excel spreadsheet formula required to work out tax

[encee]

i have put a question in b4.but not making myself clear in what i am after.i would like to do a simple spreadsheet to work out how much tax and insurance etc to be taken from my wages monthly.i would like to try and work out my wages each month automatically if possible.i am very new to all this and have little knowledge of spreadsheets.i would be so grateful if somebody can help.thanks

[antiguru]

I think the reason you�re not getting an answer is because it looks like what you actually want is someone to tell you the exact formula to enter and that�s impossible without knowing what tax you pay!

You�re going to need to do some maths yourself. Look at a recent payslip and work out from the deductions column what percentage of your gross salary is being deducted as NI and tax and any other deduction you want to calculate. Forgive me if you already know this, but the annual personal allowance is averaged out over a tax year, so you pay a bit every time even though you can earn �5035 before tax kicks in.

To use this info in an excel spreadsheet you must have a cell that contains your gross salary and then another cell that contains the formula to get the result. It�s probably easiest if you have a cell for every deduction and then add them up at the end to get the final net amount.

For example, A1 would be �8000 per year. B1 would be =SUM(A1/12) to get your monthly gross. C1 would be =SUM(B1*20%) to find out what 20% of your monthly salary would be. D1 would be =SUM(B1*7%) to find out what 7% of your monthly salary would be. E1 would be =SUM(C1+D1) to show your total deductions. F1 would be =SUM(B1-E1) to show your net total.

Once you do the maths you�ll realise it�s a bit more complicated than this, but this should get you started.

Hope this is what you meant. Otherwise you�re going to have to ask your question again differently!

[encee]

thank you so much.cor you are clever.will put that info to good use.Can i get back to you if i have any more problems relating to spreadsheets?

[makemesmile]

I'm no expert in excel, but i do have a little understanding of formulas. To be honest - I'm not sure it's possible. Having a spreadsheet that takes into account the tables produced by the I.R. (two large booklets) seems really complicated. But try the following link. If you look on the right hand side of the page (Tools) you'll see an NI calucator and a PAYE calculator.

http://www.hmrc.gov.uk/employers/

Hope this helps : )

[Miss-taken]

I have a spreadsheet that you can type in the gross monthly or weekly pay, type in the tax code and like magic, it will tell you how much PAYE and national insurance (both employers and employers) is payable and will give you the amount of net pay due. The formulas are unbeliveably complicated and you have to update the formulas every april when the tax thresholds/rates change. My point is, it is possible however you need to be pretty good with your excel!

[makemesmile]

I guess that would make the inland revenue site the easiest solution : )

[matthays]

Mis-Taken - i realise this post is years old - but I have been trying to build such and excel spreadsheet - i'm just about there but it's taken ages. Any chance you could ping me your excel sheet?

Thanks

Matt

[Temmy]

Excel spreadsheets to calculate National Insurance Contribution