What i earn after tax

Self Employed and Employed Tax calculator

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Yes. Select umbrella check button to switch to umbrella company tax calculator

It starts on 6th April

P60 is a end of tax year summary of how much you have earned, paid tax and NIC. If you have got your P60 use last years tax calculator to see if you over paid tax.

Is tax calculated after deducting national insurance or vice versa?

No. You may have been thinking this; if one was calculated first, then the other, you could have saved some money. See the examples .

If you are a contractor and being paid through an umbrella company, you are taxed like an employed person and treated as employed. You will receive payslips.

Therefore you will need to have statutory holiday pay (from your pay rate), meet national minimum wage and sick pay from your umbrella company

iknowtax.com offers the best umbrella company tax calculator.

It will calculate the following and then display your take home pay:

-Income tax

Do let your colleagues or any contractors know about the umbrella company tax calculator here at iknowtax.com

Are you paying too much tax? If you are paying too much tax, you can claim back tax, get a tax refund (/rebate) by contacting your local Inland Revenue office or your employer. You have 6 years time limit to claim back. Visit: https://www.gov.uk/claim-tax-refund/too-much-tax-taken-from-your-pay

Second job tax?

Do I get taxed more on the second job?

You get taxed whatever you will have got taxed if you were earning this amount from the 2nd job on your first job as an additional amount of pay. So there is no special rates for a second job, no extra tax or less tax. All your earning is added together and then tax is worked out!

For NI, you will pay if your second job pay is more

than the minimum threshold for the NI per week.

This is a free 2014 - 2015 UK online tax calculator website. It provides a free to use individually or commercially tax calculator tool. It also aims to make a complete beginner understand how tax is worked out. Feel free to read and refer to the tax calculator. Please comment below or email me your feedback or questions.

One of the great features of this tax calculator is that it allows you to enter your hourly pay rate and the number of hours you work weekly. You can enter your standard weekly hours you work, to accurately display your pay hourly, and tax paid hourly. Ideal for freelancers, contractors (or anyone only knows their hourly rate) to work out tax paid. It also calculates as you type which will help a professional like an accountant (payroll, bookkeeping) that may have to constantly calculate.

Another great feature is, it has a detailed umbrella company tax and NI calculator for anyone who is being paid through an umbrella company. You can see how much of your money is deducted for employers NI and for holiday (which you will receive when you go on annual leave or get any remaining holiday pay when you leave your post). So this is a great way to see what a take home pay will be for a contractor getting paid through un umbrella company.

You can also compare on the tax calculator this years take home pay with last years, so you can see if the new tax rates are better for you or not.

Welcome to iknowtax.com where you will find Tax and NI calculators containing the latest official rates from the HMRC. It allows you to calculate your net income after tax and see what the taxman is taking. You will find links to the Tax and NI calculators and an easy to understand table showing the tax rates for 2014 - 2015 and the previous years.

Source: iknowtax.com

Category: Taxes

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