAT Saving
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
  Outside IR35 Year 1 Outside IR35 Year 2 Inside IR35 Year 1 Umbrella
Monthly Take home pay
Take home pay as % of annual income

Assumptions

  1. Uses tax rates and allowances for 2015/16
  2. Assumes no others sources of income for the contractor
  3. Based on income/expenses as detailed
  4. The Higher Rate taxes will be LOWER if you work fewer weeks, increase expenses, pay more into your pension or your rate falls.
  5. 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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