The number of weeks you are aiming to work in the year.Keep in mind the need to allow for holidays and/or down time.
Tax Code
Tax Code
This must be three digits plus the letter "L". If your tax code is different telephone us for a detailed calculation. If you make no entry the system uses a default equal to the normal Personal Allowance.
Primary Hours
Primary Hours
Enter your usual weekly working hours.For most people these will be the only hours and rates required.
Primary Rate In £
Primary Rate In £
Enter your normal hourly rate. If you are paid by the week, month or by project convert this to an estimated hourly rate.
Secondary Hours
Secondary Hours
You may have more than one assignment running concurrently. If there are variations in your rates use these secondary boxes to enter them.
Secondary Rate In £
Secondary Rate In £
Enter the relevant actual or estimated hourly rate.
Other Hours
Other Hours
Use this in the same way as Secondary Hours. For example, you could use this for regular unsocial hours payments.
Other Rate In £
Other Rate In £
Enter the relevant actual or estimated hourly rate.
Weekly Bonus In £
Weekly Bonus In £
If you receive a regular bonus or success payment turn this into an estimated WEEKLY figure and enter it. Alternatively, you may suffer a deduction e.g. for accomodation; enter this with a minus sign.
Total Anticipated
Income For A Week
-
Total Anticipated
Income For A Week
Check that this looks right before you proceed.
Anticipated Annual
Pre Tax Income
-
Anticipated Annual Pre Tax Income
This is your estimate of your gross annual income based on the figures entered above. Check that this looks right before you proceed.
NORMAL WEEKLY EXPENSES
Miles Per Week
Miles Per Week
The Calculator assumes you own your own car or van and that you use this vehicle to travel to your assignments. Estimate your average WEEKLY business mileage for the weeks when you are working and enter them.
Other Expenses Per Week
Other Expenses Per Week
Enter your estimate of your average WEEKLY expenses EXCLUDING motoring/mileage expenses. This figure is for subsistence, accomodation and similar business expenses. Review Expenses elsewhere on the site to understand what you may reclaim as a business or employment expense.
Annual Mileage
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Annual Mileage
The weekly mileage multiplied by the number of weeks entered above that you expect to work. The system allows for the differential expense rates dependent on the annual mileage figure.
Mileage Expenses
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Mileage Expenses
The expense "value" of your annual mileage. For the current mileage rates review the Assumptions or review Expenses elsewhere on the site.
Total Annual Expenses
-
Total Annual Expenses
This is the estimated sum by which your anticipated annual income would be reduced for the purposes of calculating tax.
FLAT RATE VAT
FLAT RATE VAT
The Calculator assumes that Flat Rate VAT will be adopted where possible and that the additional 1% for the first year of VAT registration will apply. The Flat Rate varies by industry sector.
Choose the Industry Sector that you work in.
Use the drop down menu in the usual way.
Industry Sector
You must select the industry sector in which you normally work. If you need further advice in this area telephone our Development Team on 01244 625500.
The VAT Flat Rate Applied -
The VAT Flat Rate Applied
The Calculator adopts the Flat Rate applicable to the industry sector that you have chosen.To see the full list of sectors and rates go to VAT - Flat Rates.
WARNINGS
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Get Alerts. The law changes!
RESULTS TABLES
COMPARISON TABLE FOR NET INCOME
BUSINESS STRUCTURE
CORPORATE
SOLE TRADERS
UMBRELLA
AGENCY
Post Tax Weekly Pay
-
-
-
-
Avarage Hourly Take Home Pay
-
-
-
-
Annual Take Home Pay
-
-
-
-
Plus Taxed
Holiday Pay Fund Less Higher Rate Dividend Tax
-
-
-
-
Annual Take Home Pay
-
-
-
-
RELATIVE INCOME BY STRUCTURE
BUSINESS STRUCTURE
CORPORATE
SOLE TRADERS
UMBRELLA
AGENCY
Measured against PSC
Measured against PSC
Measured against PSC
Worse off
Weekly by :-
-
-
-
-
Worse Off
Annually by :-
-
-
-
-
Measured against AGENCY
Measured against AGENCY
Measured against AGENCY
Worse off
Weekly by :-
-
-
-
-
Worse Off
Annually by :-
-
-
-
-
Fixed Data
PAYE
Tax Code L between 0 and 999.
