Contractor take home pay & expenses calculator
Want to know how much you could earn as a contractor? Of course you do! Simple complete the form and we’ll be in touch to provide you with a personalised calculation based on your circumstances.
One of the benefits you’ll enjoy as a contractor or freelancer is the opportunity to claim legitimate business expenses and costs.
When you submit an expenses claim with Parasol, we may be able to deduct them from our invoice (the money we receive from the agency) before tax and reimburse them back to you – enhancing your income.
The types of expenses you can claim tax-free can change based upon different assignments, please see our business costs and expense guide for more information.
Use our annual salary and hourly rate calculators
If you’re unsure of how much you should charge as your hourly rate as a contractor, our hourly rate calculator can help. Simply tell us how many hours you work and what your desired annual salary would be and our calculator will do the sums for you.
Already know your hourly rate? If you’ve already decided how much to charge as your hourly rate and want to find out how much this equates to each year, head over to our annual salary calculator to see what your yearly salary could be.
Why Parasol Group?
The Benefits of Using an Umbrella Company
There are a variety of benefits to joining an umbrella company. You will enjoy the same protections and benefits as any other employee but have the freedom of being a contractor.
Reduced Stress
Parasol wants to make your business as easy to manage as possible. When you join, there’s no daily admin to agonise over – you can simply submit your timesheet each week via MyParasol, our easy-to-use online portal, and we’ll take care of the rest.
Financial Support
All of your finances are managed on your behalf and taxes will automatically be deducted for you, so there will be no nasty surprises. Working as an umbrella employee also means that IR35 will not be relevant to you which is a great relief for many contractors.
Simplicity
Your payslip will show a breakdown of the money you have earned and any deductions taken for tax. All of the deductions will be clearly displayed on your statement and your wages will be paid directly into your bank account.
Flexibility
New to contracting? Working with an umbrella company is a great way to test the contracting life without the financial demands of running your own limited company. Being a Parasol employee is also an ideal solution if you are working shorter contracts or are in between permanent work.
How it works
Signing up to be a Parasol employee could not be simpler. Our standard joining process is designed to be straight forward ensuring minimal disruption.
