Your Personal Income Calculation
This calculation is based on series of assumptions
PAYE Umbrella Solution with Expenses
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Our Income Calculator will help you make an informed decision about either using an umbrella company, Limited Company or an alternative company to service your contract.
The calculations above would be the maximum you would expect to take home using each solution. In order to get a more accurate calculation based on your personal circumstances, please get in touch and we will organise for this to happen for you.
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Assumptions
- • Based on a contractor working 37.5 hours per week. • Full employee personal tax allowance of £11,850 per year (tax code 1185L). • Contractor has no additional income during the tax year. • Subsistence based on the HMRC’s benchmark scale rates model. • Annual business mileage calculated at 45p/mile for the first 10,000 miles and at 25p/mile thereafter. • Expenses calculated between £3.16 and £355 and is restricted by allowable expenses and expenses reasonably incurred by an employee working and staying away from home. • Weekly calculation based on 52 weeks per full tax year. • Monthly calculation based on 12 months per full tax year. • All Tax, NIC’s and employers NIC’s based on 18/19 tax year. • All payments include holiday pay. • All payments do not include pension contributions.
Additional assumptions for calculation with expenses
- • SDC (Supervision, Direction or Control) does not apply during any contract assignment throughout the tax year. • All legitimate business expenses incurred during each assignment will be paid as part of your regular payment package. Any incurred expenses over the pre-agreed amount can be received as a tax refund from HMRC after the tax year-end on 5th April.
Additional assumptions for Pocked Accounts calculation
- • All assignments fall outside the scope of IR35. • Director’s wage of £8,060 per year. • Pocket Accounts Premium package is used for the purpose of this calculation. • Only one owner and director is involved in the company.