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Calculate 2023-24 UK Income Tax - Using VLOOKUP In Excel 

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We cover how to calculate your 2023-24 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
VLOOKUP Function Tutorial:
• VLOOKUP Function Excel...
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Overview: (0:00)
Calculate Deduction: (1:34)
Format Table: (3:19)
Calculate Outputs: (6:46)

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4 авг 2024

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Комментарии : 10   
@thomascollier5459
@thomascollier5459 Год назад
This was really helpful, thanks. Might be worth adding though, that somtimes your tax code means you get less/more than £12500 tax free, so this should be an input which can be used in the formulas, rather than manually entering 12500
@gaelleperreaux2350
@gaelleperreaux2350 6 месяцев назад
Thank you so much, this is exactly what I have been looking for. Very clear. Will have a look at your other videos now. Thank you again
@theexcelhub
@theexcelhub 6 месяцев назад
I'm glad it helped, thanks for watching!
@antzgunner9363
@antzgunner9363 Год назад
Thanks for this video it's very helpful. Do you happen to have a tutorial which calculates the income tax on both other income and dividends combined?
@provaid82
@provaid82 3 месяца назад
Just quick asking , are you gone make it one for 2024 - 2025? Thanks
@danieldrew9982
@danieldrew9982 Год назад
How can I work out my monthly tax contribution ? Thanks
@elainec.1444
@elainec.1444 3 месяца назад
why is if the total income is 120000 pounds, the taxable rate is 45 percent based on your formulas?
@srinivasvallamdas8311
@srinivasvallamdas8311 3 месяца назад
Hi I want learn us taxation and accounting
@srinivasvallamdas8311
@srinivasvallamdas8311 3 месяца назад
Free
@Bikeadelic
@Bikeadelic 5 месяцев назад
I really don't like the way this is structured. There are three tax brackets yet you only include two in your total? if you're earning £200,000 you cant see how much you're paying in each bracket.
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