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.
