Working out Tax on Savings

sorcerer

Hi,

I am trying to work out much tax I have paid, because my on-line bank doesn't show it and I need it for my records.

So for example all I have on the bank statement is £11.27 after tax, but how do I work at how much I was paid before tax at 20%.

I know it should be simple, but I can't seem to get the right answer.

Thanks

jem16

sorcerer wrote: »

So for example all I have on the bank statement is £11.27 after tax, but how do I work at how much I was paid before tax at 20%.

Divide by 8 and then multiply by 10 to get the gross amount. So £14.09.

Then take 20% of that to get the tax paid. So £2.82.

Linton

sorcerer wrote: »

hi,

i am trying to work out much tax i have paid, because my on-line bank doesn't show it and i need it for my records.

So for example all i have on the bank statement is £11.27 after tax, but how do i work at how much i was paid before tax at 20%.

I know it should be simple, but i can seem to get the right answer.

Thanks

11.27 x 25 /20

Mikeyorks

jem16 wrote:

Divide by 8 and then multiply by 10 to get the gross amount

If you live South of the border :

Divide by 4 and then multiply by 5 to get the gross!

sorcerer

Great thanks guys, I knew you would know the answer, my brain was about to explode! :-)

jem16

Mikeyorks wrote: »

If you live South of the border :

Divide by 4 and then multiply by 5 to get the gross!

True but then 8/10ths is easier to calculate than 4/5ths because dividing by 10 is easier than dividing by 5. We Scots always look for the easy way.

Out of interest - why only south of the border for 4/5ths?

cathh70

What online banking are you using?

From experience of Natwest, Nationwide, Halifax and Coventry BS you can order or download interest statements. I suspect that most of the banks would offer this option.

Mikeyorks

It isn't a Statement the OP is after? Merely the fact that his Statement only (not unusually) shows net interest. And he was questioning how to get back to gross.

cathh70

His regular bank statement has the net figure, I am talking about a Annual Summary Statement (Certificate) which should have the breakdown.

Mikeyorks

jem16 wrote: »

Out of interest - why only south of the border for 4/5ths?

Merely because (despite predicting your answer was to the effect 8/10ths is mentally easier for those Scots too tight to buy a calculator! ) ......... I think it's the first time I'd seen it. So I assumed it was a far North sort of thing.

And I'm not going to disclose that - for a couple of seconds - it didn't mentally align with my 4/5ths!

jem16

Mikeyorks wrote: »

those Scots too tight to buy a calculator! )

No - it's just that those fancy solar powered calculators don't work too well up here as we don't get enough sun!

I think it's the first time I'd seen it. So I assumed it was a far North sort of thing.

Maybe it's just me.