The new Tax Year 2013/14 starts in the UK from the 6th of April. It brings changes to the income tax arrangements for individuals, including Personal Allowance, which will total £9,440, unless the taxpayer earn over £100,000 PA. There will be also new tax thresholds and a new tax rate for the highest earners, which will amount to 45%, whereas in previous years it amounted to 50%. Meanwhile in France, the government is attempting to increase to 75% the tax rate for top earners. We didn’t have to wait long before the consequences followed! Icons of French Art, including Jean Michel Jarre and Gerard Depardieu (not to mention the businessmen), are fleeing the Loire to wherever they need to be, to be beyond the reach of “The Visible Hand of Social Justice”.
Therefore, for employees in the UK, I have prepared a spreadsheet which on the basis of the annual gross salary works out each of its components: Personal Allowance, Taxable Income, Income Tax, National Insurance Contributions and Net Salary called Take Home Pay. In addition, I have calculated the equivalent information for different periods such as year, month, week and day. In the last case, we can define the number of hours in a day. And in additional, we can see in the form of a pie chart the distribution of the different elements of the given gross salary. Apart from the gross amount, and the amount of working daily hours, the spreadsheet includes the option of choosing the Tax Year.
The Salary calculator has been prepared for taxpayers born after 6th April 1948, who are not entitled to any special incentives, tax exemptions or special tax-free amount. This calculator calculates the mean values due to the different periods, but the actual net pay wage that the taxpayer will receive may differ from the calculations. This may be due, inter alia, to the factthat for various reasons the taxpayer receives an irregular salary in a tax year or receives remuneration from more than one source.
If you are interested in using this spreadsheet, click the link below to download it for free. MS Excel 2007 for Windows.