Want to find out how much tax you owe in a clear and transparent way? The income tax calculator Excel spreadsheet breaks down all your taxes according to tax bands.
Income tax, national insurance, tax on interest and dividends and capital gains tax are all calculated simultaneously in the spreadsheet. You can see all the workings to understand how your actions influence your tax bill.
Works for employed, self-employed, pensioners and landlords. This income tax calculator Excel spreadsheet has already been used by hundreds of satisfied customers.
You can also use the income tax calculator Excel spreadsheet to plan for the current tax year. As it is a spreadsheet, you can link your salary / dividend / interest etc data to see how the current tax year is playing out and make sure that you are fully utilising all your allowances. This includes the personal allowance (income tax) as well as dividend, interest and capital gains allowances. Avoid accidentally moving into a higher tax bracket by planning ahead and saving £.
The income tax calculator Excel spreadsheet promotes understanding of things like the hidden 60% marginal tax rate which occurs when your personal allowance is eroded at an income of over £100k. You can also see how things like pension contributions can lower your tax bill.
Save the spreadsheet (works in Excel or as a Google sheet) and you only need to input your data once, it is stored forever. You can compare your income and taxes over time.
You can also compare different scenarios such as working part-time or generating extra side-hustle income.
At just £5 this is great value (England & Wales only).
Feedback on my income tax calculator excel spreadsheet, also available here.
An income tax calculator excel spreadsheet is a versatile and user-friendly tool to help individuals manage their taxes, providing a comprehensive solution for calculations and planning that can be integrated with other pieces of analysis. It promotes things like graphic analysis of your tax burden and scenario planning is easily facilitated.
With an income tax calculator excel spreadsheet you can see the underlying calculations and easily make changes to the formulas if necessary. The spreadsheet should remain valid for some time as income tax bands have been frozen until April 2028 which means there will be quite a strong fiscal drag on your personal finances if inflation remains persistantly high.
Instructions are provided within the file. The aim is to be able to reconcile your gross pay to the take home pay that hits your bank account each month.
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