Taxpert Tax Calculator
Our Tax Calculator App lets you input a client’s income figures so that they can see the resultant tax, NIC and net income figures.
The 2023 Tax Calculator is available now and allows you to:
- correctly allocate tax reliefs and allowances to minimise tax liabilities;
- show what the 2022-23 HMRC self assessment calculator gets and highlight any differences with the App's calculations;
- see the property rental screen to show the effect of the finance cost restriction;
- generate a tax report to show to your client;
- determine the 2023-24 dividend required to give the same net income as 2022-23 using the equalise function.
The App also supports Scottish taxpayer calculations.
Why use the Taxpert Tax Calculator App
The Tax Calculator saves you from having to reinvent the wheel when it comes to calculating the likely tax liabilities of different scenarios for your clients. Unlike some tax planning tools, our App shows you the correct tax liability for the HMRC exclusion cases relating to income, dividends and interest. You can have total confidence in the accuracy of the tax figures you show your clients. Indeed some of our users automatically use the Tax Calculator to compare its figures against those produced by their primary tax and accounting software. The 2022 version of the Tax Calculator is still available and will help you to identify 2021-22 returns that cannot be filed online because of the HMRC exclusion cases (see our article).
The main benefit of the Tax Calculator is being able to show your clients the tax consequences of different income and tax relief strategies. This, along with providing the full workings for each calculation, allows them to make reasoned decisions when presented with different scenarios.
At only £99+VAT, or for just £50+VAT if you have already purchased any other Taxpert App, you can have confidence in the resultant figures and help to save your clients money. Further details, along with booking a free trial of the product, can be found HERE.
Alternatively, please call us on 03300 579651 or email: sales@absolutetax.co.uk for more details.
Taxpert Profit Extraction App
Our 2023 Profit Extractor App shows your clients how much salary, dividends or interest they can take out of their businesses. The Profit Extractor App lets you:
- input profit and other details for the 2022-23 and/or 2023-24 tax years;
- calculate the net incomes for different profit extraction strategies with the 'Optimise' function automatically calculating the optimal strategy based on your client's circumstances;
- see the effects of the 2023-24 changes to income tax, corporation tax and NIC rates and thresholds;
- calculate the 2023-24 dividend required which will give your clients the same net income as 2022-23;
- make the above calculations for Scottish taxpayers as well.
The Taxpert Profit Extraction App in action
- Joe is a sole director shareholder and his company will make about £80,000 profit in the year to 31 March 2023. The optimum profit extraction is for Joe to pay himself director’s fees of £11,908 and a dividend £54,824, giving him net income of £58,052.
- If Joe's company makes the same profit in its year to 31 March 2024 the optimum will be to take fees of £12,570 and dividends of £52,959 giving him net income of £57,168.
- The changes to CT, NIC and dividend tax will cost Joe £884.
- Bella is the same as Joe except that she has financed her company with a loan of £100,000. If the company pays Bella interest of £6,000 and director’s fees of £11,908 she can have a dividend of £49,964 and her net income of £59,289 will be £1,237 more than Joe's!
Why use the Taxpert Profit Extraction App?
The Profit Extractor has been designed to provide a simple way to show your clients the most tax efficient ways of remunerating themselves from their businesses. It can demonstrate quickly and clearly how clients can maximise their income, whilst showing the tax and NIC consequences of applying different salary versus dividend strategies. The App provides the full workings for each calculation and, as with all other Absolute Apps, you can be confident in the tax figures that you are showing your clients.
Taxpert Incorporation App
The Incorporation App sets out the financial consequences of being a sole trader versus a limited company. It enables business owners to quickly see if they should incorporate and if they do, what monies they can extract from the business. In doing so, it lets you:
- input the trading profit and other income details for 2023-24;
- calculate the net income if trading as a sole trader;
- calculate the net income if trading through a company;
- identify the optimal income mix using the App's 'Optimise' function;
- see the overall savings from incorporation, where appropriate;
- show the calculations for Scottish taxpayers.
The Taxpert Incorporation App in action
- Morag is a sole trader with profits of £75,000. As a Scottish taxpayer her net income for 2023-24 will be £51,395. If she incorporated and took a salary of £12,570 and the rest as dividends her net income would be £54,733 and she is better off by £3,339.
- Billie is a sole trader with profits of £75,000. As a non-Scottish taxpayer her net income for 2023-24 will be £53,501. If she incorporated and took a salary of £12,570 and the rest as dividends her net income would be £54,733 and she is better off by £1,232.
- If Billie is over the state pension age then incorporating would make her worse off by £2,835 in 2023-24 whereas if Morag was over the state pension age incorporating would make her worse off by £728.
Why use the Taxpert Incorporation App?
Our Incorporation App is a great way to show clients whether they are better off being a sole trader or a limited company. As well as having the confidence in the tax figures which you show to your clients, the App gives you the full workings of the calculations. It is an easy way to show clients the tax consequences and implications for the different business structures.
Taxpert Planning Apps – they’re excellent, but don’t just take our word for it.
Our 2022 Taxpert Apps customer survey highlighted the many benefits our users have gained from using the Apps. This included their ease of use, the technical support which is available from the Absolute team and the value for money the Apps provided.
85% rated their overall satisfaction with the Apps as good or excellent.
Respondents said the key reasons for using the Apps were:
- Calculating the results quicker than doing it manually – 90%
- Producing accurate and reliable tax planning information – 81%
- Flexibility to change the data to show clients the different options available – 75%
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In addition, two-thirds of respondents said the Apps were great at encouraging interaction with clients, with 90% saying they use the Apps in advance of client meetings, so that they have all the options available to show their clients.
The following quotes are just some of the great responses we have had from our Apps users over the years:
“The apps make it really easy and quickly to see tax savings for many different scenarios for our clients. Very useful tool.” - Matthew Ellwood, MBE Accountancy Ltd.
“Very easy to use and a great time saver when doing complex calculations for clients.” - Pamela Chatterjee, Cook & Partners Limited.
“It's a really easy way to quickly run different scenarios for clients. (The Apps greatest strengths are their) ease of use, along with the technical knowledge of Tim Good and Team and knowing you guys have a direct line to HMRC.” – Neil Whittingham, NR Barton
“Simple to use and (you) don't have to enter the client's information, i.e. personal details to use them.” – Liz Mills, Langers
“(I) just love the planning ability of the Taxpert Tax Calculator.” – Andres Franklin, FCA UK Ltd
“(The Apps greatest strengths are) the re-assurance they give (that our) software has dealt with certain scenarios correctly. It is often correct over other software.” – Steven Griffen, Plummer Parsons
“For the price these are the best pieces of tax software I've ever had the pleasure of using.” – Robert Shadbolt, Shaw Gibbs Ltd
Pricing
For just £199 plus VAT you will have access to all three of the above calculator Apps on a single user basis.
For just £99 plus VAT you can buy any one of the three Apps on a single user basis and then add any of the other six Apps for an additional £50 plus VAT each (including our Company Car Planner, Pencon Tool, Trading Loss Analyser App and Basis Period Reform App).
Our Apps will run on all versions of Excel but please note that some users of old versions may not be able to run the optimise feature which depends on the Solver add-on. This does NOT detract from the use of the App for advising clients on the tax and NIC consequences of different income combinations.
The multi-user licence allows use on up to 5 machines. If you require a licence for more than 5 machines please contact us on 03300 579651 or sales@absolutetax.co.uk.
For further information on this product please give us a call on 03300 579651 or contact us here.