Estimate your take home pay

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echo “Words”;

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// Inputs

$dayrate = $_POST[‘dayrate’];
$acfees = 96*12;
$wfh = 208;
$expenses = $acfees + $wfh;

$salary = 10000;
$nicdue = 245.28;

// Tax Thresholds

$pthresh = 10000;
$bthresh = 31865;
$hthresh = 150000;

$ctrate = 0.2;
$divrate = 0.25;

// VAT FRS Profit (assuming 14.5%)

$sales = $dayrate * 230;
if ($sales > 130000){
$frsprofit = 0;
}
else{
$frsprofit = ($sales * 0.2) – ($sales * 1.2 * 0.145);
}

// Company Profits

$pbt = $sales – $expenses – $salary + $frsprofit;
$ct = $pbt * $ctrate;
$pat = $pbt – $ct;
$divs = round ($pat);
$earnings = $divs + $salary;
$gearnings = ($divs / 9 *10) + $salary;

// Personal Allowance adjustment

if ($gearnings > 100000 AND $gearnings < 120000) {
$pthresh = $pthresh – (($gearnings – 100000) / 2);

}
elseif ($gearnings > 120000) {
$pthresh = 0;

}

$tearnings = round($gearnings – $pthresh);

// Income Tax – Splitting between the bands
$taxed = 0;
$taxedbr = 0;
$taxedhr = 0;
$taxedur = 0;
$salarytax = (10000 – $pthresh);
$tearnings = $tearnings – $salarytax;
if ($tearnings > $bthresh){
$taxedbr = $bthresh – $salarytax;
$tearnings = $tearnings – $taxedbr;
}
else {
$tearnings = $taxedbr;
}

$taxedhr = $tearnings;
$tearnings = $tearnings – $taxedhr;

if (($salarytax + $taxedbr + $taxedhr + $taxedur) > 150000){
$excess = (($salarytax + $taxedbr + $taxedhr + $taxedur) – 150000);
$taxedur = $taxedur + $excess;
$taxedhr = $taxedhr – $excess;
}

$incometax = ($salarytax * 0.2) + ($taxedbr * 0.1) + ($taxedhr * 0.325) + ($taxedur * 0.375) – ($divs / 9);

if ($incometax < 0){
$incometax = 0;
}

$thp = $salary + $divs – $incometax – $nicdue + $wfh;

//$thp = number_format($thp);

if ($thp > 0){

echo ”

We have estimated your take home pay as:

£” . number_format($thp/12) . ” per month (or £” . number_format($thp) . ” per year)”;

echo ”

This is a simple illustration of your take home pay and includes the below assumptions. For a precise estimated based on your specific circumstances, contact us now:

• That you have no other taxable income
• That a spouse is not a shareholder or employee
• That you do not have any travel expenses
• That you would be on the VAT Flat Rate Scheme at a rate of 14.5%
• That you would take all available profits out of the company

“;

}

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