My new online tax calculator

[Old Greg]

Very nice. Couple of points to consider:

No train tickets in Travel
PCG Plus but not PCG. Has Malvolio got compromising photos of you?

For future development if you want to be really comprehensive?

How about having the option of VAT FRS category names which pouplate the FRS rate? You have the costs of PCG Plus etc. and that's a great

Also your tax & earnings profile describes an outcome where the Director withdraws all post-tax profits through dividends. The two other ways many of us approach this (both in isolation and combination) are:

- Income splitting with spouse - so perhaps a share structure (and spouse's other incomes) would be good.
- Withdrawing divis up to the higher rate tax bracket, in which case seeing the cash retained in company accounts would be good.

Lastly, with some sponsored links to the expenses (get quote for insurance, business mobile phone etc.) you might have a little money spinner there. Or annoy everyone.

Overall, a great effort.

[brianmcc]

Really impressed, will definitely be bookmarking this for future planning. Thanks.

[northernladuk]

Calc is really good. My only gripes are that I can't stand the wood effect. Looks like laminate which we know is a cheap copy.......

Also I don't like the centered text in your guides and other wordy areas. Makes it very difficult to read and loses an element of professionalism to me.

Also if you pick daily rate you only get the option for weeks per year. I would rather see a days option here as I don't always work 5 days per week (in fact rarely do)

Also 46 weeks is the default. Proper contractors should be doing 52 + overtime

Nice site though all said and done.

[Old Greg]

Calc is really good. My only gripes are that I can't stand the wood effect. Looks like laminate which we know is a cheap copy.......

Also I don't like the centered text in your guides and other wordy areas. Makes it very difficult to read and loses an element of professionalism to me.

Also if you pick daily rate you only get the option for weeks per year. I would rather see a days option here as I don't always work 5 days per week (in fact rarely do)

Also 46 weeks is the default. Proper contractors should be doing 52 + overtime

Nice site though all said and done.

I particularly like the function that analyses a user's tax affairs, identifies a dubious value (e.g. excessive mileage or mobile phone usage), creates a new CUK account, asks a banal question about it, activates the NLUK bot, posts an offensive response with a link to a Google search of previous relevant threads, and then simulates a whining / slanging match between the two accounts.

It's genius.

[northernladuk]

I particularly like the function that analyses a user's tax affairs, identifies a dubious value (e.g. excessive mileage or mobile phone usage), creates a new CUK account, asks a banal question about it, activates the NLUK bot, posts an offensive response with a link to a Google search of previous relevant threads, and then simulates a whining / slanging match between the two accounts.

It's genius.

You have given out too much Reputation in the last 24 hours, try again later.

[lithium147]

VAT FRS = £230,000 for existing companies

Great calculator, comments:

Doesn't allow for ppl who are already in the VAT FRS. Excerpt from HMRC:
Once you join the scheme you can stay in it until your total business income is more than £230,000.
HM Revenue & Customs: Flat Rate Scheme for VAT

Would be good to see comparison to a permanent salary of the ex-vat turn over. This would be even more tax than being inside IR35, no?

T

[simondolan]

Nice job. I see that you are also the marketing manager at Inni.

Hi All

After months of sweat, caffeine and very little sunlight I've just taken the skids off my new tax calculator for contractors and put it live!

Check it out: Contractor Tax Calculator - The UK's Most Powerful Contractor Calculator

It's an all in one calculator - put in your rate, expenses, tax codes, share splits etc and it will churn out corp tax; income tax; NI; student loan repayments etc etc. Plus you can compare two different scenarios and download a PDF with all the calculations in. I've worked with the guys at Inni Accounts to verify all the calculations behind the scenes.

Let me know what you think!

FC

[SimonMac]

I particularly like the function that analyses a user's tax affairs, identifies a dubious value (e.g. excessive mileage or mobile phone usage), creates a new CUK account, asks a banal question about it, activates the NLUK bot, posts an offensive response with a link to a Google search of previous relevant threads, and then simulates a whining / slanging match between the two accounts.

It's genius.

You must spread some Reputation around before giving it to Old Greg again.

Take a bow son!

[d000hg]

I never take money out if its going to incur a personal tax liability where as most calculators assume (not unreasonably) that I want to take all the money earned in a year out of the company.

Good point. My aim is to take out £1 less than the higher-tax threshold, effectively, and worry about how to get the rest out later.

Looks good. One quibble: turnover > 73k does not mean you need to be VAT registered. The turnover could be for supplies to other EU states, and so outside the scope of VAT.

Is that true? I thought it was a blanket rule, never knew where the turnover came from was relevant.

Actually, covering non-UK/EU clients generally is a big issue.

[malvolio]

Is that true? I thought it was a blanket rule, never knew where the turnover came from was relevant.

Actually, covering non-UK/EU clients generally is a big issue.

To be precise, it's VAT-qualifying turnover of £73k or more per annum. If everything you do is not VAT qualifying - although that doesn't necessarily mean any non-UK client - you don't need to be registered.

But it is one of those minefileds where you would really need qualified advice.