Detailed Income Tax Calculator

super_reds

Hi

Just trying to do a bit of tax planning over some income that can be flexed so that can stay below the 40% threshold.

Can find plenty that deal with net pay etc but am struggling to find a decent calculator that includes pension income and payments, salary, dividends and other (interest) income. If anyone can point me in the right direction that would be much appreicated.

Failing that, numbers likely to be something like:
Pension Income 9.5k
Interest Income 5k
Dividends 35k
Salary 3k
Pension Deduction (Gross) 3k

Standard 1257L tax code

If anybody could estimate tax payable with brief calculations again that would be appreciated.

Dazed_and_C0nfused

super_reds said:

Hi

Just trying to do a bit of tax planning over some income that can be flexed so that can stay below the 40% threshold.

Can find plenty that deal with net pay etc but am struggling to find a decent calculator that includes pension income and payments, salary, dividends and other (interest) income. If anyone can point me in the right direction that would be much appreicated.

Failing that, numbers likely to be something like:
Pension Income 9.5k
Interest Income 5k
Dividends 35k
Salary 3k
Pension Deduction (Gross) 3k

Standard 1257L tax code

If anybody could estimate tax payable with brief calculations again that would be appreciated.

Are the pension contributions being made using the relief at source method?

That would be £2,400 you paid plus £600 in basic rate relief the pension company adds (courtesy of HMRC).

super_reds

Dazed_and_C0nfused said:

super_reds said:

Hi

Just trying to do a bit of tax planning over some income that can be flexed so that can stay below the 40% threshold.

Can find plenty that deal with net pay etc but am struggling to find a decent calculator that includes pension income and payments, salary, dividends and other (interest) income. If anyone can point me in the right direction that would be much appreicated.

Failing that, numbers likely to be something like:
Pension Income 9.5k
Interest Income 5k
Dividends 35k
Salary 3k
Pension Deduction (Gross) 3k

Standard 1257L tax code

If anybody could estimate tax payable with brief calculations again that would be appreciated.

Are the pension contributions being made using the relief at source method?

That would be £2,400 you paid plus £600 in basic rate relief the pension company adds (courtesy of HMRC).

No, they will be paid direct to SIPP from net pay so as you say cash out the bank 2.4k, gross 3.0k

Dazed_and_C0nfused

super_reds said:

Dazed_and_C0nfused said:

super_reds said:

Hi

Just trying to do a bit of tax planning over some income that can be flexed so that can stay below the 40% threshold.

Can find plenty that deal with net pay etc but am struggling to find a decent calculator that includes pension income and payments, salary, dividends and other (interest) income. If anyone can point me in the right direction that would be much appreicated.

Failing that, numbers likely to be something like:
Pension Income 9.5k
Interest Income 5k
Dividends 35k
Salary 3k
Pension Deduction (Gross) 3k

Standard 1257L tax code

If anybody could estimate tax payable with brief calculations again that would be appreciated.

Are the pension contributions being made using the relief at source method?

That would be £2,400 you paid plus £600 in basic rate relief the pension company adds (courtesy of HMRC).

No, they will be paid direct to SIPP from net pay so as you say cash out the bank 2.4k, gross 3.0k

That is the relief at source method isn't it 🤔

super_reds

Dazed_and_C0nfused said:

super_reds said:

Dazed_and_C0nfused said:

super_reds said:

Hi

Just trying to do a bit of tax planning over some income that can be flexed so that can stay below the 40% threshold.

Can find plenty that deal with net pay etc but am struggling to find a decent calculator that includes pension income and payments, salary, dividends and other (interest) income. If anyone can point me in the right direction that would be much appreicated.

Failing that, numbers likely to be something like:
Pension Income 9.5k
Interest Income 5k
Dividends 35k
Salary 3k
Pension Deduction (Gross) 3k

Standard 1257L tax code

If anybody could estimate tax payable with brief calculations again that would be appreciated.

Are the pension contributions being made using the relief at source method?

That would be £2,400 you paid plus £600 in basic rate relief the pension company adds (courtesy of HMRC).

No, they will be paid direct to SIPP from net pay so as you say cash out the bank 2.4k, gross 3.0k

That is the relief at source method isn't it 🤔

Sorry, not sure of terminology but it will be from net pay rather than directly via payroll if that makes sense.

Dazed_and_C0nfused

super_reds said:

Dazed_and_C0nfused said:

super_reds said:

Dazed_and_C0nfused said:

super_reds said:

Hi

Just trying to do a bit of tax planning over some income that can be flexed so that can stay below the 40% threshold.

Can find plenty that deal with net pay etc but am struggling to find a decent calculator that includes pension income and payments, salary, dividends and other (interest) income. If anyone can point me in the right direction that would be much appreicated.

