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:
|Other Allowable Expenses|
|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|