Whether you are new to contracting and are weighing up your options between PAYE vs umbrella, or are a former limited company contractor now making the move to umbrella in light of fast approaching reforms to IR35 legislation set to come into motion from April 2021, every contractor will understandably want to know how much they will earn through an umbrella company.

After all, contractors work hard and want to reap the rewards. Therefore, before making a decision between PAYE, limited company or umbrella it’s always best to do your research to see what is the best option for you.

To help make the decision a little easier, in this guide Umbrella Broker take a look at contractor take home pay and what you will earn through an umbrella company.

Calculate your potential take home

Using an umbrella company calculator to work out your take home pay

The easiest way to work out what you will earn through an umbrella company is to use an umbrella calculator.

Rather than attempting tricky calculations manually, an umbrella calculator will tell you your take home pay in a matter of minutes. 

How does an umbrella calculator work?

An umbrella calculator such as Umbrella Broker’s quickly and easily allows contractors to compare different umbrella companies in just 60 seconds. We allow contractors to:

  • Enter their details and compare the best umbrella companies suited to their needs and preferences
  • Compare umbrella companies based on their services, benefits and fees
  • Edit their details to see how this will impact results
  • Compare take home by under each umbrella provider

How to use an umbrella calculator to work out your take home pay

The first step is to simply input a few key details into Umbrella Broker’s calculator, including your name, contractor day rate and any contractor preferences such money, IR35 or help with things like childcare credits.

Next, our fully automated umbrella company calculator will show you exactly how much you will take home with your chosen provider.

As well as showing you how much you will take home under each company, we will also show you what benefits and services you will receive from the company.

What’s more, we realise there are tons of options available to contractors that can affect their take home pay, such as how much they pay into their pension pot to whether they opt for increased holiday. That’s why we let contractors go back and change their details and answers to see how this will impact their results, helping you ensure you maximise your take home pay where possible.

You can even save your results and revisit them at any point in the future.

We will also show contractors what their payslip would look like under a specific umbrella company. This gives contractors a clear overview and breakdown of what they will be paying in income tax, national insurance, umbrella fee payments and any additional costs such as pension contributions or childcare tax credits.

This makes it easy for contractors to compare what their take home pay will be under different umbrella company providers, helping you make an informed decision and find the best umbrella company for you.

What are the other benefits of using an umbrella calculator?

As well as helping contractors work out what their take home pay will be under different umbrella companies, an umbrella calculator also offers a further range of benefits.

An umbrella calculator makes it quick and easy for contractors to compare the best umbrella companies out there. This cuts out a lot of time and energy that would otherwise be spent manually trawling the web.

What’s more, an umbrella calculator lets contractors compare umbrella companies that are best suited to their contractor requirements. After all, no two umbrella companies are the same with each one offering a different range of benefits, services and terms, and no two contractors are the same, each requiring different things from an umbrella company.

That’s why our umbrella calculator makes it quick and easy to compare umbrella companies based on services, benefits and requirements.

An umbrella calculator also makes it easy for contractors to compare umbrella fees.

After all, every contractor wants to get the best deal and not pay over the odds for an umbrella company. An umbrella company calculator makes it quick and easy to compare umbrella company fees in one handy place.

Finally, by using an umbrella calculator you can rest assured that you will only be choosing the best umbrella companies out there.

At Umbrella Broker, we only ever work with the industry’s most reputable umbrella companies to ensure that the one you choose is trustworthy and reliable.

Ready to use umbrella broker’s umbrella company calculator to find your perfect umbrella company?

Our Umbrella Company Calculator makes it quick and easy for contractors to find out how much they will take home under different umbrella providers in less than 60 seconds. Our calculator will show you your exact income based on your current rate and chosen provider and we will even provide you with a payslip so you can view a clear and concise breakdown of what you are paying.

What’s more, contractors can easily toggle and change their answers and details to see how this will impact their take home pay, making it easy to see what they can do to increase their pay. Unlike other services, we won’t take your details and call you later. Instead, we offer instant results to help you make a well-informed decision. Why not see what we can do today?

Calculate your potential take home