Excel Formula for UK tax system ??

MetaPhysical

Anyone have a formula please that can work out the tax due on a given amount, taking account of all the UK thresholds?

For example, say there's a sum of 150k.  We all know with personal allowance, upper threshold, high threshold it can get quite complex.  Anyone develop a formula to work out the tax due for a given value?  There'd be a lot of ifs and else statements in the code.  Maybe a Python code snippet.

So we'd want something that a value in say Cell, C10 would be the input to the formula that would then spit out the total tax due on that amount.

Thanks in advance.

Mark_d

If you have a sum of 150k sitting in your current account, earning no interest, then no tax is due.

Are you asking about tax if your employer gives you a 150k bonus or you make a profit of 150k from sale of property?

la531983

I assumed it was if (s)he made £150k a year. Plenty of calculators online that will do that for him/her.

eskbanker

There are a range of online tax calculators, although perhaps unsurprisingly they won't all give identical answers, often because of the complexity and the assumptions made - you mention "tax due on a given amount" but that will depend on a number of variables, such as what that amount actually represents (income, inheritance, capital gains, etc), what other taxable income the recipient has, what deductions apply, where they live, etc.

Mark_d

la531983 said:

I assumed it was if (s)he made £150k a year. Plenty of calculators online that will do that for him/her.

"For example, say there's a sum of 150k" - that doesn't sounds like we're talking about an income.

If we're talking about a salary if 150k then someone would likely be interested in something more complex than just income tax.  You'd need to account for National insurance, taxable benefits, non-taxable salary deductions.

Capita gains tax is simpler in some ways but calculating the capital gain isn't always straightforward and your allowance might also depend on losses made in previous years.

eskbanker

The HMRC calculator may be a suitable place to start if talking about income tax on a salary:

https://www.gov.uk/estimate-income-tax

If you plug in £150K and accept all the defaults at subsequent prompts it spits this out, the calculation including the details of assumptions made:

FrugaiMacDugal

You say 'tax due on a given amount' were you gifted money?

eskbanker

FrugaiMacDugal said:

You say 'tax due on a given amount' were you gifted money?

It certainly doesn't need a complex calculation to answer the question of how much tax is payable on a gift!

Dazed_and_C0nfused

FrugaiMacDugal said:

You say 'tax due on a given amount' were you gifted money?

I think it was given in the sense of a particular amount.  Not a gift.

FrugaiMacDugal

eskbanker said:

FrugaiMacDugal said:

You say 'tax due on a given amount' were you gifted money?

It certainly doesn't need a complex calculation to answer the question of how much tax is payable on a gift!

I agree, but OP seems quite confused, and may be overthinking, until we know more about the £150K, it's all speculation.

Bookworm225

so basically you want to know if someone has a spreadhseet that does tax 

loads of online calculators exist already