Tax can be a pretty complicated business. Without the help of an accountant, it can be easy to be overwhelmed by the nuances of the tax system. Luckily, there is help out there, and plenty of free tools that are designed to ensure that you pay the right tax, and don’t overpay or underpay.
In the UK, many people pay too much tax than they have to. In these difficult financial times, this discrepancy can be significant, and so it definitely pays to use tools that ensure you’re paying the right tax amount. An Income tax calculator is such a tool, and it can ensure you’re paying the correct amount of tax on your income.
There are numerous reasons why you may have paid too much tax:
For instance, perhaps you have earned under the tax threshold and so are not liable to pay any tax at all. This threshold changes every year, and in the future it looks set to increase to £10,000. More and more people in the UK fall into this category, and you might be one of them.
If you are employed, and are taxed through the pay as you earn system, this does not necessarily mean that you are immune from paying too much in the way of tax. There are a lot of reasons why your pay as you earn calculation may be incorrect, for instance perhaps you have been assigned the wrong tax code by your employer.
A paye calculator or income tax calculator is an online tool that allows you to calculate your tax amount from the comfort of your own home. It will accurately tell you how much you should be paying, and so can really save you money.
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