tax 2018

The contractor taxation calculator has been updated to the latest financial year changes which aids in the accurate calculation of the take home pay for contractors operating under their own private limited company. These changes include: The Tax Free income allowance to £11,850 which is the income you can earn before the government starts taxing you. The Tax Fee dividend allowance to £2000 which is the dividends you can take from your company as a shareholder before you start getting taxed on dividend earnings Corporation tax to 19% which is the tax you pay as company after all expenses have been deducted The tax Free national insurance contributions allowance to £8,424 which is the amount you can earn before you[…]

Contractor taxation calculator is a website which has been built to help contractors in the UK to calculate and better understand taxation when operation through a limited company. The website allows the contractor to input several information in the calculator in order to calculate the income, various costs as well as tax that would need to be paid. When it comes to the income the calculators needs: Hourly rate Number of hours worked per week Number of weeks worked within a year As for the costs the calculator can use the following: Weekly commuting miles (Optional) if set they can be used as costs and thus tax reliefs Yearly cost of the contractor’s company accountant Yearly cost of liability insurance which most[…]