The 2014 UK Budget was delivered on 19th March 2014 - 55 minutes of new announcements as well as confirmation of what was previously declared as part of the Autumn Statement.
We have added all figures to allow you to see how you stand for the 2014 tax year, starting 6th April 2014.
A lot of what has been discussed today will not come into force until the start of the 2015 tax year, which will also be the year of the General Election - so we expect movement on policies. We will update these rules, rates and regulations as part of the 2015 Budget Calculator.
For a full overview of the Budget, please keep up to date with the news blog at UKTaxCalculators.co.uk
Our Budget Calculator was put together by using the complex tax calculation system used by our suite of UK Tax Calculators and UK Tax Calculators Wizard.
The Budget Calculator builds upon this by including lifestyle taxes and duties as well as taking into account benefits and tax credits. As the calculator is broader in its scope we have provided it for you as a separate calculator for the 2014 budget. For more precise and specific calculations for income tax, including pension schemes and salary sacrifices, including Childcare Voucher Salary Sacrifice, use our Tax Calculator website.
Our Budget Calculator includes:
- Pay As You Earn - Income tax due on paid employment. Our calculator will take into account the full range of taxation this incorporates by correctly calculating your tax free allowances and accurately placing the amount of tax you need to pay within each tax band. We also calculate National Insurance Contributions - for paid employment these are Class 1 contributions and are generally based upon NIC Letter A.
- Self Employment Profits - Income tax due on self employment. Including Class 2 and Class 4 National Insurance Contributions.
- Property Rental Profits - Income tax due only.
- Dividends - Income tax due on dividends are calculated in a different manner to regular remuneration, have different bands and are subject to dividend tax credits.
- Capital Gains - Capital gains have their own individual annual exempt allowance.
- Other Income - Other income sources taken into account include savings income and redundancy payments.
- Tax Credits - The calculator will deduce the tax credits that are available to you or your partner (or in a joint claim) by taking your circumstances and income into account.
- Child Benefits - Child benefit is calculated for you.
- SPA - State pension age and amount are calculated.
- Duties - Fuel, Tobacco and Alcohol Duty is checked against your usage.
- Vehicle Excise Duty / Road Tax - VED is calculated against for you.
- Company Car Tax / BIK - If you have a company car the company car tax is evaluated by checking the banding and BIK tax due.
The 2014 Budget proposals and other tax changes are summarised here and available at UKTaxCalculators News. The proposals could change before coming into force. The calculator and any associate information are intended to provide a loose overview and therefore include assumptions and estimates. It should not be used as a foundation for checking liability to tax or when deciding investment strategies. Although we have tried very hard to provide accurate and current figures, there is no guarantee that this information is accurate as of the date it is received or that it will continue to be accurate. You should not act upon such information without first taking professional advice and going through your circumstances in details.