INCOME TAX AND NATIONAL INSURANCE CALCULATOR FOR THE YEAR 2007/8
CLEAR RIGHT FRAME
HOW TO USE INCOME TAX AND NATIONAL INSURANCE CALCULATOR:
1- SUM UP TOTAL REVENUE AND PUT IT IN THE RIGHT BOX UNDER 'GROSS TOTAL REVENUE'
2- SUM UP TOTAL BUSINESS EXPENDITURE AND PUT IN THE RIGHT BOX UNDER 'TOTAL BUSINESS EXPENDITURE'
3- CLICK ON 'GROSS PROFIT' BOX.
4- CHECK THE NUMBER INSIDE THE BOX TO THE RIGHT OF 'TAXABLE PROFIT'.
5- IF THE NUMBER IS ZERO OR NEGATIVE YOU WILL NOT PAY TAX OR CLASS 4 NATIONAL INSURANCE CONTRIBUTION.
6- IF THE NUMBER IS POSITIVE, YOU WILL PAY BOTH. CLICK TAX, CLASS 4 NIC AND TOTAL BOXES TO GET THE REST OF NUMBERS.
HOW IS THE CALCULATION DONE?
The idea of this calculator is to calculate tax and class 4 NIC from revenues generated
from self-employment. It takes
away tota business expenditure from gross revenue to create gross profit.After that it
takes away 5225 pounds personal
allowances to generate taxable profit. Tax charged at 10% for the first 2230 pounds, 22%
for the next 32369 pounds
and 40% for the rest.
Class 4 NIC charged at 8% for the first 34840 pounds and 1% for the rest.
This is a maximum tax and class 4 NIC you pay. You could pay less than that if other conditions exist for example if you are 65 years old you will get
higher personal allowances.
Each calculator works according to this rule:
each time '=' box clicked, the number in the box on the left of '=' box added to the number in the
box to the right of '=' box. So the number in the box to the right of '=' box is a total sum of all
numbers. To add many numbers to each other, always clear the box on the left of '=' box
before adding the next number.
This calculator can prevent missing mistakes when summing up
Each one, Gross Total Revenue and Total Business Expenditure, can be used as an adding calculator,
each made up of two boxes,
an (=) box between them, two 'clear' boxes, on the right and left and a counter box underneath.
Both calculators work similarly and can be
used to sum up handreds of numbers like adding all figures of business expenditure in a year
to arrive to a total figure.
Each
calculator has two means to prevent making mistakes like missing to add a number when you want
to sum up a lot of numbers.
First, the counter counts
how many numbers added to each other. Second each number is recorded on the right hand frame of
the screen. So if you add up 50 numbers
to each other and at the end, the counter reads 48, it will mean you have missed two numbers.
Now compare the numbers with numbers
on the right hand
frame on the screen to found out which one not added. The calculator gives a consequential
numeric position like 1, 2, 3...etc to each number
recorded on the right hand frame on the screen. Give the same numerical positions to your
numbers on the paper. This makes it very easy
to find the number or numbers, which you missed to add. Also compare numbers on the paper
with numbers on the right hand frame to ensure they are exactly the same.
Please click: TAXES
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