Knowledge

The Crunch Personal Tax Estimator

Posted on Nov 7th, 2017 | Tax

The Crunch Personal Tax Estimator will help you to plan for the tax you may have to pay on your personal income including sole trade income, salary & dividends if applicable.

Please note that this is an estimation only and provided to help guide you in either the tax-free amount of dividends you could take from your company for your specific circumstances, or help you plan for setting aside money for the tax on this income if you wish to take more than the tax-free amount.

The files are set up to show default values for Salary (set at the NI threshold) and Dividends (set at the maximum tax-free dividend) assuming no other sources of income.

In addition to salary and dividend income you can also add other figures to the sheet:

  • Salary not from your company: Add the gross salary to the PAYE Income field, and the tax paid on this income to PAYE Tax paid field. If you need to estimate the tax on this income you can do so by leaving all other fields blank.
  • If you have multiple employments just enter the total of all the gross income amounts into the PAYE Income box and enter the total tax paid on this income to the PAYE tax paid field.
  • Benefits in kind: add the amount of taxable benefits in kind. Remember that only certain benefits on your P11D will be taxable.
  • Bank Interest: add the net amount you receive.
  • Sole-trade Profit: Sole-trading does not include any profits from your company (which are taxed as dividends).
  • Other Income: For any other income, such as profits from property rental, or interest received without tax deducted.
  • Pension Contributions: The amount you actually paid into your pension plan.
  • Student Loans: If you are also making student loan repayments there is also an option to select this and calculate an estimate of your repayments for that year which will be due at the same time as your self-assessment tax return.

At the bottom of the main calculation is a payment schedule, which will include payments on account if relevant. There is an input box in this section for any payments on account you have paid in advance for the tax year.

Please note: We provide these spreadsheets free for anyone to use, but we will only be able to advise about any specific personal tax queries you may have if you are a Personal Tax customer with Crunch.

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