In today’s fast-paced world, managing your taxes efficiently is key to financial success. Luckily, there are free online tools available to simplify the process. Let’s explore three essential tools that can help you take control of your taxes with ease:
1. Pro Advisors Accounting | Your Own Dedicated Accountant
Pro Advisors Accounting is your trusted partner for expert advice on tax planning, compliance, and financial management. With a team of Chartered Accountants and ACCA professionals, Pro Advisors Accounting offers unparalleled expertise for both the United Kingdom and Pakistan. Whether you’re a freelancer, small business owner, or corporate executive, our experienced professionals are dedicated to providing personalized solutions to help you achieve your financial goals. Visit their website to connect with a qualified accountant.
2. Salary Income Tax Calculator for Pakistan
Income tax stands as a direct levy imposed by governments on the earnings of individuals and businesses. In Pakistan, the prevailing Taxation System is delineated by the Income Tax Ordinance 2001 for direct taxes, under the administration of the Federal Board of Revenue (FBR).
This ordinance stipulates the collection of this tax by the central government. The government possesses the authority to adjust the income brackets and tax rates on an annual basis through its Annual Budget. For Pakistan’s tax law, the standard fiscal year spans from 1st July to 30th June. If you’re seeking guidance on how to compute income tax on salary in Pakistan, we have got you covered.
Go toSalary Income Tax Calculator for Pakistan and add your monthly income and get the breakdown of your tax.
You can further get assistance from a Chartered Accountant in case you want to file the Income tax return.
Here are the Tax rates for the year 2023-2024
Taxable Income Rate of Tax Where taxable income does not exceed Rs. 600,000/ 0 Where taxable income exceeds Rs. 600,000 but does not exceed Rs. 1,200,000 2.5% of the amount exceeding Rs. 600,000 Where taxable income exceeds Rs. 1,200,000 but does not exceed Rs. 2,400,000 Rs. 15,000 + 12.5% of the amount exceeding Rs. 1,200,000 Where taxable income exceeds Rs. 2,400,000 but does not exceed Rs. 3,600,000 Rs. 165,000 + 22.5% of the amount exceeding Rs. 2,400,000 Where taxable income exceeds Rs. 3,600,000 but does not exceed Rs. 6,000,000 Rs. 435,000 + 27.5% of the amount exceeding Rs. 3,600,000 Where taxable income exceeds Rs. 6,000,000 Rs. 1,095,000 + 35% of the amount exceeding Rs. 6,000,000. Where taxable income exceeds Rs.3,600,000 but does not exceed Rs.6,000,000 Rs. 405,000 + 25% of the amount exceeding Rs.3,600,000 Where taxable income exceeds Rs.6,000,000 but does not exceed Rs. 12,000,000 Rs. 1,005,000 + 32.5% of the amount exceeding Rs.6,000,000 Where taxable income exceeds Rs.12,000,000 Rs. 2,955,000 + 35% of the amount exceeding Rs. 12,000,000 3. Salary and Dividend Tax Calculator for the United Kingdom
For Individuals residing in United Kingdom You can this online salary and dividend tax calculator to determine your tax liability, NICs and dividend tax , along with your take-home pay based on your annual salary and dividend income.
If you’re your own boss with a limited company, you probably know about the benefits of paying yourself through a mix of dividends and a salary. It gives you more control, flexibility, and can be tax-efficient.
Dividends are a portion of company profit that is paid to shareholders in exchange for their investment in the business. Various factors affect the dividend amount such as the amount of surplus income the company has available and the percentage of shareholdings the shareholder has.
Dividends are calculated by distributing the profits a company has made after corporation tax has been levied at a rate between 19% – 25% depending on your corporation tax band. In most cases dividends are taxed after other income sources have already been taxed.
Tax rate band Income threshold 2023/24 (GBP) Income tax rate (excluding dividends) Dividend tax rate Personal allowance 0 to 12,570 0% 0% Starting rate for savings 12,571 to 17,570 0%* N/A Basic rate 12,571 to 50,270 20% 8.75%** Higher rate 50,271 to 125,140 40% 33.75% Additional rate Over 125,140 45% 39.35%
Unlike with salaries and wages, dividend income is not taxed at source via Pay As You Earn (PAYE). Recipients are responsible for declaring their dividend income to HMRC by completing a self-assessment tax return at the end of each tax year.
