Income Tax calculator

kimbendall

Howdy!

What solutions are you folks using for calculating a client's Income Tax liability?

There seems to be a staggering lack of decent Income Tax calculator tools in the market if you don't have access to the likes of Truth and Voyant, and we're struggling to find an Income Tax tool that can take account of savings and dividend tax, as well as straightforward earned income.

The best free resource I've come across so far is Listen to Taxman but that doesn't cope with savings or divis either, so I'm having to do them manually in Excel at the moment, which is a bit labour-intensive!

Any thoughts, suggestions or 'I feel your pain'-type comments all welcome.

Thanks all :-)

Kim

arongunningham

I feel your pain

benjaminfabi

When they have all the elements I do them manually Kim.

Rebecca_Tuck

Hi Kim,

I got one last year from the CISI with my CFP stuff, but it's for 2018/19 and I can't overwrite it! Still only on excel, but it had all the formulae in place for savings and divis etc.

I'll log in tomorrow and see if I still have access to the learning resources and there's an updated calculator for this tax year (assuming this doesn't fall foul of the "paid for materials" rule @richallum ?)

Ta!

kimbendall

Thanks! It would be really handy to have something automated, as it's quite fiddly and time-consuming doing them manually.

That's a good shout on the CISI - I might bring this up at a future PP Interest Group meeting with them to see if it's a resource they're willing to share more freely :-)

Kim

Jona

@kimbendall This has a multiple income source calc as well as stand alone PAYE, divi, CGT etc - but like @benjaminfabi I tend to use them as a sense check for my own workings (or maybe I just have an unhealthy distrust of online calculators.....)

https://www.uktaxcalculators.co.uk/personal-tax-calculators/

DanAtkinsonUK

I'm also wary of calculators where you can't check the workings. I also wanted to ensure that I understood (as best I could) how all the bits and allowances etc linked together. So I built one in excel based on how I would work it out by hand. As a spreadsheet geek it was good fun and i've (almost) got it to the stage where I just update a tab with the latest rates/allowances each year. Took a lot of testing and checking though. Not 100% sure i'm allowed to share it re company IP though.
Subsequently it has saved me loads of time on calcs and adjusting mixes of salary/pension/divis & the impact of bond surrenders/CGT etc

Oldhandnewhand

Oh for the days of add everything in order and uniform tax rates, no taperred allowances or tax reducers.

Oldhandnewhand

@DanAtkinsonUK said:
I'm also wary of calculators where you can't check the workings. I also wanted to ensure that I understood (as best I could) how all the bits and allowances etc linked together. So I built one in excel based on how I would work it out by hand. As a spreadsheet geek it was good fun and i've (almost) got it to the stage where I just update a tab with the latest rates/allowances each year. Took a lot of testing and checking though. Not 100% sure i'm allowed to share it re company IP though.
Subsequently it has saved me loads of time on calcs and adjusting mixes of salary/pension/divis & the impact of bond surrenders/CGT etc

A UT Tribunal recently uphelp a penalty for the unreporting of the upper income child Benfit Charge (an overturned an earlier FT case), can your spreadsheet handle such nuance as it may require info of another party i.e. the claimant.