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New: section 660 calculator released

New Section 660 Calculator

Calculate your increased tax bill and potential tax penalties.
Calculate your drop in monthly net income.
Determine the rate rise you need to counteract the effects.
Determine the permanent salary required to earn the same as your current net income.

Calculate how Section 660 personally effects you now: Section 660 Calculator

For a contractor on £40 per hour, with a 50/50 dividend split:

Youcould face an extra personal tax bill of £4,727 per annum.
Your current combined net monthly income is £4,314.
If caught by Section 660 (removing dividend splits), this decreases £393 (9.13%) to £3,920.
Without a dividend split, raising your rate by £6.5 per hour achieves the same income.
To earn the same via permanent employment would require a salary of £79,040.