ContractorUK has provided you with a savings calculator in order for you to calculate how much your savings will be worth over a period of time. Saving is more important for contractors than it is for permies for a number of reasons. Not only do contractors need to save for their tax bill but they need to equip themselves for certain periods of time where they may be without work and therefore salary, unlike permies who have a fixed income. They also need to be prepared to pay for any unexpected costs such as those that they would incur from loss or damage of equipment.
By Laura Foster