Any tax calculators updated?

axer

Hi,

Are any of the online tax calculators updated yet?

Thanks

PixelTrawler

http://taxcalc.ie/calculator/

And it ain't pretty...

Can someone confirm is rent tax allowance gone.. wasnt expecting that.
Anyway, rough budget

havana

You're dead right. Not pretty at all :-(

cgc5483

Solyad wrote: »

http://taxcalc.ie/calculator/

And it ain't pretty...

Can someone confirm is rent tax allowance gone.. wasnt expecting that.
Anyway, rough budget

Being fazed out over 8 years so its still there. I guessed it reduced but have no figures.

Not sure about the calculators, they are seem different. If you input some figures from the budget doc (http://budget.gov.ie/budgets/2011/Documents/Part%20C%20-%20Annexes%20to%20SBM%20FINAL.pdf) they don't match

PixelTrawler

I started a dedicated thread on the rental relief issue as itll get lost under a tax calculator thread and I imagine itll impact lot of boardsies

JOSman

Why did I have to look at this?

Thank anyway

PixelTrawler

Ok, the taxcalc tool puts me losing over twice what the budget pdf indicates
I'm guessing take taxcalc with a pinch of salt (and that it'll be somewhere between the two)

PixelTrawler

JOSman wrote: »

Why did I have to look at this?

Thank anyway

Its over estimating the damage compared to the pdf someone linked above... hard to know which will be closer to the truth...

cgc5483

Solyad wrote: »

Its over estimating the damage compared to the pdf someone linked above... hard to know which will be closer to the truth...

Well at a guess i reckon the actual budget docs are correct since they will be collecting it

Then again they have made a mess of things before........

PixelTrawler

cgc5483 wrote: »

Well at a guess i reckon the actual budget docs are correct since they will be collecting it

Then again they have made a mess of things before........

In theory the budget docs, in theory!

greeno

The budget doc is designed to make it look lighter on the pocket. It presumes that every priv sector worker makes a pension contribution of 6%. Which is not always the case. In a lot of instances where pension contributions are made companies pay them on behalf of the worker and as a result the PDF is slightly misleading.

cgc5483

greeno wrote: »

The budget doc is designed to make it look lighter on the pocket. It presumes that every priv sector worker makes a pension contribution of 6%. Which is not always the case. In a lot of instances where pension contributions are made companies pay them on behalf of the worker and as a result the PDF is slightly misleading.

Doesn't account for differences though. I tried both ways.

greeno

Does the USC come out of the gross income or does it come out after tax credits. Maybe that accounts for a difference.

desaparecidos

*sigh*

namenotavailablE

My Excel calculator [2003 and 2007 format] is now available for 2011 changes.

It seems to be accurate for private sector employees when compared against the Budget annexes.

Download here: http://taxcalc.eu/monthlyss

h3000

The Deloitte one is up now

http://www.deloitte.ie/tc/Default.aspx

NinjaTruncs

Solyad wrote: »

http://taxcalc.ie/calculator/

And it ain't pretty...

Can someone confirm is rent tax allowance gone.. wasnt expecting that.
Anyway, rough budget

That Calculator doesn't seem right to me, it's only showing up with a 1,600 drop on a dual salary or 106K, that seems way too low, i was expecting about 5K to be cut.

WIZE

I earn Gross 22500 a year

going by http://taxcalc.ie/calculator/ does it mean that my tax only increased by 66 a month or will it be more?

namenotavailablE

Using my spreadsheet, I calculate that your net annual pay will drop from €20574 to €19771 (assuming that you're single with totally regular tax credits and bands)- that works out at €67 per month.

DoMyBooks

Hi All I have updated our tax calculator. Obviously its barely been tested given the time so any feedback is appreciated to tax@domybooks.ie

http://www.domybooks.ie/Blog/2011-budget-calculator/

Ritchi

27k seems to go up in take home pay. That's a bit strange.

BaconZombie

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Peadar_85

Ritchi wrote: »

27k seems to go up in take home pay. That's a bit strange.

Just been looking at the annex and the chart on page 29 showing % Change in Net Income. According to it a 30k earner who's single and child-less will come out of it better than before the budget.

Don't understand how...

namenotavailablE

I think that those on [edit] just over €26K [/edit] to ~ €30K income level actually benefit due to the replacement of the income/ health levies with the new Universal Social Charge.

ari101

namenotavailabl wrote: »

Using my spreadsheet,

Good calc - that's two confirming a net drop of 3.6% for me - I'm not sure how I'm gonna still pay for things soon I took a new job 3 mths ago with a 20% gross paycut because of the career prospects, but this is another nearly 60 gone on top of over 300 I sacrificed already this year with no guanantee of any increase for 9mths and probably pittance then too. I know part of it was my choice, and this had to be done, and I'm generally good with money so I'll probably get by, but it hurts!

