liability_tax: Calculate UK income and/or National Insurance taxes

In p0bs/p0bservations: Assorted Functions and Observations by P0bs

Calculate UK income and/or National Insurance taxes

Description

This function applies the prevailing tax bands and rates to give a simple calculation for UK Income Tax and National Insurance (to the nearest couple of pounds). Please note that these are approximations, so do not rely on them for financial returns or planning. The output is a list, containing the following measures: 'income_net' for the net income (after Income Tax and National Insurance); 'income_tax' for the Income Tax liability; 'ni' for the National Insurance liability; and 'total_tax' for the combined Income Tax and National Insurance liability.

Usage

liability_tax(income_taxable, tax_year_end)

Arguments

income_taxable	The taxable income level (i.e. after deductions for things like pension contributions).
tax_year_end	The calendar year in which the tax year ends, as a YYYY integer. For example, tax year 2023/24 would be 2024.

Examples

liability_tax(
  income_taxable = 38000, 
  tax_year_end = 2024
  )$total_tax

p0bs/p0bservations documentation built on Nov. 14, 2024, 5:09 a.m.