Calculator Assumptions
Umbrella calculation
- Figures are based on 2023/24 rates
- This is based on 22 working days
- Under Supervision, Direction or Control (SDC) on any assignment during the tax year
- No expenses
- Holiday pay is advanced
- Contractor Umbrella’s standard margin (£25 per week/£95 per month) is included in this calculation
Limited calculation
- Limited Cost Trader Flat rate scheme for VAT, with first year discount factored in
- Contracts outside IR35
- Directors salary for the year of £12,570
- One director/shareholder involved in the company
Both calculations
- Working 40 hours per week over 52 weeks
- Figures are based on 2023/24 rates
- No additional personal income from any other sources
- Full personal allowance per year (tax code 1257L)
- You have no earnings from other sources this tax year
- Contractor opted-out of pension scheme