New Income Tax Checker

fatfei

Okay. Thanks

somethingcorporate

Try https://www.listentotaxman.com it will tell you how much you are in to each band.

fatfei

Also I just wondered, say you have £200 company pension deducted after tax, will that already be considered in your tax allowance code as an allowance?

Also if you are in a higher tax bracket would you have to notify your pension company to receive higher earner pension tax allowance or is it automatic?

somethingcorporate

If it is taken out after tax then 20% should automatically be added by your pension company.

If you are in the 40% band you should either complete a self-assessment or a letter to HMRC outlining what you paid towards your pension and total earnings means they can adjust your code to give you the extra 20%. This is not done automatically and because it is done via your tax code it is not automatically added to your pension.

Bob6060

Hi, Can you tell me if the calculation is correct on Pension contribution, you have set that HMCR at 25% and I thought it HMRC was supposed be 20%.

Bob

somethingcorporate

Bob6060 wrote: »

Hi, Can you tell me if the calculation is correct on Pension contribution, you have set that HMCR at 25% and I thought it HMRC was supposed be 20%.

Bob

If you pay in £80 they make it up to £100.

The difference (£20) is 25% of the original amount you contributed.

This assumes you are a basic rate tax payer.

John_Pierpoint

Confusing innit?
I've always had trouble the other way round, when a bit of dividend income comes, counted as standard rate paid, but if it takes you into the additional rate band then the "net" standard rate dividend gets 25% of the net taken off to bring it up to the additional rate.
I sometimes wonder if this is done on purpose so that everyone, including HMRC's own staff, get confused.
You just have to remember that it is just an arbitrary set of rules with very little logic.

Anyone want to run a sweepstake on the tax relief on pension contributions being monkeyed about in the next budget ?

Markb06

Any chance of a 4 week option to?

hairbrain05

a very simple question.... excuse my ignorance...

did the calculation for 2012/13 and 2013/14... the tool correctly calculated my take-home pay for the current tax yr and predicts an increase of take home salary for 2013/14...

so am i right in thinking i will pay less tax and therefore receive more take-home pay in the new tax yr?

x

jem16

hairbrain05 wrote: »

so am i right in thinking i will pay less tax and therefore receive more take-home pay in the new tax yr?

x

If you are a basic rate taxpayer - yes.