TaxCalc And Wrong Tax

- S
- Steve
  
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posted
19 years ago

Wed, Sep 1, 2004 1:10 PM

I entered all my details into TaxCal fot year 03 - 04 and it calculates I still owe tax, yet various tax calculators on the web show my tax as spot on.

From P60:

Gross Pay: 25954 Tax: 4392.28

This is my only income.

Yet TaxCalc reckons I owe a further 66.38 !! Dodgy software or have I missed something?

Surely Tax Code should factor into TaxCalc? Yet I cannot seem to find anywhere to enter it. My tax Code was 491L, which appears to be non-standard. Does not seem to be a very flexible program.

-Steve

- T
- Tim
  
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posted
19 years ago

Wed, Sep 1, 2004 1:47 PM

"Steve" wrote

What is/are the *reason(s)* for the higher tax code? Any extra tax reliefs/allowances should be entered into TaxCalc in the appropriate places(s).

Remember, the tax code is simply used to determine PAYE tax throughout the year. The actual total tax is strictly not determined by the PAYE code itself - but it *is* determined by the same factors which affect the tax code...

- K
- Kath Kenndle
  
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posted
19 years ago

Wed, Sep 1, 2004 7:27 PM

25954 less allowance 4919 = 21035 taxable 1960 @ 10% = 196.00 and 19075 @ 22% = 4196.50 196.00 + 4196.50 = 4392.50 tax due which means you owe 22p

I've never used TaxCalc but if it used the bog standard code for 03/04 (461L) then it would come with with 66 difference from a 491L code.