Calculations for Inside IR35. Change to outside IR35
Your results
- The tax man will fund up to 37% of a pension for you!
- Your current monthly net pay is £2,258, and taxes are £757.
- You can tax efficiently contribute up to £28,187 per year.
- Using previous years allowances could allow you to invest up to £200,000.
- For each £100 contributed, your take home pay only reduces by £63. The tax man pays the rest!
A tailored example for you
- You contribute £1,000 per month for 35 years until retirement.
- Your monthly take home pay will only reduce by £632.
- If you retire aged 65 your total contributions will have been £420,000, costing you only £265,729 due to the tax reliefs available on contributions.
- Assuming a 5% annual return on your investment, your pension pot will have grown to £1,138,035. You can withdraw a 25% tax free lump sum of £284,508. In effect you receive back 107% of the take home pay invested and have the remaining £853,526 invested to produce a future income stream.
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