Relevant life insurance for contractors

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Company Calculations - Outside IR35

Your Details

Your Details Rate 54
Rate Type Hourly
Hours per week 37.5
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 1257L
Dividend percentage 100%
Personal Income Net Annual Income 61,905
Net Monthly Income 5,158
Company Income Contract revenue 89,364
Other income 0
Total revenue 89,364
Company Expenditure Expenses 3,000
Employers N.I. on salary 0
Salary 8,000
Pension contributions 0
Total expenditure 11,000
Company profit 78,364
Corporation tax 14,889
Distributed profits 63,474
Tax Calculations Taxable Income (salary + net dividend) 71,474
Employees NI 0
PAYE 0
Additional tax on dividends (1st share) 9,569
Additional tax on dividends (2nd share)

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