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Financial Implications

Working from home has important financial implications. Some people are better off doing it; some are worse off but happy to do it for other benefits. Each person needs to make their own assessment.

To help, we provide a calculator so you can see how home-working and corporate working compare financially. It's very general and you'll need to carefully consider your own situation and make your own judgment before pursuing home-based work. Still, we hope it's a help. Just enter the figures that apply to you and use the output below to make a comparison.

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	How much is a salary really worth? Your salary ($) Your average tax rate (%) Monthly costs of corporate life (commuting, parking costs etc…) ($) Daily costs of corporate life (lunches, coffee etc…) ($) Average hours per day at work Hours spent getting to and from work   What is home-working worth? Hourly rate ($) Hours worked per week Costs you already incur but for tax purposes can now set against income (office costs, PC, ISP, travel, new business development, lunches etc…) ($) Costs of business of doing business from home that you don’t already incur (extra food, utilities etc) ($) Average tax rate (%)     Salaried   Home-working Annual gross income $30,000 $24,000 Taxable income $30,000 $21,500 Tax $7,500 $4,300 Net annual income $22,500 $17,200 Net annual income less costs of corporate work $16,500 $17,200 Net hourly income (time at work) $8.59 $14.33 Net hourly income from time committed (includes travel time) $6.88 $14.33 Additional hours per week at home NA 25 Notes 1. We show monetary figures in $, but if you work in another currency just ignore the dollar sign - the calculations will work fine 2. We assume four weeks holiday (unpaid for home-workers) 3. There are important broader aspects to this calculation: home-working gives you time with your family but you lose an office social life; corporate careers don't let you decline work, but are more secure, and so on 4. This calculation does not factor in pensions, health insurance, training and other benefits usually provided in the corporate workplace