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Excel spreadsheet for personal tax?

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  • Jeremy535897
    Jeremy535897 Posts: 10,732 Forumite
    10,000 Posts Fifth Anniversary Photogenic Name Dropper
    You may be overthinking it. The tax rate on dividends is always lower than the rate on salary, even without factoring in national insurance (employee and employer). But the company normally obtains corporation tax relief on salary (and the associated employer's NIC). If you are simply looking at whether to invest in shares or rental property, the tax rate on dividends will always be lower than the tax rate on net rent, but if you are borrowing to invest, there is a basic rate tax credit for finance costs on buying property, and no relief at all for borrowing costs if you choose to borrow to finance share purchases.

    Capital gains will always be taxed at a lower rate than income, once you have £12,570 of taxable income, but it is hard to envisage a situation where you can say that you will choose to reduce income in favour of capital gains, other than simply by selling income producing assets.

    Anybody who really did have the sort of flexibility you seem to envisage is probably rich enough not to worry about the trivial levels of the tax rates below the maximum.
  • Primarily in Google Sheets format, but there’s an option to download it as Excel. 
    I can’t post links, so just Google “Ian Shadrack”

  • Did you get any suggestions via other means?
  • poseidon1
    poseidon1 Posts: 1,283 Forumite
    1,000 Posts First Anniversary Name Dropper
    gravlax said:
    Does anyone know of or have a link to an Excel spreadsheet? Something that has all the UK personal tax bands and allowances (ideally editable) where you then enter all our sources of income, salary, self-employed, capital gains, pension, interest, dividends etc. and can calculate the tax?

    Have tried making one, but calculation never quite matches results on websites with online calculators. The whole UK tax method appears wilfully complicated! Things like working out the savings allowance can only be done after working other income, but personal allowances have to be applied to other income before savings income, etc. So you go round in a loop. I'm sure someone must have set out a nice simple Excel file that calculates the tax in logical steps somewhere?

    Help! Thanks.
    OK , although not a spreadsheet there are number of accredited third party  providers of  tax return software that permit entries for every aspect of self assement reporting leading to a detailled breakdown summary of your eventual annual tax liabilities ( tax rates, allowances, reliefs , payments on account etc).

    I use GoSimpletax ( see link below), for preparation and eventual electronic submission of my self assessment return. What is especially useful to me, is the ability to switch to Scottish tax rates (compared to England) on a what if basis to see the tax impact of a potential move to Scotland. GoSimple are HMRC approved providers for the submission of tax returns.

    https://www.gosimpletax.com/

    Currently they have a free trial offer,  and a discounted fee of £44.99 for a  limited period if you wish to sign up. From memory, the free trial permits you to enter all your data and will give you a running total of tax due. However to get the detailled tax report break-down, you have to commit to purchasing the software. I get it for £19.99 via Which membership.


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