Income tax calculator

Income Tax Changes : 2018 Edition

The detail on changes is on the HMRC Website.

We thought we’d help out with a calculator that shows you the effect of tax on your numbers. As always, disclaimers apply. We do not guarantee that the calculation is accurate. You should always seek advice from a qualified practitioner.

Choose a tax year, enter enter numbers for Rental Income, Finance Costs, Other Allowable Expenses and Other Income. Then click Calculate.

Or we reproduce the examples from HMRC website:

1 – Sophia
2 – John
3 – Jennifer
4 – Brian (1st Year)
5 – Brian (2nd Year)

Tax Year
Rental Income
Finance Costs
Other Allowable Expenses
Other Income
	Calculate

Property Profits		100% of Finance Costs allowed
Total Income		Property Profits + Other Income
Basic Rate Tax		20% on 0
Higher Rate Tax		40% on 0
Tax Sub-Total		Sum of Previous Two Figures
Figure for Tax Reduction		0% of least of 0, 0, 0
Tax Reduction		20% of previous figure
Final Income Tax		Tax Sub-Total less Reduction