Originally posted by Alf W
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Reply to: UK average tax rate for contractor
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Previously on "UK average tax rate for contractor"
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I'm sure I've seen umbrella schemes with dispensations from the Inland Revenue to let you off some of the tax you might owe and allow you to keep 80% plus for yourself.
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Originally posted by aussielong View PostWhat's the average tax rate in the UK for a contractor, if you say earn 100K pa before tax and do the limited company stuff...?
Obviously each persons will be different but i'm just after a ball park figure for what I could expect if I started contracting in London again.
Are we talking 30% effective rate over the year, if you stay within the law?
Less allowable expenses £2500
= £97500
Less Employers National Insurance. £8000
Less Employees National Insurance. £10000
Less Income Tax 35000
Less business rates £22000
Less council tax £3200
£19,300
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The tax rate for contractors is whatever the government deem to be 'fair'. If its any different they will change the law retrospectively to make sure you pay your 'fair' share!
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Simple answer is to use a calculator to work out likely scenarios.
See the CUK Navigation panel for more details.
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UK average tax rate for contractor
What's the average tax rate in the UK for a contractor, if you say earn 100K pa before tax and do the limited company stuff...?
Obviously each persons will be different but i'm just after a ball park figure for what I could expect if I started contracting in London again.
Are we talking 30% effective rate over the year, if you stay within the law?Tags: None
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