Contractor Calculator Assumptions

  • Working 40 hours per week over 52 weeks
  • 19/20 tax and NIC rates
  • There is no additional income from any other sources
  • Full employee personal allowance per year (tax code 1250L)

Limited Calculation

  • Flat rate scheme for VAT with first year discount applied
  • Claiming 10,000 miles per annum at 45p
  • Other expenses claimed over the year £1,100
  • Accountancy fees based on our Orange Genie Professional package at £120 plus VAT
  • One owner/director involved in the company

Umbrella Calculation

  • Expenses £250 per week (unless resulting salary is below NMW)
  • Umbrella margin included
  • Not under SDC

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