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How can I get a breakdown how much I will earn month / annual based on a daily rate?

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    How can I get a breakdown how much I will earn month / annual based on a daily rate?

    Hello all,

    It seems like there are lots of calculators online but which is a good calculator that can tell you how much you will earn based on a daily rate?

    I would like something that breaks down by monthly and annual basis.

    Many thanks

    #2
    There are lots of calculators online - if you do a search, then try them out. The amount you take home will depend on your daily rate, whether you are using an umbrella or limited company, and how much you can expense.
    …Maybe we ain’t that young anymore

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      #3
      Originally posted by JamesFuller View Post
      Hello all,

      It seems like there are lots of calculators online but which is a good calculator that can tell you how much you will earn based on a daily rate?

      I would like something that breaks down by monthly and annual basis.

      Many thanks
      Try the Calculators here
      Last edited by Contractor UK; 23 December 2017, 20:48.

      Comment


        #4
        You'll earn £11,500 won't you? What your income will be will depend a multitude of factors so you'll only get an approximation from a calculator at best.

        You could use SJD's spreadsheet and plug the numbers in to that if you want a good figure I guess.

        Or you could ask your accountant to provide some figures for you.
        'CUK forum personality of 2011 - Winner - Yes really!!!!

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          #5
          You're looking at this backwards. You need to work out the minimum you need to earn to support yourself and any necessary outgoings as an annual net income then use that to baseline your minimum acceptable rate. Anything above that is a bonus. As for the rate itself, that's simple: as much as you can sell yourself to the agency for above your known minimum.

          We cannot answer your original question, there are far too many variables. Unless, of course, you want to publish your bank statements annotated by type of outgoings, personal allowance, any tax credits, any other incomes and anything else that may impact your earnings. So perhaps not...
          Blog? What blog...?

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            #6
            Tax Planning

            The online tax calculators are a good indicator however they go by the assumption that you'll take out every penny within the year. The figures for the umbrella and inside IR35 PSC are likely to be a fair reflection but for those outside IR35 and using a PSC then there's a lot more scope for tax planning depending on your cash requirement.

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              #7
              There is also the aspect that you will only earn for the duration of the contract you are in which is likely to be less than a year. Any calculations above and beyond that are just wishful thinking so doesn't really matter how accurate the calculator is. If you just want to see how rich you will be in 1, 5 10 years then any calculator will do. Reality will be so far from the theory it's not worth worrying about the accuracy of the calculator.
              'CUK forum personality of 2011 - Winner - Yes really!!!!

              Comment


                #8
                I base my earnings on how much my missus will let me have each week...

                Comment


                  #9
                  Originally posted by northernladuk View Post
                  You'll earn £11,500 won't you?
                  £8164...

                  Comment


                    #10
                    Originally posted by SeanT View Post
                    £8164...
                    Defo - unless you fancy paying more NI out of the goodness of your heart

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