Income Tax - Monthly Bonus

Expertmoneyman

I have an income tax calc spreadsheet which works out tax and NI perfectly but it doesn't include bonus payments.

I can earn a month bonus payment which can vary in value month on month. Does anyone know how I can amend my spreadsheet to take in to account these bonus payments?

I would post a link to the spreadsheet but I'm too new to do so it would seem.

chrisbur

If your spreadsheet works out tax the same way as it is done by PAYE then it will not need to be altered. How does it work out tax at the moment?

TELLIT01

Just input the gross salary including bonus and the spreadsheet should work it out.

molerat

All you need to do is input your gross income at each pay period. Will obviously need some tweaking if bonus is not pensionable but I can't see what the problem is unless your spreadsheet is too simplistic. Mine can accurately calculate tax, NI and student loan plan 1 and 2.

Expertmoneyman

molerat wrote: »

All you need to do is input your gross income at each pay period. Will obviously need some tweaking if bonus is not pensionable but I can't see what the problem is unless your spreadsheet is too simplistic. Mine can accurately calculate tax, NI and student loan plan 1 and 2.

Then please share your version.

Expertmoneyman

TELLIT01 wrote: »

Just input the gross salary including bonus and the spreadsheet should work it out.

I won't give an accurate calculation, no.

Expertmoneyman

chrisbur wrote: »

If your spreadsheet works out tax the same way as it is done by PAYE then it will not need to be altered. How does it work out tax at the moment?

much easier to share a copy than explain but it uses the normal system. Tax free allowance, 20% upto £50K, 40% anything above, no need for the higher bracket. It does NI in the normal way, 12% & 2%.

You input annual income, set tax free allowance, include pension contribution, it spits out monthly and weekly take home pay

Expertmoneyman

chrisbur wrote: »

If your spreadsheet works out tax the same way as it is done by PAYE then it will not need to be altered. How does it work out tax at the moment?

Here's a copy

https://drive.google.com/open?id=1QuBnGO-ZwADzIjYmQ5f4hrIFSVYxDhIh

00ec25

Expertmoneyman wrote: »

much easier to share a copy than explain but it uses the normal system. Tax free allowance, 20% upto £50K, 40% anything above, no need for the higher bracket. It does NI in the normal way, 12% & 2%.

You input annual income, set tax free allowance, include pension contribution, it spits out monthly and weekly take home pay

the normal system would require that it works on cumulative amounts to each paydate - does yours?


if yes, then it will handle a bonus

Expertmoneyman

00ec25 wrote: »

the normal system would require that it works on cumulative amounts to each paydate - does yours?


if yes, then it will handle a bonus

No it doesn't as I mentioned above I input the annual wage not an accumulative value. I also mentioned in my original post that I needed help with the amendments so it calculates accurately.

Expertmoneyman

Do any of you want to offer some real help or continue with the passive aggressive comments. I thought this was a place to get help... obviously not!