On a less depressing note - does your calc do tax saver tickets and rent relief - I'm trying to do a friends salary and she has both but I couldn't work how to get them into this. Thanks.

namenotavailablE

Does your calc do tax saver tickets and rent relief

For the tax saver tickets, you need to click on the 'Optional information' link on the 'Start here' sheet- you'll see another link for 'salary sacrifice' items, which includes the travel save tickets.

For the rent relief, the easiest thing is to choose 'Let me enter my own tax credits' in the 'Marital status' field (underneath the year in the 'Start here' sheet). You can then choose from a list of tax credits. Alternatively, you could calculate for a single person and increase the annual net pay computed by €400, assuming the tax credit remains at €400 for 2011 - it is to be phased out but I don 't know what the value will be in 2011 so I've left it the same as 2010. That may result in an error if the credit has been reduced.

mckildare

h3000 wrote: »

The Deloitte one is up now

http://www.deloitte.ie/tc/Default.aspx

Site doesnt seem to be able to handle the volume...

namenotavailabl

namenotavailabl wrote: »

I think that those on the €25 ~ €30K income level actually benefit due to the replacement of the income/ health levies with the new Universal Social Charge.

How ?

Anyone over 16 k now has to pay 7% where as before anyone under 26k didnt pay the health levy.

DubDani

rarnes1 wrote: »

How ?

Anyone over 16 k now has to pay 7% where as before anyone under 26k didnt pay the health levy.

In 2010 you paid 2% & 4% on the full 30K. In 2011 the USC you will pay is 2% on the first 10K, then 4% on the next 6K and only 7% on everything over around 16K. So in effect you will be better off. On 50K for example your USC will be 182 Euro less a year then you pay currently on Health and Income Levy.

DubDani

DubDani wrote: »

In 2010 you paid 2% & 4% on the full 30K. In 2011 the USC you will pay is 2% on the first 10K, then 4% on the next 6K and only 7% on everything over around 16K. So in effect you will be better off. On 50K for example your USC will be 182 Euro less a year then you pay currently on Health and Income Levy.

Is it not 7% on everything over 16k?

ari101

DubDani wrote: »

In 2010 you paid 2% & 4% on the full 30K. In 2011 the USC you will pay is 2% on the first 10K, then 4% on the next 6K and only 7% on everything over around 16K. So in effect you will be better off. On 50K for example your USC will be 182 Euro less a year then you pay currently on Health and Income Levy.

But between poverty and middle income earners from 14000 into mid twenties are worse off! Like me!

DubDani

rarnes1 wrote: »

Is it not 7% on everything over 16k?

Yes, but only what's over 16K (i.e. on 50K you will pay 7% on only 34Kof your salary, the other 16K are charged at the lower rates of 2% & 4%)

gurramok

Solyad wrote: »

http://taxcalc.ie/calculator/

And it ain't pretty...

Can someone confirm is rent tax allowance gone.. wasnt expecting that.
Anyway, rough budget

That calculator assumes the whole 400 rent relief credit is gone. Wrong.

I've put in normal and outrageous figures for pension contributions and yet it gives the same overall net figure. Wrong.

h3000 wrote: »

The Deloitte one is up now

http://www.deloitte.ie/tc/Default.aspx

This one does not even include the rent relief credit nor the union credit!!

Is there a calculator that has all the credits included? The most accurate seems to be http://www.redoaktaxrefunds.ie/budget-calculator-ireland so far and no I ain't pimping it.

namenotavailablE

I'll modestly point you to my spreadsheet for Excel 2003 or 2007 [32 bit only] although I don't have details of the change to the tax relief for rent paid (if you have a link to the change will you post it here and I can update it).

Notorious97

jesus i give up, some cals telling me il be better off, others telling me il be taking a hit! seems to me the less you earn the worse you are, what a fu*king mess of a budget!

Stheno

Notorious97 wrote: »

jesus i give up, some cals telling me il be better off, others telling me il be taking a hit! seems to me the less you earn the worse you are, what a fu*king mess of a budget!

They are all telling me the same give or take seven euro, but I don't use any allowances apart from pension relief.

gurramok

namenotavailabl wrote: »

I'll modestly point you to my spreadsheet for Excel 2003 or 2007 [32 bit only] although I don't have details of the change to the tax relief for rent paid (if you have a link to the change will you post it here and I can update it).

Can't find online link even in the Budget appendixes. Rent Relief to be phased out over 8 years, its 400 now so we have to assume 50 quid a year reduction?

No possible calculation of it or the other reliefs to be abolished in your spreadsheet though its better than the taxcalc.ie one!

namenotavailablE

You can select from a list of credits by choosing the 'let me enter my own credits' option in the 'Marital status' dropdown box- that will open a sheet with a plethora of credits (including the rent credit currently set at 400 but I'll change it when I get absolute confirmation of the revised value).

