No More Tax Surprises — Plan Ahead with Confidence
Want to find out how much tax you owe in a clear and transparent way? The income tax calculator 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. Avoid accidentally going into a higher tax band and save £.
Works for employed, self-employed, pensioners and landlords. This income tax calculator spreadsheet has already been used by hundreds of satisfied customers.
You can also use the income tax calculator 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.
The income tax calculator 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.
The video below gives full instructions on how to use the file. At £5 this is great value for money. Does not calculate Scottish income tax.
An income tax calculator spreadsheet will facilitate further analysis of your numbers.
In this example we can look at savings (Pensions & ISA) as a percentage of gross income as well as taxes (Income Tax and National Insurance) and expenditure. This gives us an accurate calculation of our savings ratio – savings as a percentage of gross income – which is a key variable when saving for retirement.
Written by an accountant with over 30 years experience.
Feedback on the income tax calculator spreadsheet which is also available here.
The income tax calculator spreadsheet is also a useful input to my retirement calculator which tells you the age which you can retire and the amount of income after tax that you can expect in retirement it’s a very detailed model with lots of useful information such as things like plotting your wealth over time and being a spreadsheet it’s completely flexible and it lasts forever if you’re interested go here or select Retirement Calculator from the menu at the top of this page.
An income tax calculator 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.
With an income tax calculator 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.
If you have made use of this income tax calculator spreadsheet please consider subscribing to my Youtube channel for helpful videos around investing and retirement planning. Does not calculate Scottish income tax.