Salary Calculator

Online calculators can only provide a rough estimate of take home money.  They are generally not accurate and in most cases you will be given an inflated, or with some sites, extremely inflated take home pay figures! We do not believe that these approaches are realistic or accurate. What you take home depends on your personal circumstances. To find out your take home pay with Work2live’s service, contact us and speak to one of our contracting consultants so we can produce a personalised financial profile tailored exactly for you.

We believe this is the best approach because most online calculators make assumptions which inflate the take home pay figures to make them more attractive.   These assumptions range from onerous small print, such as working 52 weeks a year; to carefully hidden assumptions e.g. claiming expenses at HMRC maximum guideline amounts; to suggestions which are simply not valid e.g claiming hotel bills whilst not working away from home.

Rather like estate agents who can raise expectations by giving high valuations on properties for sale, these calculators inflate projected take home pay figures to entice you to sign up.

Lets examine some of these assumptions.

Who works 52 weeks a year? No-one we know or anyone we have spoken to.   This assumption will inflate your take home pay by 1/12.  More if other assumptions are added on top. Note: Umbrella companies are legally required to provide a holiday pay mechanism conforming with the statutory minimum.

Have you been offered a a scheme to claim expenses every day you work up to the HMRC maximum guideline amounts?  It is only allowable to claim what you actually spend.  Think about it, if you are reducing your tax and National Insurance payments by claiming expenses HMRC will want to see evidence of the actual expenditure, otherwise tax, a fine and interest could be due. This assumption can inflate your take home pay by £25 per day.

Incredibly we have heard of contractors being told that they can claim hotel bills (and other expenses) without even working away from home!  Needless to say that this could result in severe penalties if uncovered by HMRC. It is simply not allowable.

Contact us now for a personalised and accurate illustration of what you could earn.