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:
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 |