Can't find the right calculator

[DAR2008]

It looks like I might be moving to an inside IR35 contract, likely pushed via an Umbrella. It also seems I'll need to account for the employers NI costs.

I'm struggling to find a calculator that will allow me to do the following:-

• Enter Gross Annual income (day rate * 5 * 48)
• Deduct 40k pension (via salary sacrifice)
• Deduct Employers NI costs & Apprentice Levy (I assume this is calculated after pension costs?)
• And then deduct the normal PAYE Tax and Employees NI.

I've searched high and low, and for the life of me can't find an online or Excel calculator for the above.

Does one exist?

Thanks in advance...

[DrStrange]

I'd just do it manually as it'll likely be quicker.



(Day rate x 5 x 48) - 40k = Employment Cost

Divide Employment Cost by 1.143 = Gross Salary

Employment Cost - Gross Salary = ENIC + App Levy

Stick Gross Salary into uktaxcalulators and take the net salary from there.


Not all brollys allow full Salary Sacrifice though so double check that before you sign up

[eek]

I'd just do it manually as it'll likely be quicker.



(Day rate x 5 x 48) - 40k = Employment Cost

Divide Employment Cost by 1.143 = Gross Salary

Employment Cost - Gross Salary = ENIC + App Levy

Stick Gross Salary into uktaxcalulators and take the net salary from there.


Not all brollys allow full Salary Sacrifice though so double check that before you sign up

Or day rate x 18 (trying to get a better estimate) - 3,333

And plug that into Clarity's umbrella calculator (and that does pay per week / month rather than day rates).

[luxCon]

I'd just do it manually as it'll likely be quicker.


(Day rate x 5 x 48) - 40k = Employment Cost

Divide Employment Cost by 1.143 = Gross Salary

Employment Cost - Gross Salary = ENIC + App Levy

Stick Gross Salary into uktaxcalulators and take the net salary from there.


Not all brollys allow full Salary Sacrifice though so double check that before you sign up

Alternatively calculate

(Day rate) - (40k / (5 x 48)) = Net daily rate

Then put the above figure in to one of the many Umbrellas' own calculator as your daily rate

If you can afford it its best to front load the salary sacrifice, as it 1) Ensures you use most allowance before getting maybe an outside work in the tax year, and 2) Only pay the additional admin fees for the fist months rather than each of the 12 months.

[DAR2008]

Thanks everyone, that's really helpful.

If I go ahead with this, I'll be looking for an Umbrella that offers salary sacrifice into my private pension (with Reassure).