(PRWeb UK) February 8, 2011
The UK Tax Calculators Wizard, found at http://www.uktaxcalculators.co.uk, is a comprehensive free online web app, designed to accurately compute personal income taxes and national insurance contributions from a variety of possible income sources including PAYE (pay as you earn) income, self employment profits, dividend income, savings income, redundancy payments and capital gains. It also takes into account the taxpayers age, marital status, allowances or deductions, student loan payments and more to arrive at its computations.
It strikes a healthy balance in providing a tool for tax calculation without being too simple or too complex.
TaxPenny Limited, the Online Tax Return Specialist - http://www.taxpenny.co.uk, set up its suite of free tax calculators with the goal of making taxation more user friendly. This also included the use of public data to produce the free 'Where Did My Tax Go' website, which tailors public spending down to an individuals tax contributions. It is published, along with the suite of tax calculators, on the Governments data.gov.uk website - part of the open data initiative.
UK Tax Calculators Wizard Overview:
UK Tax Calculators provide tax calculations from the coming tax year 2011/2012 - all the way back to 2003/2004. Amongst the array of free tax calculators available at the UK Tax Calculators website are a:
- PAYE, CIS and Self Employed Income Tax Calculator
- Compare Tax on Two Jobs Calculator
- Reverse Income Tax Calculator
- Corporation Tax Calculator
- Dividend v Salary Calculator
- Capital Gains Tax Calculator
These are all individual calculators and are accurate where the source of income is singular and therefore not effected by reducing allowances or squeezing tax bands. The UK Tax Calculators Wizard builds on this by taking into account all income sources and calculating tax after looking at the effect of each income source.
5 useful features of the UK Tax Calculators Wizard:
1. Simplifies Tax:
The wizard will quickly compute taxes and allowances as complicated as they may be - but provides the figures needed in a simple, understandable fashion. Users can enter figures directly or use sliders to adjust them.
2. Saves the Tax Profile:
When setting up a tax profile, users enter their personal details and save them under their email address and password. This allows the calculation to be saved and makes it possible to return to it later and re-calculate for other tax years without having to re-enter anything.
2. Updated For Past and Future Tax Years:
The calculator is already set up for the next tax year 2011/2012 across all taxes and can also work out taxes from 2009/2010 and 2010/2011. It is constantly being updated so new features and amendments to the finance bill are added all the time.
Upon calculation a pie chart of total income is created - showing slices of income deductions and the net income slice. This allows the taxpayer to quickly see how much tax they are paying and the proportion of income the deductions take.
4. Effective Tax Rate:
Due to the nature in which all taxes are put through at the same time, it is possible to calculate the effective tax rate paid over the entire income. Taxpayers can use this to make estimates on future income they receive.
5. Tax Breakdowns By Income Source
Tables are produced of the taxation each income source is liable for - this in conjunction with the overall ease of use of the application - allows the user to tailor and adjust their income to help reduce liability.
The UK Tax Calculators Website is available at http://www.uktaxcalculators.co.uk.
The UK Tax Calculators Wizard is available at http://www.uktaxcalculators.co.uk/wizard.
WhereDidMyTaxGo is available at http://www.wheredidmytaxgo.co.uk.
TaxPenny is available at http://www.taxpenny.co.uk.
HM Government Open Data is available at http://www.data.gov.uk