Are these taxcalc figures correcT?

[GGGSurrey]

Hi

The figures below come from TaxCalc but I see from an article at http://www.rossmartin.co.uk/sme-tax...ication-error-affects-2016-17-self-assessment that the TaxCalc figures may be incorrect due to erros with the HMRC spec.

Do these figures look correct?

I don't understand why the tax due on £1500 of interest received is £0!

I need to know if the figures are correct before April 5th!

Thanks in anticipation...


Projected Calculation for 2016-17

Income received (before tax taken off)

Pay from all employments 8,060.00
Profit from UK land and property 4,153.00
Interest received from UK banks and building societies 1,480.00
Dividends from UK companies 29,300.00

Total income received 42,993.00

minus Personal Allowance -11,000.00

Total income on which tax is due 31,993.00

How I have worked out your Income Tax

Pay, pensions, profit etc. 1,213.00 x 20% = 242.6

Interest received from a bank or building society etc. 1,480.00 x 0% = 0

Dividends from companies etc.
5,000.00 x 0% = 0
24,300.00 x 7.5% = 1,822.50

Total income on which tax has been charged 31,993.00

Income Tax due 2,065.10

 

[Scalloway]

You only have a $1,000 tax free allowance for interest so it does not seem right to me.

 

[GGGSurrey]

Thanks, that's what I thought, I wonder how many people are making decisions based on a wrongly programmed piece of software.

Does anyone have a link to a tax calculator that actually works?

 

[Scalloway]

I read recently that the government's tax rules have got so complicated recently that none of the tax software available just now can get it right.

 

[UK Contractor Accountant]

Thanks, that's what I thought,

Don't forget there is a also a nil rate savings band of £5000 which is dependent on other income level.

 

[GGGSurrey]

Don't forget there is a also a nil rate savings band of £5000 which is dependent on other income level.

Thanks. I see from your signature that you have a "Free Maximum Dividend Calculator" - that's what I need! Is it available?

 

[UK Contractor Accountant]

'Free' is for clients signing up for one of our monthly package plans!

 

[STDFR33]

'Free' is for clients signing up for one of our monthly package plans!

Trying to earn a living. You little rascal, you!

 

[GGGSurrey]

Trying to earn a living. You little rascal, you!

Quite right - perfectly fair to charge. Is it available for a fee? If it's doing the calculation correctly it would be worth paying for.

 

[UK Contractor Accountant]

Trying to earn a living. You little rascal, you!

C'est La Vie!

 

[GGGSurrey]

Don't forget there is a also a nil rate savings band of £5000 which is dependent on other income level.

Did you mean £5k?

 

[UK Contractor Accountant]

https://www.gov.uk/apply-tax-free-interest-on-savings/how-much-tax-you-pay