Calculators

• Tax-free Lump Sum
  The purpose of this calculator is to give an approximation; based on a client’s salary history and an assumed pension fund, whether the tax free lump sum available from their occupational pension scheme was greater than 25% of the fund value at 5th April 2006. Cash greater than 25% can be protected in most cases and paid when benefits are taken and can be protected in certain cases when benefits are transferred.
  
  
• Salary vs Dividend
  Under current legislation salary is taxed at rates applicable and also national insurance contributions are deducted depending on the level of income received. Remuneration paid by dividend is subject only to tax and thus results in saving of national insurance contributions. Dividends cannot be taken into account when calculating allowable pension contributions as this calculator shows the most effective mix between salary and dividend.ie minimizing tax but allowing a generous pension contribution.
  
  
• Income Tax Calculator
  This calculator shows the current bands of taxable income and the rates applied to each band of income. There are also various relief’s and allowances which are offset against income before income tax becomes payable. These income tax rates and allowances are adjusted in the budget each year and apply for a year from the 6th April to the 5th April the following year.