New take home calculator

[tom at seamless]

A two director calculator is the one that has never been achieved. It makes it worth seeing whether the other half should give her job up if I go contracting again and she should work on the books, the website, etc. in a company capacity including shareholding and salary.

For example, I would hold 51% of the shares, her 49%
I would get paid 12.5k pa, she would get paid 8k pa.

Then have a slider for dividends where the two are linked.

I could then slide it about to see what's the best point to minimise tax or to retain x pounds in the business, etc.

Yep, agreed. This is possible in the beta app.

[Old Greg]

A two shareholder calculator is the one that has never been achieved. It makes it worth seeing whether the other half should give her job up if I go contracting again and she should work on the books, the website, etc. in a company capacity including shareholding and salary.

For example, I would hold 51% of the shares, her 49%
I would get paid 12.5k pa, she would get paid 8k pa.

Then have a slider for dividends where the two are linked.

I could then slide it about to see what's the best point to minimise tax or to retain x pounds in the business, etc.

Correction in bold. Otherwise, agreed.

[Lance]

Doesn’t work in safari on iOS.
Fine in chrome.

Don’t see the point of vat at all.

And yeah. The slider that tops out at £100k is a bit daft.

Also... set the bae figure for dividends to be at the threshold for higher rate. And maybe have a couple of bright warnings as each tax threshold is crossed..

Nice interface. Not bad for a beta.

[WordIsBond]

Ok, some other suggestions.

Would be nice to accommodate not just two shareholders, but an option for two directors, where you can set the director's stipend/salary for each.

An option to claim employment allowance, if you do have two directors on a sufficient salary.

Might as well have an option for reimbursement for business use of home, too. Not a lot of money, obviously, but worth doing. And an option for the amount of BIKs, in case someone wants to go that way.

If you really want to make it awesome you can let us enter our pension contributions and the percentage of our time that is spent on RDEC projects and reflect that in the corporation tax.

[tom at seamless]

Doesn’t work in safari on iOS.
Fine in chrome.

Are you getting an error or endless loading? It’s been working OK for me in Safari on iOS.

Don’t see the point of vat at all.

With you 100% on that. Now we just need to persuade HMRC!

And yeah. The slider that tops out at £100k is a bit daft.

Cool. I’ll up that to 200k as suggested.

Also... set the bae figure for dividends to be at the threshold for higher rate. And maybe have a couple of bright warnings as each tax threshold is crossed..

Thanks for the suggestion, much appreciated.

Nice interface. Not bad for a beta.

Thanks! Appreciate the input.

[tom at seamless]

Ok, some other suggestions.

Would be nice to accommodate not just two shareholders, but an option for two directors, where you can set the director's stipend/salary for each.

This is possible in the app (additional shareholders, employees, directors and combinations of those), but I appreciate the input on it being useful here too

An option to claim employment allowance, if you do have two directors on a sufficient salary.

Pleased to say you can enable this under Settings (three vertical dots).

Might as well have an option for reimbursement for business use of home, too. Not a lot of money, obviously, but worth doing. And an option for the amount of BIKs, in case someone wants to go that way.

Specific expenses can be added if you click on the expense amount field in the table.
I am considering an option to say that an expense is to be reimbursed and then add those to the personal income section. Would that be useful?

If you really want to make it awesome you can let us enter our pension contributions and the percentage of our time that is spent on RDEC projects and reflect that in the corporation tax.

Pensions can be configured in the settings (all three scheme types supported), although if it’s just the company contribution that is being made then that could also just be added as an expense.

Thanks for the feedback, really appreciated.

[Lance]

Are you getting an error or endless loading? It’s been working OK for me in Safari on iOS.


.

Neither. First page loads. And no matter how many times I mash the beta button with my fat fingers nothin happens.

[elsergiovolador]

Don't want to rain...

But why inside IR35 income has anything to do with your company in your calculator? If you are inside in public sector then you are effectively a temp employee of your client or umbrella (without rights) and the money you receive is your salary and has nothing to do with your company books.

In private sector I think there is 5% relief that you can use towards running costs of your company.

[tom at seamless]

Neither. First page loads. And no matter how many times I mash the beta button with my fat fingers nothin happens.

Are you just getting the beta button? No sliders/data?

[northernladuk]

Neither. First page loads. And no matter how many times I mash the beta button with my fat fingers nothin happens.

PABKAC