UPDATE 24th November 2008: If you’re looking for information on the latest changes to tax rates announced today, please see our post on the pre-Budget report key points.
Last year, in How Much Tax Will I Pay?, I wrote about SimplePound’s useful Excel spreadsheet which helped calculate how much Income Tax and National Insurance you’ll pay given your monthly salary. When the tax rules changed recently, Kirsten updated the spreadsheet to reflect the abolition of the 10% basic rate of tax, amongst other changes.
Since then, I’ve been thinking about putting together an online tax calculator to do a similar thing, but halfway into the development, I found I didn’t need to bother: there’s already a really useful website which will do just that, and with a calculator which will do it in much more detail than I would be able to develop.
The ListenToTaxman calculator will show you how much of your salary is disappearing in tax, with both Income Tax and National Insurance contributions taken into account, along with student loan repayments and pension contributions. You can also compare the tax rates from the last 8 years, and it also gives a useful rundown of the various tax rates, so you can tell how you have been affected by the recent changes in tax rates.
Photo by ansik
Oh dear, looks like I’ve got competition ;-)