• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Collapse

You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:

  • You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
  • You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
  • If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.

Previously on "Can't find the right calculator"

Collapse

  • DAR2008
    replied
    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).

    Leave a comment:


  • luxCon
    replied
    Originally posted by DrStrange View Post
    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.

    Leave a comment:


  • eek
    replied
    Originally posted by DrStrange View Post
    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).
    Last edited by eek; 5 March 2021, 14:47.

    Leave a comment:


  • DrStrange
    replied
    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

    Leave a comment:


  • DAR2008
    started a topic Can't find the right calculator

    Can't find the right calculator

    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...

Working...
X