Do you have any salary sacrifice arrangements (excluding your pension if you entered it on the "Pension" tab)? If you have other deductions which are taken out of your pay each month, enter them into the fields provided. Turnover is the net sales generated by the business. So, if you’re a bookseller, your gross profit is the sum you get when you subtract total sales from your books’ wholesale price. You’ve calculated your taxable profits and added them to your other earnings to get your total gross income. The rates and thresholds are set by the Scottish Government. To get your net profit margin, you’d need to find out your net profit first. Right? Some deductions are made before tax (such as charitable giving or Give As You Earn), others are taken after tax. Work out if the starter savings rate applies. In other words, 40 percent. Alternatively, your employer might provide you with a cash allowance (such as a car allowance) which increases your take-home pay. This is your gross profit, less operational expenses, less tax and national insurance contributions. If this applies to you, tick this box and the calculator will use your full salary to work out the pension contributions to apply. For this reason, you can’t calculate your adjusted business profits and stop there. Great. As most employers do not include bonus payments in the calculation of pension deductions, the calculator also makes no changes to pensions in a bonus period. Determine your filing status. Let The Take-Home Calculator tell you what it's worth on a monthly, weekly or daily basis - our tax calculator also considers NI, student loan and pension contributions. This will show you how much interest you earned during the tax year. The government contribution is capped at £1541.75 per month. Copyright © 2005 - 2020 thesalarycalculator.co.uk Suggestions? MileIQ’s blog does not constitute professional tax advice. So, £100,000. If your employer hasn’t given you one, make sure you ask for it. If you joined the voucher scheme before 6th April 2011, tick the box. It is important that you know how to calculate your taxable income as this figure is used to calculate the amount of income tax you pay in 2020. You’ve arrived at your adjusted net income. Use the pro-rata tax calculator to see the new salary and what that means for your tax, National Insurance and student loan. Choose your age on 6th April at the start of the tax year you are interested in. Try out the take-home calculator and see how it affects your take-home pay. It’s your profit expressed as a percentage. If you file a self assessment tax return online, you have until 31 January to get it done. In other words, it’s what you’ve charged your customers less what you paid for your stock. You’ll find this on: You’ll need to include them in your gross income calculation. 4. This means you’re in the final stretch. Similarly, tick the "Blind" box if you are blind.