Find out what your take-home pay could be:
Calculate your take-home pay to see how much you could earn
You can use our simple calculator to provide an illustration of what your take-home pay could be, depending on your rate of pay and working hours.
The calculator is only a guide and should not be relied upon to give an actual figure, but it does help explain the differences between the different structures and how this affects your take home pay.
How we calculate these figures
Our take-home pay calculator does make a number of assumptions in the background in order to calculate the figures.
The limited company calculator assumptions:
Tax rates are based upon 2020/2021 and assumes no other personal income and that your company is incorporated and operated within the UK.
An individual’s personal allowance is £12,500 for the year (2020/2021).
All profits after tax are withdrawn from the company as dividends.
Flat rate scheme is applied to the company turnover figure at a rate of 16.5% with a first-year discount of 1% applied.
Expenses are inclusive of VAT.
The income is not subject to IR35 and the contract is outside.
Director’s salary is assumed at £8,632 per year
Limited company accountancy fees are already assumed within the calculation and based upon the Express service package at £120+VAT
Employment allowance is not applied.
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We’ve been operating specialist accountancy services for contractors and freelancers since 1989.
JSA is a fully accredited member of the FCSA, the most reputable trade body and rigorous enforcer of compliance and customer service standards in the contracting sector, underpinned by a wide-ranging annual audit by EY.
When you sign up to our limited company accounting service or our Umbrella employment solution, you do so safe in the knowledge that you will be using an accountancy provider that is experienced and expert in the sector.
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Industry news, analysis and expert opinions
A meeting yesterday with HMRC revealed umbrella companies should not be classed as ‘intermediaries’ under the April 2021 off-payroll legislation.
If you’re considering starting out as a contractor, read our Guide to Limited Company Contracting to learn how to set up your PSC and make the most of limited company contracting.
If under IR35, your ‘outside’ contract becomes ‘inside’, you may not want to switch permanently to Umbrella. Our toggle option is the perfect solution. Click here to find out more.