tax calculator

[gsd2000]

Could anyone point me in the direction of a good tax calculator.

Im just trying to work out how much tax i would save if i increased my employee share purchase allowance

Ive just changed jobs and i now fall into the higher tax rate category

thanks

[cs174]

This might be of use: http://listentotaxman.com/

[gsd2000]

thanks for that but im not sure if its working correctly.

I worked out how much i get each month by typing in my tax code, pension and salary.

If i increase my monthly share allowance from £50 to £125 im only lose £1 a month net in my pay packet. Surely that cant be right or is it?

[2 sMoKiN bArReLs]

Google HMRC basic tax tools. All the help you need is probably there.

[gsd2000]

2 sMoKiN bArReLs said:

Google HMRC basic tax tools. All the help you need is probably there.

cheers for that

[Eric Mc]

gsd2000 said:

thanks for that but im not sure if its working correctly.

I worked out how much i get each month by typing in my tax code, pension and salary.

If i increase my monthly share allowance from £50 to £125 im only lose £1 a month net in my pay packet. Surely that cant be right or is it?

Does it take into account obscure things like "share allowances"? What is a share allowance and how is it paid to you?

Is it just additional salary that you can use, if you want to, to buy some shares?

[gsd2000]

Eric Mc said:

Does it take into account obscure things like "share allowances"? What is a share allowance and how is it paid to you?

Is it just additional salary that you can use, if you want to, to buy some shares?

as far as i am aware the money is taken out before tax, and shares are purchased at the current price. I can sell the shares whenever i want but have to wait 5 years to get them tax free as such, i still have to pay capital gains tax if i go over the limit for the year

[Eric Mc]

So, in the calculator you enter as your Gross Salary the reduced level of Gross Salary having deducted the part allocated to the purchase of shares?

[gsd2000]

In the above calculator I put my taxcode and gross salary in then altered the deductions part for my shares and it hardly made a difference.

I think I'm getting myself a little confused

edit think ive sussed it out

Edited by gsd2000 on Sunday 11th March 14:05

[Eric Mc]

I think you need to deduct the amount you are allocating for share
purchases from your Grooss Salary and put that reduced Gross Salary in the "Gross Salary" box in teh calculator.

[gsd2000]

Eric Mc said:

I think you need to deduct the amount you are allocating for share
purchases from your Grooss Salary and put that reduced Gross Salary in the "Gross Salary" box in teh calculator.

That's what I did in the end