The complexities of personal tax calculations appear to have stumped HMRC’s online systems, resulting in more exclusion cases and in some cases the return of filing paper returns.
The tax rules surrounding income from dividends and interest, on top of an already complex taxation environment, have become a real headache for accountants, software providers and HMRC alike.
In some cases your accounting software may be over calculating the amount of tax your clients should be paying.
Absolute’s Taxpert App DOES calculate personal tax correctly and using the algorithms he used to create the App, Tim Good has written a free guide to help you calculate your own client’s personal tax position correctly.
In the ‘Free Guide - how to calculate personal taxes correctly’, Tim explains the computational principles that apply to these new tax rules and gives you a step by step guide on how to process these calculations correctly.
The guide covers:
- The savings rate band and personal savings allowance;
- The dividend tax allowance; and
- Personal allowances and other reliefs, including the effects on higher levels of income.
The free guide also gives a series of worked examples which clearly demonstrate the calculations.
To download your ‘Free Guide - how to calculate personal taxes correctly’, simply complete and submit the form today.