There are a great variety of useful online finance calculators available to help you understand your finances. Whether you are looking to work out your capital gains tax, inheritance tax or income tax – there is a finance calculator out there for you.
It is important to keep yourself up to date and aware of your finances as too often some mistakes can affect you directly. It can feel overwhelming when trying to work out all different aspects of your finances – that is why we have formulated this brilliant guide with helpful links and finance calculators just for you. Take a look!
Income Tax
You may be familiar with income tax, perhaps you have noticed on your payslip that you have Income Tax deducted. This can sometimes be a problem when the tax authorities don’t get it right. You may have been given the wrong tax code that now means you are being charged too much or too little. Paying the correct amount of Income Tax is key to avoiding any legal complications. This is where finance calculators can help.
Work out if you are paying the right income tax for:
If you would like any further advice regarding income tax, our expert team can help. We specialise in handling income tax and will provide all the necessary information you may need.
PAYE
If you are an employer, you should be aware of PAYE as it is a part of your payroll. This is an HMRC system that collects both Income tax and National Insurance from you. If you have multiple staff or not a lot of time, it can often mean there are grey areas you may be unsure of regarding PAYE. There are plenty of useful online finance calculators that can help you check that everything your business is being deducted for is correct.
Check out your business’:
Work out your employee’s:
We understand that bookkeeping and managing payrolls can be a time-consuming task for most employers. That is why we offer help with business accounting. Whether it is to do with bookkeeping, payrolls, Tax and VAT returns or auditors – we can help.
Capital Gains Tax
If you have investments, you will be aware that when you sell them there is taxation. This taxation is Capital Gains Tax and will only incur when you have fully sold the assets. It applies only to ‘capital assets’ such as stocks that aren’t in an ISA or PEP account as well as some personal possessions valued over £6,000 apart from your car. It also applies to your main property if it is rented out, large or used for business. It is vital that you are aware and prepared when making choices that affect your investments to prevent any significant stress or losses.
Use these online finance calculators to work out your capital gain tax if you are:
For any advice you may need, you are more than welcome to contact us. We have dealt with a variety of clients who have required assistance with Capital Gains Tax therefore, we can provide an excellent and detailed service.
Inheritance Tax
Inheritance Tax can often come as a surprise to some. It is tax put upon any property, possessions and money of someone who has passed – as someone who may receive an inheritance, you will become aware of this. There are a few rules with regards to Inheritance Tax, all of which have been clarified on the GOV website.
Here are some useful finance calculators to help you find out more about Inheritance Tax if you are:
- Looking at how much interest is due on a payment
- Working out the RNRB if a home is being left to someone
- Checking to see if you qualify for a reduced rate
There is a lot of information out there regarding Inheritance Tax. It can be difficult to know how to start and where to look. Contact Makinson & Co today if you need some further advice and we will be more than happy to help with your Inheritance Tax query.
We hope these useful online finance calculators have given you some guidance with your finance. Should you need any further assistance, please contact us as we will be more than happy to help.
