Shield for Contractors

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Financial Profile - Contractor

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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ExpandMinimiseYour Personal Income SummaryYour Personal Income Summary

  • Your current net income per month is £30,663
  • This is 52% 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.

ExpandMinimiseHow Rate Changes Would Effect Your IncomeHow Rate Changes Would Effect Your Income

  • If your rate increases/decreases by £1 per hour your net income would increase/decrease by £68 per month
  • If your rate increases/decreases by £5 per hour, your net income would increase/decrease by £344 per month.

Other Calculations: Compare two contract rates with the Contract Comparison Calculator.

ExpandMinimiseYour Revenue & Profit SummaryYour Revenue & Profit Summary

  • Your gross revenue is £701,250
  • Deducting expenditure of £11,000 results in a profit of £690,250
  • This profit is 98% of your revenue.

ExpandMinimiseYour Complete Tax ProfileYour Complete Tax Profile

  • Company taxes are 47% of revenue:
    Employers NI = £0
    Corporation Tax = £131,147
  • Personal taxes are 28% of revenue:
    Dividend tax = £197,541
    Employees NI = £0
    PAYE = £1,600

ExpandMinimiseYour IR35 Status & IssuesYour IR35 Status & Issues

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

ExpandMinimiseYour Pension OptionsYour Pension Options

  • The tax man will fund up to 49% of a pension for you!
  • You can efficiently contribute up to £4,166 per month into a pension, of which the tax man pays £2,077
  • For each £100 contributed, your take home pay only reduces by £50. 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

ExpandMinimiseYour Mortgage OptionsYour Mortgage Options

  • Based on your rate you can borrow up to £3,155,625
  • 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.

ExpandMinimisePermanent Employment OptionsPermanent Employment Options

  • If you decided to take a permanent role, you would need to command an annual gross salary of £673,248 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: