Hi all,
Long term contractor / freelancer checking in here. I've just spent my bank holiday monday modelling the finances of the next couple of years and in particular looking at how much I need put aside within my business for corp tax and how much personally for div tax. It got me thinking that I could potentially turn this into a tool for other freelancers and contractors.
Question for you all: to what extend do you do financial forecasting for your business? do you try to estimate how much to withhold for your corporation tax and dividend taxes? do you ever stress test what would happen if your rate was reduced by 20% or you chose to work 3 days per week instead of 5?
Are the regular contractor calculators enough or is there more detail you wish you could get into?
thanks for any input,
Neil
Long term contractor / freelancer checking in here. I've just spent my bank holiday monday modelling the finances of the next couple of years and in particular looking at how much I need put aside within my business for corp tax and how much personally for div tax. It got me thinking that I could potentially turn this into a tool for other freelancers and contractors.
Question for you all: to what extend do you do financial forecasting for your business? do you try to estimate how much to withhold for your corporation tax and dividend taxes? do you ever stress test what would happen if your rate was reduced by 20% or you chose to work 3 days per week instead of 5?
Are the regular contractor calculators enough or is there more detail you wish you could get into?
thanks for any input,
Neil
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