Over the past few weeks a number of new developments have completed on our website and we have included the following new features, tools and calculators to help with understanding tax and tax planning:
Tax Freedom Day
How many weeks do you work just to earn enough to pay the tax and national insurance deduction against your income?
Our main tax calculator now includes your tax freedom day within the calculation notes. For example, someone earning £25,000 in the current tax year would work up to ten weeks to earn enough to cover their tax and national insurance deduction. The tax freedom day would be the 12th March if started from New Year's Day or 15th June if from the start of the tax year.
Click here to find your tax freedom day.
Pension Withdrawal Calculator
Pension freedom rules brought in since 2015 allows people to withdraw money from pension accounts once over 55. These withdrawals are taxed cumulatively and can sometimes be incorrectly taxed at source if the wrong tax code is supplied. Use this tool to find the tax charge on any withdrawal, both the source tax and the estimated correct tax once your total annual income is accounted for.
Click here to use the Pension Withdrawal Calculator.
Gift Aid Calculator
When you make donations to charities registered for Gift Aid, and have ticked the box, the charity can claim a basic rate (20 percent) refund from the Taxman. If you are a higher rate or additional rate taxpayer you should claim the difference directly and receive a refund. Use this calculator to see what Gift Aid donations are worth, and if a further refund claim is applicable to you.
Click here to use the Gift Aid Calculator.
Tax Refund Check
There are many reasons for people to accidently pay too much tax. HMRC allows people to make claims for overpaid tax for up to the last four tax years. This tool looks at the tax reliefs, allowances, deduction mistakes, possible unclaimed expenses and more that could apply to you. It takes some simple information and provides an estimated tax refund amount with a full breakdown of how it was calculated.
Click here to use the Tax Refund Check tool.
Graduate Salaries and First Home Location Check
We have used numerous data sources to find the average starting salaries for graduates for various degree subjects. By entering a degree subject and a property type, postcode sector and radius, we can show you the take home pay for a graduate of that degree and where a first home could be purchased according to the location parameters provided. For each location found, interesting statistics are displayed including the type of resident, top types of crime, house price range and mortgage payment and remaining net income.
Click here to use the Graduate Salaries tool.