Self Assessment / pension / tax calculating

jnorth55

https://forums.moneysavingexpert.com/discussion/comment/81905045#Comment_81905045

It isn't clear what causes the differences. I mean the ones that appear to use AI are inaccurate for the same unknown reasons AI gives different results to the same question on most things!

The Gov calculators don't allow you to input all aspects; profit, interest, pension contributions etc.

I don't want to put exact personal figures on an online forum, which I'm sure some will understand. All I'm trying to do is work out whether I'll save a bit of tax by putting a bit more into my pension this month & whilst the basic way pension contributions work is understandable (sort of!) when you factor in the various bands, allowances, starter rate saving vs pension contribution off-set, being able to use some sort of online calculator would be handy.

jnorth55

I actually have the free sage for Self Employed software but you can't generate reports unless you sign up for MTD & link to hmrc.

DRS1

https://forums.moneysavingexpert.com/discussion/comment/81905063#Comment_81905063

Sorry. I don't use Sage. But what I was thinking was that you would use the self assessment bit which never required reports to HMRC (that is part of MTD but the MTD system is different to the old self assessment system). I would have assumed that for this tax year you would still be able to use the old self assessment stuff as MTD is only running this year as a trial. But I really don't know.

jnorth55

https://forums.moneysavingexpert.com/discussion/comment/81905072#Comment_81905072

Thanks, but it doesn't. You can do most of the things but if you want to see tax calculations that's on the 'income tax' page & you have to then sign up for MTD & link to HMRC.

DRS1

"I don't want to put exact personal figures on an online forum, which I'm sure some will understand. All I'm trying to do is work out whether I'll save a bit of tax by putting a bit more into my pension this month & whilst the basic way pension contributions work is understandable (sort of!) when you factor in the various bands, allowances, starter rate saving vs pension contribution off-set, being able to use some sort of online calculator would be handy."

Fair enough. I am afraid I can't help with the calculators. I just let my tax bill come as a nasty surprise each year!

When you talk about bands and the starter rate it makes me think you are a Scottish tax payer so any helpful comments I might make about relief at source pension contributions increasing the threshold for higher rate tax is probably going to miss the mark.

jnorth55

https://forums.moneysavingexpert.com/discussion/comment/81905081#Comment_81905081

I'm not a Scottish tax payer. Tax bands & the starter rate for savings interest are part of the system in England.

DRS1

https://forums.moneysavingexpert.com/discussion/comment/81905105#Comment_81905105

They are but if you are interested in the starter rate for savings why would you be interested in higher rate tax bands?

Unless you have self employed profits of £12k and taxable interest of £40k? If that is the split of your income then be aware you can't get tax relief on pension contributions which exceed your taxable profits (or earnings). Savings interest doesn't count.

jnorth55

https://forums.moneysavingexpert.com/discussion/comment/81905117#Comment_81905117

I don't think I mentioned higher tax bands, but if I did I simply meant that these calculations can change a lot if you're even £5 over one limit or another. I do know that its profit that is the limit of pension tax relief. I'm simply trying to find a reliable way to calculate these things. It's something I'm sure lots of people might want to do from time to time to see what might happen if they took on more work or put more into a pension.

sheramber

You are anonymous on this forum unless your user name is your initial and surname.

It is better to have a username that does not include a reference your name.

jnorth55

https://forums.moneysavingexpert.com/discussion/comment/81905353#Comment_81905353

that is a usename & isn't a reference to my name.