Also, to enter pensions, click the 'optional information' link on the 'Start here' sheet

lmaopml

desaparecidos, I think there is something wrong with that calculator. I used it too and it's telling me my net pay is greater than what it is, and so too is the loss because of that...

The comments left below are pretty much confirming that there is a bug in the calculation...

Edit: Sorry, that's the calculator at http://www.thejournal.ie/budget-calculator-2011/#basic-calculator that seems to give odd results..

zAbbo

lmaopml wrote: »

desaparecidos, I think there is something wrong with that calculator. I used it too and it's telling me my net pay is greater than what it is, and so too is the loss because of that...

The comments left below are pretty much confirming that there is a bug in the calculation...

Edit: Sorry, that's the calculator at http://www.thejournal.ie/budget-calculator-2011/#basic-calculator that seems to give odd results..

I'm not sure these calcs are working out the Universal Social Charge correctly, some are adding it on, some subtracting it...

lmaopml

Yeah, it's weird zabbo. It looks to me like the one at the journal.ie is not deducting PRSI contributions for 2010 in the first place - hence the vast differences...

I'll do the calculation for 2011 manually myself...lol...

gurramok

namenotavailabl wrote: »

You can select from a list of credits by choosing the 'let me enter my own credits' option in the 'Marital status' dropdown box- that will open a sheet with a plethora of credits (including the rent credit currently set at 400 but I'll change it when I get absolute confirmation of the revised value).

Also, to enter pensions, click the 'optional information' link on the 'Start here' sheet

I think you have a bug in the PAYE tax part after selecting the 'let me enter my own credits' option. It slashes the net pay in half after selecting the credits. Also when I tick any relief, it gives out about the sheet being protected.

namenotavailablE

The net pay will be slashed only until you enter the new tax credits and cut off point- it's only a temporary thing, as it would be using zero credits/ cut-off values until the personalised amounts are entered.

I'll check out the 'protected sheet' point- that would need to be fixed (and thanks for the heads up).

Edit- weird, on my 2007 file home copy it's not protected? [Are you using the 2003 or 2007 file? I'll reupload just in case the existing upload incorrectly is protected.


Another edit: Hmm- it's the 2003 file that has a problem. I'll need to investigate.....

lmaopml

Here's another one, but it actually swaps the last two digits when you enter your gross annual salary for some weird reason....so your bound to get odd results..unless the last two digits are the same

http://www.redoaktaxrefunds.ie/budget-calculator-ireland

They'll probably have them fixed tomorrow...

namenotavailablE

Gurramok- I've reuploaded the 2003 file without the tax credits sheet being protected.

gurramok

namenotavailabl wrote: »

Gurramok- I've reuploaded the 2003 file without the tax credits sheet being protected.

Its still not calculating it properly. Someone on 30k comes out with 18.8k net pay on that option of 'let me enter my own credits', that's not right.

Its treating it as being on the 41% rate with a €12,300 deduction and 3480 tax credit total. Works ok on 'single no children' option. Both without entering pension contributions.

Draco

The TaxCalc calculator has been updated and should be a more accurate reflection now (e.g doesn't just take out all of rent relief, it assume it's reduced by 12.5% a year until we get more details). I'll be updating it every few hours I'd say over the next couple of days as the dust settles and things become clear.

I would point out that any cacluator out there would only be an esitmate for most people because there are so many different things to take into account.

Red Oak Tax Refunds: John

Draco wrote: »

e.g doesn't just take out all of rent relief, it assume it's reduced by 12.5% a year until we get more details).

We've gone for the 12.5% route as well in our Budget Calculator. I find it incredible that they didn't specify exactly how it would be phased out, even in the 'detail'.

namenotavailablE

Its still not calculating it properly. Someone on 30k comes out with 18.8k net pay on that option of 'let me enter my own credits', that's not right.

Its treating it as being on the 41% rate with a €12,300 deduction and 3480 tax credit total. Works ok on 'single no children' option. Both without entering pension contributions.

You must be forgetting to enter your cut-off point.

By electing to enter your own tax credits and cut-off point, you need to enter 2 separate values. The tax credits can be entered either by picking from the list or simply typing in a value into the relevant cell. Additionally (and I'm 100% sure that this is what you are forgetting to do) you need to enter your standard rate cut off point underneath the tax credits value. If you don't enter that second value, all of your income would be taxed at 41% which seems to be what you're getting!

I've tested it 5 minutes ago on both the 2003 and 2007 files and it definitely works correctly once BOTH values are entered :-)

ghostdancer

Solyad wrote: »

http://taxcalc.ie/calculator/

And it ain't pretty...

Can someone confirm is rent tax allowance gone.. wasnt expecting that.
Anyway, rough budget

27k gross, up 50 for the year
26k gross, down 978 for the year

Giblet

ghostdancer wrote: »

27k gross, up 50 for the year
26k gross, down 978 for the year

27k earned less net than 26k did last year

Infact, someone on 26001 earns 80euro less a month than someone on 26000 using the old method.