A contractor take home pay calculator will provide you with an illustration of the estimated amount you’d be able to take home from your assignment on a weekly and monthly basis.
One of the main questions people ask themselves when thinking about taking the leap in to the world of self-employment is how much they will earn each month and in most cases this will be higher than your previous salary working as an employee.
To make this decision and to ensure it isn’t taken lightly, you need to be able to get an accurate figure of how much you are likely to get each week or month.
Benefits of using a contractor take home pay calculator
The benefit of using a take home pay calculator is that you can quickly and easily see an estimate of your wages, how much you will be taxed, and the amount that will go into your bank account.
This can often help when it comes to making the leap into the world of self-employment, and can also prove to be an effective resource for contractors who are already working for themselves and are looking to switch or move on to their next assignment.
During the first few years of running your own limited company, you’ll probably find that your earnings fluctuate a fair amount. Having a regular client base and being aware of any seasonal shifts in your workload will help your income become more predictable and consistent.
Working out your take-home pay
A contractor salary calculator can allow you to get a fair estimate of how much you can expect to take home each month. This also helps you portion off the right amount to put to one side to pay your tax and NIC contributions when you file your self-assessment, instead of having a shock lump sum come January.
Using Brookson’s contractor take home pay calculator gives you a great starting point when figuring out your take-home pay and can help in the decision to becoming a freelance contractor. To ensure your personal circumstances are taken in to account when looking at your take home pay in more depth, speak to Brookson’s specialist advisors who can provide you with a complete working options take home pay comparison and illustration which would give you a more detailed and accurate breakdown.
Try our Calculator
Our take-home pay calculator will help provide you with an estimated amount you could be taking home from your assignment on a weekly and monthly basis.
To find out what you could take home, try our calculator here. Alternatively speak to one our Specialist New Business Advisors for a FREE Consultation and take-home pay illustration!