New take home calculator

[tom at seamless]

Makes an inviolable assumption about VAT, which is obviously useless if your supplies are mostly out-of-scope.

Hi,

It defaults the VAT to FRV between 85k-230k and standard >230k, but this can be modified with the edit button next to the company income > VAT label.
The sales edit forms do also have the option to say the income is outside of scope.

Cheers

[zonkkk]

Not good:
1. No share split dividend option.
2. If you put a salary in, it automatically changes the dividend to max allowed. Change dividend, automatically changes salary to cover the rest of the income.

[jamesbrown]

Hi,

It defaults the VAT to FRV between 85k-230k and standard >230k, but this can be modified with the edit button next to the company income > VAT label.
The sales edit forms do also have the option to say the income is outside of scope.

Cheers

I see the VAT options, but no options to edit sales or identify sales as out-of-scope.

[tom at seamless]

1. No share split dividend option.
2. If you put a salary in, it automatically changes the dividend to max allowed. Change dividend, automatically changes salary to cover the rest of the income.

Hey.

The beta app has the option for additional shareholders and things like employees and non-company income. I'm looking to find the right balance between what makes sense to put into an open tool like this and what I should keep up my sleeve.

If you turn off the 'auto calculate' switch in the slider area then it won't recalculate the salary / dividends when you change them.

Many thanks

[pr1]

I like it - I'm glad someone has finally tried to create a catch-all calculator, definitely a decent step in the right direction rather than everyone on here blindly saying "have you asked your accountant" which a new contractor debating between LtdCo/Umbrella probably won't have and might not feel comfortable bombarding an accountant they aren't engaged dozens of variables for stuff like this. Thanks tom!


re:

Not good:

1. No share split dividend option.

it does say:
This is a simplified version of the forecasting tools available in our app. If you'd also like to be able to model things like additional employees, shareholders or non-company income then please learn more or register for our beta program.

2. If you put a salary in, it automatically changes the dividend to max allowed. Change dividend, automatically changes salary to cover the rest of the income.

turn off the "Forecast drawings" slider

[tom at seamless]

I see the VAT options, but no options to edit sales or identify sales as out-of-scope.

Hey.

You should see them if you go to company income > sales and then click on the sales amount.

Cheers

[tom at seamless]

I like it - I'm glad someone has finally tried to create a catch-all calculator, definitely a decent step in the right direction rather than everyone on here blindly saying "have you asked your accountant" which a new contractor debating between LtdCo/Umbrella probably won't have and might not feel comfortable bombarding an accountant they aren't engaged dozens of variables for stuff like this. Thanks tom!

Awesome, thank you!

It'd be good to see if anyone find the ability to reverse calculate sales from the take home useful, as I quite like that feature. It's especially useful when calculating IR35 rates from the take home produced by non-IR35 income I think.

[jamesbrown]

Hey.

You should see them if you go to company income > sales and then click on the sales amount.

Cheers

Oh, I see. That's a little awkward. I would suggest using a consistent look and feel for editing, like the VAT (pencil icon).

[Old Greg]

Hey.

The beta app has the option for additional shareholders and things like employees and non-company income. I'm looking to find the right balance between what makes sense to put into an open tool like this and what I should keep up my sleeve.

If you turn off the 'auto calculate' switch in the slider area then it won't recalculate the salary / dividends when you change them.

Many thanks

There is a balance. A front page simple calculator that clearly states the assumptions made is fine, if users can then access more complicated calculations / change the assumptions.

[LondonManc]

A two director calculator is the one that has never been achieved. It makes it worth seeing whether the other half should give her job up if I go contracting again and she should work on the books, the website, etc. in a company capacity including shareholding and salary.

For example, I would hold 51% of the shares, her 49%
I would get paid 12.5k pa, she would get paid 8k pa.

Then have a slider for dividends where the two are linked.

I could then slide it about to see what's the best point to minimise tax or to retain x pounds in the business, etc.