It might be helpful to understand Income Tax before using the Income Tax calculator. In the UK, we all pay income tax on our wages. In 2022/23, you must pay it if you earn more than £12,570. The personal allowance is what you must pay. Except if you earn more than £100,000, we’re all entitled to this tax-free allowance. You lose the allowance for each £1 you earn over £100,000 if you earn more than this amount. HMRC classifies you as a high earner if you earn more than this.
How is the tax calculated?
Your income tax liability is determined by how much you earn. The government sets the income tax rates. If they change, it usually occurs in the Spring Budget or Autumn Budget. Below are the tax rates for the current tax year 2022/23:
| Income | Tax rate | |
| Up to £12,570 | 0% | Personal allowance |
| £12,571 to £50,270 | 20% | Basic rate |
| £50,271 to £150,000 | 40% | Higher rate |
| over £150,000 | 45% | Additional rate |
Best income Tax calculator:
There is no better income tax calculator than Rift’s tax rebate calculator. With the RIFT Guarantee, you don’t have to worry about taxes. If the information you’ve given us is accurate, you’re completely protected against HMRC inquiries regarding your tax rebate claim. If HMRC ever tried to claw back some of the refund payouts, we would pay them for you at no charge! You and your refund cash are both protected by the RIFT Guarantee.
People who need to claim tax back for essential work expenses can use this tax rebate calculator. Use our mileage calculator if you want to claim travel expenses. We can also assist you if you are self-employed or use the Self-Assessment system for other purposes. Take the guesswork out of self-employment tax calculations using our Self-Employed tax calculator.
Tax Rebate Calculator To Work Out Your Tax
You can use the rebate calculator in just a few minutes. If you are self-employed or working on a PAYE basis, please tell us about your work and mileage. The mode of transportation doesn’t matter if you’re taking public transportation or driving your car. We will estimate what you owe if you are paying for the journeys yourself.
You might need to file a Self Assessment tax return to get a tax rebate, depending on your situation and the expenses you’re claiming. In this case, RIFT will handle it as part of its service.
It’s important to remember that tax refunds aren’t some prize or a way to “cheat the system”. This is your money, and it should go back into your pocket. It’s okay if the calculator says you’re not owed anything. It’s a good thing. The taxman has played fairly, and you haven’t overpaid.
Occasionally, you may owe extra money to HMRC. It’s never fun to experience this, but you have to act quickly when it occurs. The calculator will notify you when this happens.
You may be eligible for a tax refund worth up to $3000 if you’ve missed claiming before since your rebate will cover up to four tax years! To give you the most accurate and clear estimate, the calculator separately handles each year to account for tax-free personal allowance rules changes.
How do I claim a tax rebate now I’ve got my estimate
Here’s how it works:
- Your work and circumstances will need to be described in detail.
- A Personal Tax Specialist will crunch the numbers, gather the information, and prepare your claim.
- If you are happy with the amount you are claiming, we will ask you to confirm it. Once you’re ready, we’ll roll up our sleeves and begin the paperwork.
RIFT service does not end once your claim is submitted to HMRC. RIFT provides year-round aftercare and peace of mind without additional charges. In the meantime, we’ll pursue tax man until your claim is fully paid.
You can track the progress of your tax refund claim using our free RIFT app, and you can see your payout date at any time. If you have any questions about your tax rebate, you can always contact us by phone or email.
