The amount of money you’ll be bringing home at the end of each month is likely to be a big factor when choosing how to work as a contractor. So, what if you are struggling to figure out your day rate as a contractor? Our handy calculator is here to help.
To calculate your take home pay, simply enter your hourly or your day rate, and our contractor take home pay calculator will do the rest.
The contractor pay calculator is based on the assumption that:
- Assignment is outside of IR35
- 21/22 tax and NIC rates
- Flat Rate Scheme for VAT with first year discount applied
- Business expenses are estimated at 5% of net annual invoice total
- Income taken out of the company is only up to basic rate thresholds
- Are a limited cost trader
- Eligible for entrepreneurs relief
- Work 52 weeks per full tax year
New to contracting?
Have you recently made the decision to become your own boss? You might have some other burning questions about starting your contracting career.
If you have a question that needs answering, you’re in the right place. We have put together a range of useful guides to help you start your journey as a contractor, take a look using the link below.
You’re in good hands
At SJD Accountancy we have over 28 years of contractor accounting experience, so you can be assured that when you appoint us to be your accountant, you’re in good hands.
If you have any questions about contracting, or would like any further advice on take home pay please enter your information in the form below and a member of our team will be in touch.