The Self Assessment Tax Estimator will help you to plan for the tax you may have to pay on your personal income including from sole trade income, salary, dividends and other sources.
Please note that the Crunch Personal Tax Estimator will only provide an estimate of your tax liability. It’s designed to show you the tax-efficient amount of income (for instance a combination of salary and dividends) you could take from your limited company based on the information you add. It can help you to plan to pay any tax due on this income.
The estimator is pre-populated to show default values for Salary (set at the National Insurance Primary threshold ) and Dividends (set at the basic rate dividend threshold). You can amend these amounts if you need to based on your personal circumstances.
In addition to salary and dividend income you can also add other figures to the Estimator:
- Salary from sources outside your company: Add the gross salary to the PAYE Income field, and the tax paid on this income to the PAYE Tax paid field.
- If you need to estimate the tax on this income you can do so by leaving all other fields blank.
- If you have multiple employments just enter the total of all the gross income amounts into the PAYE Income box and enter the total tax paid on this income to the PAYE tax paid field.
- Benefits in kind: add the amount of taxable benefits in kind. Remember that only certain benefits on your P11D will be taxable.
- Bank Interest: add the net amount you receive.
- Sole-trade Profit: This field should be used if you carry out any work as a Sole Trader, this does not include any profits from your limited company (this income from profits is usually taken as a dividend).
- Other Income: Add any other income, such as profits from property rental, or interest received without tax deducted.
- Pension Contributions: The amount you actually paid (or plan to pay) into your private pension pot.
- Student and Postgraduate Loans: If you are also making student loan or postgraduate loan repayments there is an option to select this and calculate an estimate of your repayments for that year which will be due at the same time as your Self Assessment tax return.
At the bottom of the main calculation is a payment schedule, which will include payments on account if applicable. There’s an input box in this section for any payments on account you have paid for the tax year.
Please note: We provide these Estimators free for anyone to use. Crunch cannot be held responsible for any reliance you place on the Estimator. If you are a Crunch client, we can provide advice as part of a full discussion with you based on your personal circumstances.