Your Household Income
A unique feature of our budget planner is the ability to calculate the total income tax you will be liable to.
You can give each income source a name to be able to identify it later in the budget report. (When you first use this, you will notice a sample income - you can delete or update this or add more income sources by pressing the 'plus' button).
When you enter your income you must select the correct source for that income, whether it is from you or your partner as well as what type of income is it. We accept the following income types:
- PAYE - Pay As You Earn - Income from employment, non-state pensions etc.
- Self Employment - The profits from any declared self employment you have.
- Property Rental Profits - Income from property after removal of allowable expenses/reliefs.
- Dividends - The dividend amount you receive.
- Capital Gains (Residential) - Residential Gains made - this is after allowances / expenses but before the annual exempt amount.
- Capital Gains (Other) - Other Gains made - this is after allowances / expenses but before the annual exempt amount.
- Savings Income - Interest from your bank/building society.
- NIC Exempt Income - Any income that is not liable to National Insurance Contributions.
- Tax Free Gift - Any income that you do not wish to have tax calculated against - So if you have already calculated that total income you receive after taxes etc - enter that net figure as a tax free gifts. You can also use this category for money from family or any other source that is tax free such as certain benefits.