Salary Calculator - How accurate?

[bunchofkeys]

Bit of a shock move by the company I'm contracting with; they did initially said that my day rate was budgeted until the end of Feb 2020, but this morning I've received a call to say that my contract hasn't been approved at the last stage. So today is effectively my "last day".

Line manger is also surprised, and looking into this with HR (although it doesn't help that nobody is in).
However a FTC has been put on the table, although nothing set in stone with regards to salary, only a band of from and potential.

Looking at the online salary calculators, how accurate are they? As it makes for depressing reading at the moment.

[MOBB]

Whenever I have this kind of debate, I always double my day rate and add 2 zeros

No idea if this is a valid indicator though

[Tomo1971]

The listen to tax man PAYE calculator is accurate down to a £ or two in my experience.

Your client may well be terminating in light of changes to IR35.

[Butter Face]

Yes the listentotaxman one is quite accurate, especially if you put in your tax code etc.

[bunchofkeys]

Much appreciated, thank you for the link.

[Stedman]

Butter Face said:

Yes the listentotaxman one is quite accurate, especially if you put in your tax code etc.

+1

Or £2

[Welshbeef]

bunchofkeys said:

Bit of a shock move by the company I'm contracting with; they did initially said that my day rate was budgeted until the end of Feb 2020, but this morning I've received a call to say that my contract hasn't been approved at the last stage. So today is effectively my "last day".

Line manger is also surprised, and looking into this with HR (although it doesn't help that nobody is in).
However a FTC has been put on the table, although nothing set in stone with regards to salary, only a band of from and potential.

Looking at the online salary calculators, how accurate are they? As it makes for depressing reading at the moment.

When you say depressing are they offering a much lower gross on a FTC vs your day rate?

Remember day rate you are on weeks notice vs FTC which is guaranteed work for x period of time longer it is lower the rate would be as it gives surety.


Whatever happens good luck

[eliot]

How many days do you work per year year - allowing for holiday, voids, self training and sickness - that provides your net day rate that you can compare to a permie i would suggest.

[Welshbeef]

eliot said:

How many days do you work per year year - allowing for holiday, voids, self training and sickness - that provides your net day rate that you can compare to a permie i would suggest.

Yes assume 5 weeks holidays plus 8 bank holidays
Consider too Bonus pension healthcare redundancy notice period etc

[red_slr]

If it helps it generally worked back to twice the gross PAYE divided by 230 to get your day rate in my old job.

That was a good few years ago though.