Calculate 2022-23 UK Income Tax - Using VLOOKUP In Excel

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We cover how to calculate your 2022-23 UK Income Tax in Excel. The UK follows a progressive system and therefore, the VLOOKUP function with its approximate match is particularly useful when calculating tax payments. We will start by calculating the deduction in the tax-free allowance based on the taxable income to account for incomes above £100,000. We will then identify the amount payable in each tax band. Following this, we will calculate the outputs, including the amount payable in the previous tax band, the rate of the current tax band and the amount payable in the current tax band and finally, use these figures to calculate the annual and monthly tax payable.
DISCLAIMER: Although I have taken great care to check all of the calculations, I am not a qualified accountant and you should not use this video to substitute financial advice. Make sure you talk to your own accountant before you use this calculator to make any financial decisions.
UK Income Tax rates and bands:
www.gov.uk/income-tax-rates
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Overview: (0:00)
Calculate Deduction: (1:13)
Format Table: (3:06)
Calculate Outputs: (6:02)

Опубликовано:

11 июл 2024

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Комментарии : 22

@christinehowell 9 месяцев назад

Thank you, thank you, thank you!!! I've been battling to get that final figure and you've helped me get the correct sequence of calculations. Very grateful!

@Shnufulduful 2 года назад

This is very useful! Is there anywhere I can download this spreadsheet, or your other tutorial spreadsheets?

@doctorfuzzzdirtbox 5 месяцев назад

THANK YOU FOR THIS! It was so hard even get Google to recognise what I wanted to ask, let alone find instructions that put things plain and simple, but this does EXACTLY what I wanted. I ended up putting "=IF(C6>12750,C6-12570)/100*20" into one box and I'm done. As someone not crossing any other thresholds, it spits out my base tax rate (before allowance decutions) plain and simple.

@theexcelhub 5 месяцев назад

Great, glad to hear that it helped!

@nickpll 2 года назад

This is a great resource. Quite hard to get your head around without help so this is really appreciated! :)

@theexcelhub Год назад

My pleasure, thanks for watching!

@andyf-d4222 Год назад

I wish to echo previous comments that this is very useful to know. I have attempted to carry this task myself and the formulas got a little complicated. This is exactly what I was looking for, thank you. I have subbed and liked.

@theexcelhub Год назад

Thank you very much for your comment Andy!

@milenahakobyan812 5 месяцев назад

Thank you so much for this video! It was very well organised and easy to follow.

@theexcelhub 5 месяцев назад

I'm glad it helped, thanks for watching!

@clemfisher5727 10 месяцев назад

Useful calculator. Gets more complicated when you have any investment income as there are some allowances which change depending on the level of your total income. Going to try and do a calculator to include those effects.

@ecocore Год назад

It would be very handy if you could either share the spreadsheet or even just the formulae. You've done a great job explaining it, but It's quite time-consuming taking the formulae down by dictation!

@johnsimmons2035 Год назад

I've used this a lot - thank you for posting. Now that the chancellor has announced his 'mini' budget - are you going to update this with the latest rules from April 2023? Thanks again.

@theexcelhub Год назад

Thanks John and yes, I will be working on this.

@andypyne 5 месяцев назад

Since paying into a pension can reduce your tax burden, would the way to calculate this be to make cell C6 (Taxable Income) the value of a calculation of Taxable Income minus Pension Contributions? i.e. Perhaps Cell E4 could be Taxable Income (the current C6 value), then Cell E5 could be Pension Contribution. Cell C6 Could then be Cell E4-E5. Is that a correct assumption?

@jonathandavies2544 Год назад

For some reason this doesnt display right with the figure of £54000 income

@msid5124 2 года назад

Excellent.. I have same request as user below.. a downloadable file please

@davidparrish5089 Год назад

cell B21 - do you really mean Taxable not Payable?

@DrJamesT Год назад

FYI these rates also apply for 2021-2022 Tax return. They are the same.

@Riship001 Год назад

where can i download

@antst5712 7 месяцев назад

Great job man! Too many lazy people in the comments begging for a downloadable spreadsheet. Pull your finger out and get some work done.

@mrrjh5609 11 месяцев назад

Great points but you guys are do surface level in terms of your analysis. This stems all the way back to the war in Afghanistan, War in Iraq the Arab springs, Two recessions, Ghaddafi, Ukraine War and Covid.