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Since there are many factors to consider when determining take-home pay, it can all seem a little overwhelming. ‘Personal allowances’ and ‘income tax bands’ are just the tip of the iceberg. When you’re simply in pursuit of a straight answer, navigating condition after condition can seem exhausting.
Are you financially better suited to being classified as a Limited Company? Perhaps you’ll see significantly better numbers if you instead check the box marked ‘Sole Trader’? Who could possibly tell? We can.
That is exactly why we’ve created this simple take-home pay calculator to help you find those answers, and find them fast. Simply fill out the appropriate fields below where demonstrated: (Company Type, Income, Accountant Fees and Expenses) and click ‘calculate’ to uncover your very own detailed breakdown…
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Our Take-Home Pay Calculator makes a number of assumptions in order to calculate the figures in our calculations. These are detailed below.
These calculations are for illustrative purposes only. If you want a more accurate view of your earnings for the tax year 2019/20, simply contact us for a bespoke calculation.
All calculations are based on the income and expenses entered by you.
Total take-home pay is the net salary and dividends after our estimation of tax due.
Your result doesn’t include any reimbursed expenses. We believe this gives a fairer and more accurate picture of your take home pay.
Business expenses entered are assumed to be allowable, therefore reducing taxable profits or earnings.
In all calculations, the 2019/20 income tax and NIC rates for England and Wales are used, if you are a Scottish tax resident please contact us for a bespoke calculation.
An individual’s personal tax allowance per year is £12,500 (2019/20 tax year).
It is assumed there are no earnings from other sources.
The Corporation Tax and Income Tax amounts are estimates based on the figures you’ve entered.
Limited company assumptions
The business is incorporated in the UK with a single director / shareholder.
All profits after tax are taken out of the company as dividends.
Income is based on being on the Flat Rate Scheme for VAT in the IT consultancy industry, with first year discount applied.
Expenses are assumed to be inclusive of VAT.
Assignments are not subject to IR35 – if you unsure about this you can use our IR35 calculator.
Director’s salary from the limited company is assumed to be £12,500.
Employment allowance is not taken into account.
Sole trader assumptions
Income is based on being on the Flat Rate Scheme for VAT under the IT consultancy industry, with first year discount is applied.
Expenses are assumed to be inclusive of VAT.
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In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier, the difficult part was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.
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