0
Tax Rate
Personal Allowance
£11500.00
0.00%
Lower
£0.00
0.00%
Basic up to
£33500.00
20.00%
Higher above
£33501.00
40.00%
Statutory rates
National Minimum Wage
£7.50
Holiday Pay
10.77%
Mileage Rates
Per Mile
Up to 10,000 miles
£0.45
10,000 miles
£0.25
CIS
Rate
Percentage
Gross
0.00%
Standard
20.00%
Higher
30.00%
Corporation tax
Small Company Tax Rate
19.00%
National insurance
Primary Threshold
£8164.00
Secondary Threshold
£8164.00
Employers NI between PT and UEL
13.80%
Employees NI above UEL
12.00%
Employees NI
2.00%
Class 4 NI between LPL and UPL
9.00%
Class 4 NI above UPL
2.00%
Class 2 NI
£2.85
Annual LEL
£5880.00
Annual UEL / class 4 upper profits
£45000.00
Class 4 Annual lower profits limit
£8164.00
Weekly PT
£157.00
Weekly LEL
£113.00
Weekly UEL
£866.00
UMBRELLA COMPANY
Holiday pay accrual
Is Holiday Pay being accrued?
Yes
AGENCY INFORMATION
Agency Uplift Applied
10.00%
Assumptions
General
The user is over 21 and subject to tax in the UK
The user wishes to minimise their tax liability
The user is subject to national insurance i.e.he/she is not over retirement age
Only current tax rates and limits are applied
No tax mitigation payments are made e.g. pension contributions
Only 3 digit letter 'L' tax codes shown in the drop down list can be entered
The user does not have a turnover greater than £100,000 where fewer reliefs and or higher taxes may apply
Expenses
All miles claimed as expenses are for business use using a personally owned car or van
All other expenses claimed are wholly, necessarily and where appropriate exclusively for the benefit of the business
Foremans LLP Charges
Foremans fees associated with Limited Company, Sole Trader or Umbrella are as per published rates
Foremans current Service Costs are allowed for in all calculations.
Holiday Pay
Holiday pay is accumulated week by week by Umbrella or Agency employer but paid out during the year
VAT
Limited Company or Sole Trader will be VAT registered
Limited Company or Sole Trader will take advantage of Flat rate VAT
Flat rate applied includes the benefit of the additional 1% applicable to the first year of VAT registration
Limited Company Conditions
One director / one shareholder in a Personal Service Company
Director of Personal Service Company elects to vote for 100% dividend after salary, costs and expenses
Director's salary is maximum salary to the primary threshold for NI
The Limited Company is trading normally i.e it is not subject to IR35 and is not a Managed Service Company
NOTES
The Current tax rates are taken from the Fixed Data Table
The current Value Added Tax Rate is 20% and is applied to all invoices and expenses as appropriate
The Director's Salary is fixed in relation to National Insurance thresholds. Higher Rate Taxpayers should consider the advantages and disadvantages of a larger annual salary or bonus
Higher Rate Taxpayers may wish to consider the advantages and disadvantages of shared ownership of their business
Users with a tax code other than three digits and letter "L" may telephone or email our Development Department to request a detailed calculation
Generally the use of an Umbrella rather than an Agency payroll is only efficient if sufficient weekly expenses are allowable and claimed
The expenses claimed under an Umbrella should not prevent the proper operation of National Minimum Wage
"The staff are very helpful when you need information and very pleasant to talk to. The best I have worked with for some time."
Mr B. Lane, Company Director
Support for Contractors.
Get help on accounts, tax and administration.
Our tax calculator is flexible. Use our tax calculator as often as you like. Test a variety of possible income figures. Our tax calculator shows the comparisons every time. Check the assumptions used on our tax calculator. We can provide figures for alternative scenarios and provide you with all the up to date information you need. Contact us for further advice.
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