Use our MS Excel online calculator to work out your tax liability on any salary and dividends you drew down from your limited company during the 2015/16 tax year.
Before you start, we recommend you read this concise guide to dividends, and consult the notes and assumptions we’ve included beneath the calculator.
To get started, please input your SALARY and NET DIVIDEND amounts into the yellow boxes below, and the calculator will work out how much tax you will have to pay for the 2015-16 tax year.
|2015-16 Tax Year|
Notes and Assumptions
- The calculator is served from an online MS Excel application. If you make a mistake, or accidentally delete any numbers, simply refresh the page and re-enter your details.
- The tax year ran from 6th April 2015 to 5th April 2016.
- For the current tax year, where new dividend tax rates apply, try our 2016-17 dividend tax increase calculator.
- For the 2015/16 tax year, the personal allowance (the amount you can earn before paying tax) was £10,600. This figure has been used within the calculator, and cannot be changed.
- You can earn £8,060 during the 2015/16 tax year before paying any Employees’ National Insurance Contributions (NICs).
- If your total income is equal to, or higher than, £100,000, the value of your personal allowance is eroded by £1 for every £2 you earn above the threshold, so at £121,200, your entire personal allowance will have been removed.
- If you have an income tax liability for the tax year, you will need to account for this via the self-assessment process. Your SATR for the 2015/16 tax year needs to be submitted to HMRC by 31st January 2017 at the latest, together with full payment for any taxes you owe.
- Your company can claim back up to £2,000 in Employers’ NIC costs each year, so if the calculator shows you have an Employers’ NIC liability, you should be able to write the entire amount off – up to a maximum of £2,000. Find out more here, or ask your accountant for further details about the Employment Allowance, which came into force in April 2014.
- To keep the calculations simple, we have assumed you have earned no supplementary income during the tax year.
- Our calculators are created and validated by our own qualified accountant, however you should always use your own accountant when preparing financial documents, as our calculators do not account for a number of variables which may apply to your own personal accounts.