My new online tax calculator

[fatcat51]

Thanks for the feedback all. I'm listening and working on everyone's changes - I've just pushed out a small update:

• VAT FRS upper limit is now £230k (will add a warning shortly that it's n/a for first year)
• Train tickets & PCG standard in expenses
• It's now possible to retain a given amount of profit...
• …plus (exciting) the calculator can automatically retain just the right amount of profit to prevent shareholders hitting higher rate tax
• The summary screen now shows your total %age tax efficiency inc vat, ex vat and versus PAYE - including pretty gauges courtesy of Google's chart API, and it will give you a £-note value of how much you save versus PAYE

I've spoken to Jewson's and they're all out of web-safe real wood. It's laminate for now. Sorry.

[MickeyP]

Thanks for the feedback all. I'm listening and working on everyone's changes - I've just pushed out a small update:

• VAT FRS upper limit is now £230k (will add a warning shortly that it's n/a for first year)
• Train tickets & PCG standard in expenses
• It's now possible to retain a given amount of profit...
• …plus (exciting) the calculator can automatically retain just the right amount of profit to prevent shareholders hitting higher rate tax
• The summary screen now shows your total %age tax efficiency inc vat, ex vat and versus PAYE - including pretty gauges courtesy of Google's chart API, and it will give you a £-note value of how much you save versus PAYE

I've spoken to Jewson's and they're all out of web-safe real wood. It's laminate for now. Sorry.

Love it!

[Mister Clark]

Very good, but not quite excellent

I love that you included functionality to give the optimum dividend amount but would it be possible for you to auto complete the salary to be the highest amount possible without incurring any income tax but keeping up your NI contributions up?

Great work!

EDIT: And the company is 84% 'tax efficient' excluding VAT - happy with that!

[PTP]

On my illusration it says:
Gross Salary: £12,646.40
Dividend Payment: £83,242.34
Dividend tax credit: £9,249.15
Income tax on dividends: £14,098.25

It gives a breakdown of the £14,098.25 as:
£29,832.60 * 10% + £62,658.89 * 32.5% - £9,249.15

I thought that because my Gross Salary is under £35,000, the first £35,000 - £12,646.4 = £22,353.60 of dividend was supposed to be tax free?
Contractor guide to calculating taxes payable on dividends
Tax on UK dividends : Directgov - Money, tax and benefits

[fatcat51]

The difference is £7479, which is your personal allowance.

Therefore it's £35,000 - £12,646.4 + £7479 = £29,832.60

[lithium147]

choose tax years

Thx for updates.

I am teaching my accountant about tax rules based on your app..

Would be good to be able to choose tax year:
2011/2012
2012/2013

I have been just working out my final dividend payment for 2011/2012, so I needed to use your app for that, but you had already updated it to 2012/2013..

T

[fatcat51]

No problem lithium, I'll get onto it today.

[cojak]

Just like to say what a splendid little app this is.

[cojak]

Nice job. I see that you are also the marketing manager at Inni.

I'm sure things will change the moment money (IRL) comes into the equation.

[filthy1980]

dude that is a pretty damn awesome app!!!

any plans for a mobile version?