If you’re thinking about a career in contracting, you’ll probably want to know how much you could end up walking away with at the end of a busy day – and who can blame you?
There are many different options available to you, such as joining an agency’s Pay As You Earn (PAYE) scheme or operating as a sole trader. Each route has its own pros and cons, which you can find out more about here.
Another option is to join an umbrella company, such as Parasol. Not only do we sort out your Income Tax and National Insurance Contributions, saving you the hassle, but did you know that you could be financially better off as well?
Exactly how much better off you could be depends on a number of factors, including:
- Your assignment rate
- The duration and frequency of assignments
- The amount of business expenses you incur during your assignment
That last point is particularly important, as you wouldn’t be able to claim expenses if you were employed by your recruitment agency. What’s more, an umbrella company can tell you exactly what you can claim for, so you can maximise your income even further.
But what exactly could your take home pay be if you joined Parasol? Never fear, as our handy calculator will help you find out how much you could earn, so you can decide the best option for you.