Working through a limited company can be the most profitable way to operate as a contractor, but with it comes increased admin when it comes to keeping track of your finances. Staying on top of your income and outgoings can be tricky, and budgeting can be difficult when it’s unclear how much you're actually going to be making every month once tax, pension contributions and other expenses have all been deducted from your pay.
While an accurate picture of your finances can only truly be achieved with detailed analysis (or a professional assessment from a trained accountant), you can get a good idea of where you stand financially with our limited company take home pay calculator for UK contractors. All you have to do is move the slider to reflect your income and it will give you the amount you will be left with, taking contracted rate, tax compliance, specific payment cycle, pension deductions and weekly working hours into account.
Our limited company take home calculator eliminates any doubt by allowing you to get to grips with your company’s finances and more accurately plan for the future. Whether you’ve only just registered your limited company and want help getting your head around your finances, or your existing limited company has taken on more contracting work - perhaps at different rates of pay - our limited company take home calculator can be used as a reliable indicator to let you know how much you can expect to make each month.
The calculations are for illustration purposes only and are based on a series of assumptions.
The calculations are based upon the following criteria:
Managing your finances and keeping on top of your company’s admin are two of the most time-consuming parts of running your own limited company. Unless your business provides accountancy services, it’s likely that you don’t have the expertise to complete this yourself, and you might also lack the time. However, as one of the most important parts of your business (as well as your personal life), the finances of your limited company cannot be neglected. If, for example, you haven't left enough money to pay your taxes at the end of the financial year, you could end up with a nasty surprise in the form of a hefty tax bill.
Using our limited take-home calculator is a good way to avoid this issue, as it will give you the ability to better plan your months based on how much you make. Simply select your hourly or daily income on the slider and we can provide you with a fair and accurate estimate of how much you can expect to take home at the end of each week or month. This will give you a better idea of your company’s financial situation and allow you to financially plan, forecast and budget more precisely.
At Brookson, we understand the problems that limited company contractors can face. That's why we created our take home pay calculator for limited companies. We know that accurate budgeting can be difficult when working on various different assignments and understand that you may not always have the time to put in place a detailed financial plan without any expert input. However, Brookson is here to help.
We are specialist contractor accountants that deal exclusively with self-employed professionals, so we are well-equipped to make your finances as efficient as possible. Whether that means making you more tax-efficient or helping you decide when to make a new hire, we'll be able to help. What's more, with our online portal Connect you'll have complete visibility over your finances through our app, so you can be as involved in the process as you want.
If that sounds good to you, then get in touch! You can book a free consultation below to talk to one of our highly-trained professionals. Alternatively, if you want some general advice on a specific issue, then we offer a range of free downloadable guides. Brookson could well be the accountant for you, so don't miss out.
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