The Income Tax calculator provides an indication of a client’s net income after deducting income tax and national insurance from different sources.
Calculations are based upon inputs of the client’s non-savings, savings, dividend and non-taxable income from different sources such as ‘income’ or ‘accumulation’ units or Trust income.
The calculator takes account of;
– Whether client is employed or self-employed for NI purposes.
– the option to overwrite the Personal Allowance.
– Child benefit amounts (if any) shown in the Notes.
– Effective rate of tax relief on pension contributions shown in the Notes.
Claiming for previous years
As HMRC will allow a reclaim of income tax back to 2013/14 (providing the claim is made by 5th April 2018). The calculator will allow you to select any tax year from 2013/14 to perform these tax calculations.