Failing that, numbers likely to be something like:
Pension Income 9.5k
Interest Income 5k
Dividends 35k
Salary 3k
Pension Deduction (Gross) 3k

Standard 1257L tax code

If anybody could estimate tax payable with brief calculations again that would be appreciated.

Are the pension contributions being made using the relief at source method?

That would be £2,400 you paid plus £600 in basic rate relief the pension company adds (courtesy of HMRC).

No, they will be paid direct to SIPP from net pay so as you say cash out the bank 2.4k, gross 3.0k

That is the relief at source method isn't it 🤔

Sorry, not sure of terminology but it will be from net pay rather than directly via payroll if that makes sense.

In that case there will be no deduction for pension contributions.

But your basic rate band would be increased by £3,000 from £37,700 to £40,700.

Assuming you haven't applied for Marriage Allowance you can use use Personal Allowance against the pension income, salary and £70 of the dividends.

Which leaves all £5,000 of the interest and remaining £34,930 dividends to be taxed.

£5,000 x 0% (savings starter rate)
£1,000 x 0% (dividend nil rate)
£33,930 x 8.75% (dividend basic rate)

Total tax due £2,968.87

super_reds

Thanks ever so much,  really helpful.

super_reds

Dazed_and_C0nfused said:

super_reds said:

Dazed_and_C0nfused said:

super_reds said:

Dazed_and_C0nfused said:

super_reds said:

Hi

Just trying to do a bit of tax planning over some income that can be flexed so that can stay below the 40% threshold.

Can find plenty that deal with net pay etc but am struggling to find a decent calculator that includes pension income and payments, salary, dividends and other (interest) income. If anyone can point me in the right direction that would be much appreicated.

Failing that, numbers likely to be something like:
Pension Income 9.5k
Interest Income 5k
Dividends 35k
Salary 3k
Pension Deduction (Gross) 3k

Standard 1257L tax code

If anybody could estimate tax payable with brief calculations again that would be appreciated.

Are the pension contributions being made using the relief at source method?

That would be £2,400 you paid plus £600 in basic rate relief the pension company adds (courtesy of HMRC).

No, they will be paid direct to SIPP from net pay so as you say cash out the bank 2.4k, gross 3.0k

That is the relief at source method isn't it 🤔

Sorry, not sure of terminology but it will be from net pay rather than directly via payroll if that makes sense.

In that case there will be no deduction for pension contributions.

But your basic rate band would be increased by £3,000 from £37,700 to £40,700.

Assuming you haven't applied for Marriage Allowance you can use use Personal Allowance against the pension income, salary and £70 of the dividends.

Which leaves all £5,000 of the interest and remaining £34,930 dividends to be taxed.

£5,000 x 0% (savings starter rate)
£1,000 x 0% (dividend nil rate)
£33,930 x 8.75% (dividend basic rate)

Total tax due £2,968.87

Sorry, hopefully one more question, the interest isn't taxed as a result of receiving the full savings starter rate. Dividends don't form part of the calculation to determine how much of that savings starter rate is available?

Dazed_and_C0nfused

super_reds said:

Dazed_and_C0nfused said:

super_reds said:

Dazed_and_C0nfused said:

super_reds said:

Dazed_and_C0nfused said:

super_reds said:

Hi

Just trying to do a bit of tax planning over some income that can be flexed so that can stay below the 40% threshold.

Can find plenty that deal with net pay etc but am struggling to find a decent calculator that includes pension income and payments, salary, dividends and other (interest) income. If anyone can point me in the right direction that would be much appreicated.

Failing that, numbers likely to be something like:
Pension Income 9.5k
Interest Income 5k
Dividends 35k
Salary 3k
Pension Deduction (Gross) 3k

Standard 1257L tax code

If anybody could estimate tax payable with brief calculations again that would be appreciated.

Are the pension contributions being made using the relief at source method?

That would be £2,400 you paid plus £600 in basic rate relief the pension company adds (courtesy of HMRC).

No, they will be paid direct to SIPP from net pay so as you say cash out the bank 2.4k, gross 3.0k

That is the relief at source method isn't it 🤔

Sorry, not sure of terminology but it will be from net pay rather than directly via payroll if that makes sense.

In that case there will be no deduction for pension contributions.

But your basic rate band would be increased by £3,000 from £37,700 to £40,700.

Assuming you haven't applied for Marriage Allowance you can use use Personal Allowance against the pension income, salary and £70 of the dividends.

Which leaves all £5,000 of the interest and remaining £34,930 dividends to be taxed.

£5,000 x 0% (savings starter rate)
£1,000 x 0% (dividend nil rate)
£33,930 x 8.75% (dividend basic rate)

Total tax due £2,968.87

Sorry, hopefully one more question, the interest isn't taxed as a result of receiving the full savings starter rate. Dividends don't form part of the calculation to determine how much of that savings starter rate is available?

No, it's just non savings non dividend income like earnings, rental income or self employment profits.