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 £2,259
- This is 65.73% 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 £82 per month
- If your rate increases/decreases by £5 per hour, your net income would increase/decrease by £413 per month
- Other Calculations: Compare two contract rates with the Contract Comparison Calculator
Your Revenue & Profit Summary
- Your gross revenue is £41,250
- Deducting expenditure of £13,062 results in a profit of £28,187
- This profit is 68.33% of your revenue.
Your Complete Tax Profile
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Company taxes are 21.99% of revenue:
Employers NI = £3,418
Corporation Tax = n/a -
Personal taxes are 13.71% of revenue:
Dividend tax = n/a
Employees NI = £1,614
PAYE = £4,039
Your IR35 Status & Issues
- You are currently inside IR35 [Change to outside ]
- If you can avoid IR35, your monthly net income would increase by £307 (13.6%) to £2,566
- This increase is equivalent to a current rate increase of £4.68 (18.72%) to £29 .
- 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 36.73% of a pension for you!
- You can efficiently contribute up to £2,348 per month into a pension, of which the tax man pays £756
- For each £100 contributed, your take home pay only reduces by £63 . 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 £185,625
- 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 £32,770 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:
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