New Section 660 Calculator
ContractorCalculator has
released a 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
Calculation example
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.
Other Popular Calculators at Contractor Calculator:
Permanent Financial Profile Calculator
: Determine income, taxes, effects of salary changes, and contracting options.
Contractor Financial Profile Calculator
: Determine income, taxes, effects of rate changes, effects of ir35, and permanent options.
Permanent Salary Comparison Calculator
: Compare two salaries.
Contract Comparison Calculator : Compare two contract rates.
All these calculators and many more at ContractorCalculator.co.uk
Published: Monday, October 04, 2004
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