550 a day - how much for me?

[pickle]

99k -get a limited company

550/day is about 124k /year.

If you can live on about 3k cash a month, and save the rest in your company, you should be able to keep about 80%, so say 99k to you. This assumes 5k salary, 5k pension and 5k annual expenses and 29k in annual dividend payments.

The rest you leave in the ltd co and pay out in a few years time when you close the company down, taking the cash as a capital gain (and getting 75% taper relief).

Its been covered to death in accouting. Or read the PCG guides.

[Torran]

if you do a paye type thing i.e parasol I reckon you'll come out with around £7k+ a month in your hand.

[Money Money Money]

Yes it’s a newbie Q but any help appreciated...

I am thinking of joining the contractor market (with BP – anyone work here in Trading Technology?) – its 550 a day (8 hrs) – how much this would I realistically expect to keep if I join one of these tax efficient companies like Prosperity4?

Appreciate your help

Matthew.

Matthew,

I know there will be a lot of people here that have had bad experiences with Prosperity4 in the past. But they are actually very good these days (well work well for me). I Have spoke to them about their accounts and they have advised me there was a dispute on a payment which is sorted now and the accounts will be updated very shortly.

Hope this helps

[John Galt]

one of these tax efficient companies like Prosperity4?




Sorry - shouldn't laugh. If you want to use an umbrella try Parasol who have had a few probs recently but they seem to be sorted and the have a good rep. or try www.contractorumbrella.com who I use

[monkeydust]

thanks for the advice guys! will def read all the links...

[chock]

Parasol were tulipe throughout April and May but they've totally got their act together again now.

[markmm]

Yes it’s a newbie Q but any help appreciated...

I am thinking of joining the contractor market (with BP – anyone work here in Trading Technology?) – its 550 a day (8 hrs) – how much this would I realistically expect to keep if I join one of these tax efficient companies like Prosperity4?

Appreciate your

Matthew.

I think after the Goverment takes it's various taxes off, youll get the rest. Good luck in your new job by the way, youll need it.

[Bitbucket]

If you plan your finances well you can get 78% of this legally , great rate tho , anything over 10K a month salary without VAT or Expenses is good going nowadays , its a niche market skill with the right finance or oil company then you can expect these sort of rates.

Ive been telling all the 200 quid a day guys/gals on here about this but will they listen.

[MarillionFan]

This is a crap posting that some of you took seriously.

I am thinking of becoming a plastic surgeon to top Hollywood stars, I understand I can make £1 Million a year. If this fails a top premiership star.

How much will I get after tax.

(Now please add fawning replies).

[mcquiggd]

MF, it's perfectly feasible. The average rate for a .Net contractor is about £700-£750 a day. *

Tax payers are funding projects where individuals cost far more than that.



* I used to be charged out at £248 an hour by a certain consultancy.