In today’s dynamic financial landscape, effective tax management is paramount for securing your financial well-being. Fortunately, there are several free online resources available to simplify the process. Let’s delve into three indispensable tools designed to empower you in managing your taxes effortlessly:
1. Pro Advisors Accounting | Your Own Dedicated Accountant
Pro Advisors Accounting serves as your reliable companion for expert guidance on tax planning, compliance, and financial management. Backed by a team of seasoned Chartered Accountants and ACCA professionals, Pro Advisors Accounting offers unparalleled expertise catering to both the United Kingdom and Pakistan. Whether you’re a freelancer, a small business owner, or a corporate executive, our proficient professionals are committed to delivering tailor-made solutions to help you achieve your financial objectives. Explore our website now to connect with a qualified accountant and embark on your journey towards financial success.
2. Pakistan Tax Calculator | Simplifying Income Tax Calculation
Income tax represents a direct levy imposed by governments on the earnings of individuals and businesses. In Pakistan, the prevailing Taxation System is governed by the Income Tax Ordinance 2001, overseen by the Federal Board of Revenue (FBR). You can calculate your Salary Income tax with this online Salary Income tax Calculator
This ordinance mandates the collection of income tax by the central government, with the authority to adjust income brackets and tax rates annually through the Annual Budget. For Pakistan’s tax regime, the standard fiscal year spans from 1st July to 30th June. If you’re seeking assistance in computing income tax on salary in Pakistan, look no further.
Navigate to the Pakistan Tax Calculator and input your monthly income to obtain a comprehensive breakdown of your tax obligations. Additionally, leverage the expertise of a Chartered Accountant if you require assistance with filing your income tax return.
To Calculate manually here are the slab rates of current year:
Here are the tax rates for the year 2023-2024:
Taxable IncomeTax Rate
Up to Rs. 600,0000%
Exceeding Rs. 600,000 but not exceeding Rs. 1,200,0002.5% of the amount exceeding Rs. 600,000
Exceeding Rs. 1,200,000 but not exceeding Rs. 2,400,000Rs. 15,000 plus 12.5% of the amount exceeding Rs. 1,200,000
Exceeding Rs. 2,400,000 but not exceeding Rs. 3,600,000Rs. 165,000 plus 22.5% of the amount exceeding Rs. 2,400,000
Exceeding Rs. 3,600,000 but not exceeding Rs. 6,000,000Rs. 435,000 plus 27.5% of the amount exceeding Rs. 3,600,000
Exceeding Rs. 6,000,000Rs. 1,095,000 plus 35% of the amount exceeding Rs. 6,000,000
3. UK Tax Calculator | Streamlining Salary and Dividend Taxation
For Individuals in the United Kingdom, utilize this online calculator to determine your tax liability, NICs, dividend tax, and take-home pay based on your annual salary and dividend income.
If you’re a self-employed individual with a limited company, you’re likely aware of the advantages of receiving income through a combination of dividends and salary. This approach offers enhanced control, flexibility, and potential tax efficiency.
Dividends represent a portion of company profits distributed to shareholders in return for their investment. Several factors influence the dividend amount, including available surplus income and the shareholder’s percentage of shareholdings.
Dividends are computed by distributing profits after corporation tax has been applied at a rate ranging from 19% to 25%, depending on your corporation tax band. Typically, dividends are taxed after other sources of income have been subjected to taxation.
Tax Rate BandIncome Threshold 2023/24 (GBP)Income Tax Rate (Excluding Dividends)Dividend Tax Rate
Personal Allowance£0 to £12,5700%0%
Starting Rate for Savings£12,571 to £17,5700%*N/A
Basic Rate£12,571 to £50,27020%8.75%**
Higher Rate£50,271 to £125,14040%33.75%
Additional RateOver £125,14045%39.35%
Unlike salaries and wages, dividend income is not subject to tax at source via Pay As You Earn (PAYE). Recipients are responsible for declaring dividend income to HMRC by completing a self-assessment tax return at the end of each tax year.