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 £5,796
- This is 62.98% of your gross revenue.
- Other Calculations: Try other rates with the Contracting Calculator . Find the rate to earn your desired income with the Target Income Calculator .
How Rate Changes Would Effect Your Income
- If your rate increases/decreases by £1 per hour your net income would increase/decrease by £66 per month
- If your rate increases/decreases by £5 per hour, your net income would increase/decrease by £334 per month
- Other Calculations: Compare two contract rates with the Contract Comparison Calculator
Your Revenue & Profit Summary
- Your gross revenue is £110,439
- Deducting expenditure of £11,000 results in a profit of £99,439
- This profit is 90.04% of your revenue.
Your Complete Tax Profile
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Company taxes are 34.3% of revenue:
Employers NI = £0
Corporation Tax = £22,601 -
Personal taxes are 13.84% of revenue:
Dividend tax = £15,282
Employees NI = £0
PAYE = £0
Your IR35 Status & Issues
- You are currently outside IR35 [Change to inside ]
- If you get caught by IR35, your monthly net income would decrease by £576 (9.95%) to £5,219
- This decrease is equivalent to a current rate decrease of £8.36 (12.5%) to £58 .
- Other Calculations: For more details about the effects of IR35 use the IR35 Calculator . Compare taxes for inside/outside IR35 using the IR35 Taxes Calculator
Your Pension Options
- The tax man will fund up to 51.31% of a pension for you!
- You can efficiently contribute up to £4,166 per month into a pension, of which the tax man pays £2,111
- For each £100 contributed, your take home pay only reduces by £48 . The tax man pays the rest!
- Other Calculations: For more details use the Contractor Pension Calculator . To discuss pension advantages with an advisor use the Pension Finder
Your Mortgage Options
- Based on your rate you can borrow up to £496,979
- To arrange a mortgage with a contractor mortgage specialist please complete a mortgage enquiry form
- Other Calculations: For more details use the Contractor Mortgage Assessor Calculator .
Permanent Employment Options
- If you decided to take a permanent role, you would need to command an annual gross salary of £103,755 in order to to earn the same as you currently do contracting.
- Other Calculations: Try out other rates using the Contracting to Permanent Calculator . Calculate net income from a salary with the Permanent Salary Calculator
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Solutions for Contractors:
Check your IR35 Status for FREE
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