Ever wanted to work out your take home pay after tax, National Insurance and Student Loan debts come off? Ever wanted to work out whether you’d be better with or without child benefits? Well we’ve got a list of the best online tax tools that can help you out with some complex maths and make your life generally easier.
We love Money Saving Expert. Martin Lewis can do wrong, and as well as providing us with great discounts and financial advice, his site has plenty of useful tools to boost your finances. This calculator works out your take-home pay after tax, student loans and pensions, then compares to past years. He helpfully mentions that you should use the Tax Code Checker (see below). According to John McCaffery of Alexander & Co Accountants: “You’d be surprised how many people are on the wrong tax code and are owed 1000s in tax rebates”.
Do you ever look at your pay slip in detail or do you just look at the amount of money you get after tax? If you’ve never looked at your tax code and don’t know what it signifies you might not realise that this small set of numbers and letters can cost you a lot of money. The calculator is only a rough guide, mind, so don’t take its advice as write if it tells you that you owe the taxman a lot of money.
When you have a small business and you need to work out what income tax your employees owe you can use this calculator. And it’s great if you don’t want to use an accountant. You can input the staff member’s tax code, period of pay, gross pay to date and all the sorts of things you usually see on a standard payslip. The HMRC websiteactually has a whole list of handy calculators and tools here: http://www.hmrc.gov.uk/calcs-tools/.
It’s not strictly at tax tool but it will come in incredibly useful when you file those pesky end-of-year returns if you’re self-employed. Hiveage is basically a free and easy way of invoicing people online. All you really need is an email address of person/business you’re invoicing. You can create templates for ongoing contracts and even keep an eye on your ingoings and outgoings through simple graphs.