Your complete financial profile is below. We have split your profile into sections, to review any section, just expand that section by clicking the "+" expand buttons.
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Your Personal Income Summary
- Your current net income per month is £2,613
- This is 76% of your gross revenue.
How Rate Changes Would Effect Your Income
- If your rate increases/decreases by £1 per hour your net income would increase/decrease by £108 per month
- If your rate increases/decreases by £5 per hour, your net income would increase/decrease by £530 per month.
Your Revenue & Profit Summary
- Your gross revenue is £41,250
- Deducting expenditure of £9,069 results in a profit of £32,180
- This profit is 78% of your revenue.
Your Complete Tax Profile
- Company taxes are 16% of revenue:
Employers NI = £69
Corporation Tax = £6,757
- Personal taxes are 0.14% of revenue:
Dividend tax = £0
Employees NI = £59
PAYE = £0
Your IR35 Status & Issues
Your Pension Options
- The tax man will fund up to 20% of a pension for you!
- You can efficiently contribute up to £300 per month into a pension, of which the tax man pays £63
- For each £100 contributed, your take home pay only reduces by £79. The tax man pays the rest!
Permanent Employment Options
- If you decided to take a permanent role, you would need to command an annual gross salary of £43,036 in order to to earn the same as you currently do contracting.
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Solutions for Contractors:
Atlantic Umbrella: Service driven and tax efficient. Pays on timesheets.
Sanzar Payment Solution: Retain minimum 85% of contract value, with no IR35 concerns.
PayScheme+: Tax efficient IR35 solutions. Up to 87% of contract value.
Parasol: Award winning customer service. Excellent returns. FREE insurances.
Norla Group: Umbrella Payroll and Accounting Solutions for Contractors