Keeping track of your finances can be difficult as a freelancer or contractor. To allow you to plan your finances for the future, knowing how much of your daily rate you’ll be able to keep for yourself is crucially important. With tax, pension contributions and other expenses to be deducted from your revenue, it can be hard to calculate what you’ll be left with, particularly if you’re new to contracting.
Knowing what you are, could and should be getting paid is a key part of working as a contractor and can often take a little getting used to. If you are outside of IR35, using a contractor calculator to determine your take-home pay can be a quick and convenient solution to work out what you can expect to be earning. IR35 is a UK tax law that determines whether a freelancer or contractor should be treated as an employee for tax purposes, if your contract is outside of IR35, you will pay less tax. Based on this information, a contractor can make more accurate financial forecasts and put in place better forms of financial planning. That’s where Brookson comes in.
Brookson’s take-home pay calculator removes any doubt from the equation, allowing you to get your mind around your finances and accurately plan for the future. Taking into account factors such as contracted rate, tax compliance, payment cycle, pension deductions and weekly work hours, our contractor salary calculator for UK workers is a reliable gauge of what will end up in your pocket. Whether you’re new to contracting or you’ve secured a project at a different rate of pay, this calculator is for you.
The calculations are for illustration purposes only and are based on a series of assumptions.
The calculations are based upon the following criteria:
Do you know your tax liabilities at any given time? Are you certain that you’re withdrawing the right level of dividends from your limited company? Is being paid through an umbrella company the best option for you? Our take home calculator can give you complete confidence when managing your finances by outlining your take-home pay on any given project and contract.
As a contractor or freelancer, it’s best to be prepared and as clued up as possible in regards to your finances to avoid any nasty surprises later in the year. Using our contractor calculator online gives you a fair estimate of how much you can expect to take home, allowing you to put aside money for tax and providing you with a clearer picture of your financial situation ahead of future planning and budgeting.
Using our contractor income calculator could not be easier. Simply enter your hourly or daily rate and see an instant breakdown of your weekly and monthly take-home pay. It really couldn’t be any more simple, and it’s completely free!
Join the thousands of self-employed contractors that have already benefited from our take-home pay calculator and get your finances and future budgeting in order today.
As contractor accountants, Brookson are dedicated to helping our clients maximise their earning potential. Our contracting net salary calculator offers a swift, easy and accurate view of what you’ll be bringing in from each assignment. Whether you’re looking for a net take-home pay calculator in the UK or something more specific, like a full salary and dividend calculator for a certain financial year, you’ve come to the right place. With Brookson by your side, you can rest assured that you’re paying yourself in the fairest, most tax efficient way possible, meaning that you only pay HMRC exactly what you owe and not a penny more. So what are you waiting for? Give our self-employed tax calculator for UK contractors a go today.
This guide is ideal for anyone considering the various self-employment working options, from running a limited company, working as a sole trader or working through an umbrella company.
This guide will help you understand what is involved in forming and running your own Limited Company.
This guide is ideal for anyone considering working through an umbrella company. It provides a jargon free overview of the Brookson Umbrella service, along with the key benefits.
This guide will help give you a better understanding of how expenses can affect your tax bill and examples of what is and is not classed as an expense.
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