Tools and Calculators
Income tax calculator
The introduction of special tax allowances, rates and rate bands which interact differently depending on your level and type of income has made the calculation of income tax liability far from straightforward. Our calculator can be used to work out your income tax liability, and can be used where you receive any combination of earnings, savings income, dividends and most other types of income. It will also calculate any adjustment required to finance costs relating to letting income.
Business incorporation calculator
Where you run a business as a sole trader it might save tax and NI if you transfer it to a company. However, doing so has immediate and long term tax consequences.
VAT number checker
You are only entitled to reclaim VAT on purchases where the supplier is registered. When buying from a business for the first time it’s a sensible precaution to check that they have a genuine VAT registration.
New employee tax code checker
Before you pay a new employee it’s necessary to decide the correct tax code to use. This involves a number of factors starting with whether or not they have a P45. In the worst case scenario using the wrong code could result in HMRC looking to you, the employer, to pay any shortfall in tax.
Inheritance tax calculator
Inheritance tax (IHT) is payable on the value of your estate when you die where it exceeds the nil rate band. When planning to reduce your estate through gifts and other arrangements it’s helpful to know your and your spouse’s exposure to IHT.
The IR35 rules limit or remove the tax advantage that an individual can obtain by providing their services through a company. In effect the rules deem income received by the company to be salary and apply the PAYE rules accordingly.
Muir & Addy is a partnership registered to carry out audit work by the Institute of Chartered Accountants in Ireland (ICAI). Chartered Accountants Ireland is the operating name of ICAI.
Details of our audit registration can be viewed at www.auditregister.org.uk, under reference number 223287.