Contract job/pay

Snaggle

Snaggle

Snaggle

Soldato
Joined
18 Oct 2002
Posts
3,376
Location
Northants
I know we have a few guys on here who are contractors so was just wondering how this works . I have tried a few different online calculators but get different results .

5 days at £130 per day which i work out at 2600 a month before any deductions but when i stick it through these calculators its comming back anwhere between £1380 a monh to £2200 month .

Would be using own car at 30p a mile .

Anyone help ?
 

toosepin

toosepin

toosepin

Associate
Joined
9 Jun 2006
Posts
954
Location
Manchester
Its difficult for there to be an exact calculator because so much is factored in when calculating take-home on contract payments.

Expenses can include a whole host of things, from fuel to accommodation to stationery and phone contracts.

If you have an umbrella company, do they charge a fee? Is it weekly or monthly?

What tax code are you on at the minute, and will these earnings alter that?

So many factors!
 

Haircut

Haircut

Haircut

Soldato
Joined
18 Oct 2002
Posts
3,926
Location
SW London
There's a whole host of factors that would affect your take home pay.
Whether you're through an umbrella company or your own ltd company.
What the split between salary and dividends is if ltd company route.
What sort of business mileage you'll be doing.

I normally work on 230 days working per year and about 75% of gross as take home pay.

One thing I will say is that doesn't seem like a great contract rate. You have to take the uncertainty etc. into your calculations when considering things.
 
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