A key advantage of operating through a limited company is being able to pay a range of expenses through the company that can effectively increase your take home pay. Such expenses include pension contributions, childcare vouchers and mobile phone costs. The more allowable expenses that go through your company, the less your corporation tax liability will be and the less you need to take from your company in dividends to pay for these. In addition if you have higher travel expenses through the company this will effectively increase your take home pay too as this will not be coming out of your after tax income.
*The information presented by the contractor tax calculator is for illustrative purposes only and merely produces a generic guide to your expected take home pay based on the information provided. Gorilla Accounting will accept no liability for any loss suffered for any reliance placed on the above.
Let's be honest, aside from the legal structures, the tax compliance, the PL and EL insurances, what really matters is how much you will take home each month.
Those who suggest innovative tax scheme solutions which promise a take home pay of '90% of your income' amongst other unrealistic outcomes are not to be trusted. Tax has to be paid, which is why we have created our contractor tax calculator in order to assist you with finding how much you take home per month.
There are efficient ways of structuring and managing your business that will allow for greater tax efficiencies and ultimately maximise your take home pay. At Gorilla, we are experts on such structuring and are here to help you maximise what you take home every month.
Each person's circumstances are different and there is a lot to take into account. The best way to find out your take home pay would be to give us a call on 0330 024 0406 and have a quick chat with one of our expert contractor accountants. Alternatively, you our contractor tax calculator to calculate what your take home pay will be after the necessary deductions.
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