Tax calculators can be a useful tool for tax planning and cashflow forecasting. Here is a round-up of the best tax calculators available online, including those from official bodies such as HMRC and the Valuation Office
There are different calculators to help you with different tax liabilities. An income tax calculator, for example, can help you estimate future tax bills, while a company car tax calculator can help you compare the tax impact of different company car choices.
Bear in mind that tax calculators are based on standard assumptions. If your tax affairs are more complicated or if you need detailed advice, talk to an accountant.
Sole trader v Ltd company tax calculator
This sole trader versus limited company tax calculator enables you to estimate your take home pay, simply by inserting an estimate of your annual profit.
Income tax and National Insurance calculators
Income tax calculators can be used to calculate your own income tax if you are an employee of your own company, and other employees’ income tax liabilities.
Some income tax calculators also work out National Insurance contributions (NICs).
- This income tax calculator works out income tax and both employer and employee NICs.
- This alternative income tax calculator allows a more detailed calculation, including pension contributions.
- The HMRC tax checker for employees checks income tax due on savings interest as well as employment income, but does not include NICs.
- This net salary calculator allows you to calculate take-home pay after all deductions.
- This HMRC page shows approved mileage rates that can be used to calculate allowable motoring expenses, paid free of tax and NICs to employees using their own vehicles for work.
You should not use the income tax calculators above if you are self-employed. A self-employment income tax calculator needs to take into account the different NICs paid, and any allowable business expenses.
The HMRC self-assessment ready reckoner provides a simple calculation of income tax and Class 4 NICs. You can get a clearer idea of your tax liabilities by completing your tax return online or by taking advice from your accountant.
If you own a personal services company, you can assess the extra tax and NICs you may have to pay on dividend payments using the IR35 - deemed payment calculator and guidance.
The rules on IR35 have changed, so do your research. If in doubt, always take advice from a qualified accountant.
Payroll calculators
HMRC provides a range of calculators you can use when managing payroll deductions:
- a PAYE calculator;
- a National Insurance contributions calculator for employees and employers contributions;
- a directors' annual NICs calculator for checking the final NICs payment for a director at the end of the tax year or when the directorship ends;
- a Statutory Sick Pay (SSP) calculator;
- a Statutory Maternity, Adoption and Paternity Pay calculator.
You can also try this tax and salary calulator which also includes a sample payslip.
Company car tax calculators
- The HMRC company car tax calculator includes company car tax and car fuel benefit for employees. You will need to complete details such as emissions and list price.
- This company car tax calculator will automatically complete all the details if you choose the car model and provide comprehensive tax details for the next three years.
- This simpler company car tax calculator can be used to check current and historic tax details.
Corporation tax calculators
Corporation tax calculations are generally complex, relying on detailed information about income and expenses. Various online tax calculators can help with simple guidance and estimates:
- a basic corporation tax calculator to assess liability based on profits.
For a fuller assessment of your tax liability, you should take advice.
VAT calculators
- A simple VAT calculator can work out the amount of VAT you need to charge on standard-rated supplies.
- HMRC tool to work out VAT fuel scale charges on business cars with private use.
Capital gains tax calculator
- This capital gains tax (CGT) calculator can help you estimate a potential CGT liability on disposals of property or shares.
- Download the HMRC capital gains tax for Shares toolkit (PDF).
Property tax calculators
- Guidance on the GOV.UK website may help you estimate your business rates bill.
- HMRC stamp duty land tax (SDLT) calculators to work out how much SDLT might be payable on a property purchase.
- Download the HMRC capital gains tax for land and buildings toolkit (PDF) which aims to support tax agents and advisers with guidance on fixing common errors.
As with all the calculators listed, you may want to take advice to get a full picture of your tax liabilities and any opportunities to minimise tax.
