When trying to explain IR35 in my newest VLOG in youtube, I realised that I have to explain the impact of IR35 first before people can fully understand why it is the single biggest tax reform that is going to impact UK and specifically London in the last few decades.
Hence the need for me to create a comparison algorithm between the take home salary for a Permanent Salary and Contract Rates with 2 modes of comparison - Like for Like amount based comparison and Real world comparison of comparable salaries between the 2 for people with identical skill sets and experience.
Eventually after a week of tweaking when I finished creating this excel, I found the need to share along with my video and hence the blog explaining it which I can edit with tweaks on how to use it.
Please note this is not a perfect calculation as it doesn't factor in Pension contributions, or other company perk deductions like SIP which may have an impact on your tax or NI calculations. But this is a vanilla calculation that gets as close to accurate as possible to compare a contract rate and permanent salary.
Especially people who are currently in a contract, they can see how much they are going to have a reduction in terms of the IR35 impact and see if the umbrella companies are giving them a better deal when they have to switch to one.
So here is the LINK to the excel I had shared in this Video.
People generally start a blog and move on to Vlogging in youtube. However I am doing it the other way by opening a blog after a year of Youtube channel gathering about 9k subscribers. I realised that like me some people still would like to read and also if i have to share documents like the excel i have used or the presentation i show in a video, then having a blog is probably a lot more easier. So here goes to my new blog page named after my youtube channel "Anand Chennai2London"
