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Take Home Pay Calculator

A rough guide to how much you can earn as an I.T. Contractor

There are many pay calculators available, though usually you have to give your details to get any idea.  Why is that?  If they are providing a genuine FREE calculator, well then why sign up?  The other problem is that every individual is different.  There is no magic formula or hidden “Tax Efficient” schemes.  Its not a dark art!  Its common sense.  Yes there are ways of saving tax by paying into company pensions, but again thats a personal choice.  The formula is fairly simple.  Earnings go in at the top and like all others this is a crude way of calculating because it doesn`t allow for holidays and sickness etc.  Then come the expenses, part of which is the directors salary and any other genuine business related expenses.  Bottom line is the NET PROFIT on which current UK Corporation tax is 19% .   You will also pay income tax on your dividends and a small amount on your pay, that is covered in a different section.    So, for a rough idea of income, expenses and net profit, please download the excel sheet below. Simply add in your daily rates and adjust expenses as you see fit.      We are here to advise you and a telephone call is more than welcome.

For more information, please contact us via…

Phone: 01799 732 101
Email: info@contractorsaccountants.co.uk