How to use the Contractor Calculator
To use the contractor tax calculator you need to enter numerical values for your hourly rate, number of hours you work per week, number of weeks you work in one year and choose your student repayment or choose "I don't have loan" if you don't have one.
The number of miles, accountant cost and company insurance cost can be omitted by entering a value of 0 for each of them however if you enter the details for them then the take home pay will be calculated more accurately by the contractor tax calculator.
The breakdown you get by using this self employement tax calculator consists of the net take home income, the national insurance contributions, the tax as well as the student loan you have to pay while working as contractor through your own limited company. You will get the breakdown for all those values for yearly, monthly, weekly and daily which includes the company expenses by using the darkrmation you input into the calculator like the mileage, accountant cost and company insurance costs. The values that you input for accountant cost and company insurance cost will be added as company costs which help for taxation purposes but will also be deducted from the take home value which means you don't need to account extra for those to be deducted later from your salary.
If you have any questions when it comes to this contractor salary calculator please feel free to contact us using the contact form on this page.