Take-home Pay Calculator

If you're thinking of working through an umbrella company, you probably want to know how much of your money you can expect to get paid.

 

The difference between your current pay and the salary you will receive from an umbrella company depends on several different factors:

 

  • How much you earn gross each year.

  • How much you pay in allowable business expenses.

  • Whether you fall within the scope of IR35.

 

Remember that your gross earnings are not a fair reflection of your actual income as a contractor, as you must eventually pay tax on what you earn.

 

Because of this, when comparing your current earnings with your expected salary from an umbrella company, you should always make an appropriate adjustment to take off your income tax and National Insurance contributions.

 

Also remember that by working through an umbrella company, you can make deductions for certain allowable business expenses - so if you are currently paying PAYE on an agency payroll with no entitlement to expenses, this can be a significant factor too.

 

This take-home pay calculator will help you to understand how much you can expect to receive each week and each month from an umbrella company, so you have a benchmark figure that you can compare with your current arrangements and other options.

How to use our take-home pay calculator

 

It's very easy to find out your expected income from an umbrella company. Just choose whether you want to base the calculation on an hourly or daily rate.

 

Next, adjust the slider to the correct position. You'll see the weekly and monthly salary totals change instantly, to tell you how much you should receive via an umbrella company, from your gross earnings.

 

The instant calculator can also help you to see how your net salary will change if your hourly or daily rate goes up or down in the future, so you know exactly where you stand.

Remember the non-financial benefits

 

Don't forget to factor in the non-financial benefits of working via an umbrella company, as well as the additional financial benefits like business expenses and statutory sick pay.

 

Your contract may allow you to take holidays, and unlike an agency, your umbrella company usually will not insist that you accept any specific jobs, or ask you to work in a certain place at a certain time - you remain in control of your career.

 

The continuity of employment under an umbrella company's contract can help you qualify for loans and mortgages, you'll likely save a lot of admin time, and your cash flow will be smoother with no lump sums of tax to pay at the end of the year.

Need a tailored quote?

 

Our take-home pay calculator is designed to tell you instantly how much your salary will be, based on your gross earnings, but we understand that individual circumstances may vary.

 

If you think your work life is unusual or you'd just like a personal quote for your expected salary, you can call us on 01925 912200 or email info@mypayplus.co.uk and we'll be happy to discuss your circumstances and how they might affect your bottom-line income.

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info@mypayplus.co.uk

Tel: +44 (0)1925 912200

612 Birchwood Boulevard

Warrington

WA3 7QU

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