How much tax are you going to be paying over the coming year? It’s not always the happiest news, but it’s the sort of things that it is certainly best to know in advance – rather get the bad news now than get a nasty surprise further down the line. HMRC Tax Calc is a free app for iOS from HMRC which can be used to work out how much tax you’re going to be paying from your wages each week or month as well as showing you what this means for your annual tax bill.
The app is designed for people whose tax situation is fairly simple – if you have anything other than a tax code of 810L or a National Insurance letter A, you’re going to have to look elsewhere to have your tax calculations done for you. All you need to do it tap in your gross pay or wages along with how many hours a week you work, and everything else will be done for you. At a glance you can see how much of your earnings are tax free and where all the rest goes.
It is understandable that you would want to know what is happening to any of your pay that does not end up in your pocket or bank account. HMRC Tax Calc also includes a section that reveals just how your taxes are being spent – this is a nice touch that makes for interesting reading regardless of whether you use the app for its main purpose of estimating your tax bill.
In reality, this is a very basic app, and the HMRC web site is a far better source of tax advice. However, it’s a helpful tool to have to hand when you are looking around for a new job as you can quickly see what a base salary translates into when tax and National Insurance are taken into account. The capabilities of the app are going to be expanded, and there is scope for this to be transformed into something very impressive, but it is still worth taking a look at in the meantime.
You can find out more and download a free copy of the app by paying a visit to the HMRC Tax Calc review page. Note, this app is only suitable for UK tax payers.