Take Home Pay Calculator
You can use this calculator to quickly work out and compare the approximate amount you can expect to take home under both a limited company and an umbrella contract arrangement, for a given daily or hourly rate. Simply select 'per day' or 'per hour', drag the slider along to select your daily or hourly rate, then enter an estimate of your weekly expenses and then click on 'calculate'. If you are already using a limited company and know your flat rate VAT percentage, you can enter that too, but otherwise we recommend leaving the percentage we have suggested.
Please note, a calculation such as this is based on several assumptions and can only ever produce a reasonable approximation of your take home pay. The precise outcome will inevitably depend on your exact circumstances. It is a useful guide but we recommend speaking to an accountant or professional adviser before making any decisions based on take home pay. Please also note that the limited company outcome also assumes that you fulfill the criteria of a genuine freelance contractor, in business on your account (as opposed to technically being an employee) and that you are therefore legitimately outside of IR35. More about IR35.
select a rate based on hourly or daily amounts
enter the amount of expenses
VAT Flat Rate %
enter the vat rate