Shield for Contractors

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Company Calculations - Inside IR35

Your Details

Your Details Rate £685
Rate Type Daily
Hours per week
Days per week 5
Weeks per year 44
Salary £8,000
Legitimate section 98 expenses £3,000
Pension contributions £0
  Other income £0
Tax code 1250L
Personal Income Net Annual Income £75,742
Net Monthly Income £6,311
Company Income Contract revenue £150,818
Other income £0
Total revenue £150,818
Company Expenditure Allowable Expenses 5% £7,540
Employers N.I. on salary £0
Salary £8,000
Legitimate section 98 expenses £3,000
Pension contributions £0
Total expenditure £18,540
Net Result (Effective Income) £132,277
Additional Employers NI Due 19th April £16,040
Deemed payment £116,237
Tax Calculations Taxable Income (salary + deemed payment) £124,237
Employees NI £0
PAYE £0
Additional Employers NI £16,040
Additional Employees NI £6,451
Additional PAYE £42,042
Extra tax payable on 19th April £64,534

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