Contractor Calculator – work out your take-home pay

Contractor Calculator – work out your take-home pay

Aug 10, 2017

Contracting comes with flexibility but also a degree of uncertainty, so you may find it helpful to use our Contractor Calculator to work out how to maximise your take-home pay. You’ll find our Contractor Calculator on our home page.

Calculating your income

As a contractor, your take-home pay will vary depending on whether you are an employee of an umbrella company like Umbrella Plus or a director of your own limited company or personal service company.  (Please note that self –employed, construction industry contractors have an additional option which is to join CIS Plus.) You can find out more about your working options by downloading the Crest Plus Guide to Successful Contracting.

You can use our handy Contractor Calculator to view an illustration of your take home pay depending on which working option you choose.

Simply enter how many hours you are contracted to work each week and your contracted rate of pay and we will show an illustration of what your take-home pay is likely to be, broken down into weekly net income and annual net income.

Of course, our Contractor Calculator is only a guide, and we will have had to make some assumptions, but it’s certainly a helpful starting point.  Our team of specialist contractor accountants will be very happy to discuss your specific working arrangements and personal financial liabilities (e.g. student loan) with you and provide advice and detailed illustrations to help you decide which working option will  help you to maximise your take-home pay.

Construction industry contracting

If you are a self- employed contractor in the construction industry, you may also be eligible to work through CIS Plus which enables you to work on a self-employed basis as long as you are registered for the Construction Industry Scheme (CIS) with HMRC.  Our Contractor Calculator will show you your net weekly and net annual take-home pay if you are a member of CIS Plus but again, our specialist contractor accountants will be happy to discuss your specific circumstances to provide further advice, guidance and pay illustrations.

Please get in touch with specialist contractor accountants at Crest Plus on 01244 684700 or complete the form below and we will contact you.



Suggested Reads

February Offers From Crest Plus Advantage

Feb 14, 2024 | News

Explore the latest offers from Crest Plus Advantage.

How (And Why) To Choose A Good Umbrella

Jan 23, 2024 | Crest Plus News

As a recruitment business you’ll want to direct your contractors to an umbrella or CIS payments provider who will provide the best advice, support and compliant services. The UK is…

A to Z Insurance – Introducing Our New Crest Plus Advantage Partner

Dec 21, 2023 | Contracting

We’re delighted to announce that our rewards scheme for contractors, Crest Plus Advantage, now includes travel insurance. A new partnership with A to Z Insurance means Crest Plus contractors can…