UFPLS Calculator

Pat38493

Is anyone aware of an online calculator that allows you to calculate the required UFPLS withdrawal to achieve a specific net amount after tax?

There are plenty of online tax PAYE sites but I didn't find one that does this calculation?

MK62

This might work for you...

https://www.mandg.com/pru/tools-calculators/emergency-tax-tool/index.html

Pat38493

MK62 said:

This might work for you...

https://www.mandg.com/pru/tools-calculators/emergency-tax-tool/index.html

Not exactly because this calculates the amount of tax you would (erroneously) pay if this is your first withdrawal on an emergency tax code, and not the actual amount of tax due, and also I am looking for one that does it the other way around i.e. you put in the net amount and it tells you the UFPLS withdrawal.

LHW99

Multiply what you want to receive by 16/13 (for basic rate tax)?

Pat38493

LHW99 said:

Multiply what you want to receive by 16/13 (for basic rate tax)?

So this would be if the entire withdrawal was going to be subject to 20% tax you could just multiple the required amount by 16/13?  

I guess if part of it was against personal allowance and/or HR tax it would be more complicated then.

sparky0138

I found this one quite useful although you can't enter the net amount first.

https://www.direct.aviva.co.uk/myfuture/PensionWithdrawalTaxCalculator

I agree that would be helpful if anyone knows of a calculator that does that.

Pat38493

sparky0138 said:

I found this one quite useful although you can't enter the net amount first.

https://www.direct.aviva.co.uk/myfuture/PensionWithdrawalTaxCalculator

I agree that would be helpful if anyone knows of a calculator that does that.

Thanks this is definitely more helpful than anything else I've seen so far.  It would be even better if you could reverse into it from the net requirement but at least this allows you to zero in on the amount.  I'm sure I could create a spreadsheet model with a few fancy formulas to do it but I couldn't be bothered so far.

Pat38493

LHW99 said:

Multiply what you want to receive by 16/13 (for basic rate tax)?

Unless I'm going mad this doesn't work (at least not exactly).  If I apply this to £20K I get £24615.38.  

However if I work through it manually I came to 20923.08 (assuming 75% subject to 20% tax).

molerat

Multiply your desired amount by 1.176471.

For £20K take £23529.42

Which when I work it manually comes out at £20000.01

Doctor_Who

molerat said:

Multiply your desired amount by 1.176471.

For £20K take £23529.42

Which when I work it manually comes out at £20000.01

Or multiply by 20 and divide by 17, gives the same answer. Obviously doesn't work for those of us in Scotland where income tax is more complicated!

Steve_666_

I'm with Molerat, the tax for a 20% tax payer is effectively 15%, so on a hundred you pay £15 tax, keep £85. Multiple the desired amount by 20/17, in the example 85x20/17=5x20=100