New Section 660 Calculator
ContractorCalculator has released a new Section 660 Calculator .
- Calculate your increased tax bill and potential tax penalties.
- Calculate your drop in monthly net income.
- Determine the rate rise you need to counteract the effects.
- Determine the permanent salary required to earn the same as your current net income.
Calculate how Section 660 personally effects you now: Section 660 Calculator
Calculation example
For a contractor on £40 per hour, with a 50/50 dividend split:
- Youcould face an extra personal tax bill of £4,727 per annum.
- Your current combined net monthly income is £4,314.
- If caught by Section 660 (removing dividend splits), this decreases £393 (9.13%) to £3,920.
- Without a dividend split, raising your rate by £6.5 per hour achieves the same income.
- To earn the same via permanent employment would require a salary of £79,040.
Other Popular Calculators at Contractor Calculator:
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All these calculators and many more at ContractorCalculator.co.uk