Tax waste calculator

Unless you're the Chancellor, taxation will never be that exciting, but you might be surprised to see how much tax waste there is, and how easy it can be to remedy.

The tax calculator below gives only a very basic indication of how much you might be wasting already. Considering some of the more common areas of waste; however, an IFA can talk through your individual circumstances in detail, face-to-face. He or she can help you work out the most effective financial plan of action, to ensure you make the most of the range of tax breaks available to you, and stop wasting tax.

About you
1. Are you married or have a civil partner? Yes No
2. Have you got any children? Yes No
3. Have you made a will? Yes No
Your tax band(s)
4. At what rate do you pay tax? Non-taxpayer 0%
Basic 20%
Higher 40%
Additional 50%
5. At what rate does your partner pay tax? Non-taxpayer 0%
Basic 20%
Higher 40%
Additional 45%
6. Do you use both of your personal allowances each year (by transfering assets)? Yes No
7. Have you filled in an R85 form (widely available from an IFA, bank or building society) to say you are a non-taxpayer? Yes No
Your savings & investments
8. Have you used your full ISA allowance for this tax year? (This is £15,000 in any combination of cash ISA and/or stocks and shares ISA.) Yes No
9. Have you used your full CGT allowance for this tax year? (This is £11,000.) Yes No
Your pension
10. Do you or your company pay into a pension? Yes No
11. Is the contribution more than £480 per month / £5,760 per year? Yes No
Your tax forms
12. Did you receive a self-assessment tax form this year? Yes No
13. Did you return it by 31st January? Yes No
Children's tax credits
14. Have you claimed children's tax credits? Yes No
Giving to charity
15. Do you give money to charity? Yes No
16. Do you donate through Gift Aid or Payroll Giving? Yes No

This calculator is very general in nature and will not exactly reflect your personal tax situation. The information should not be construed as legal or tax advice. Tax benefits may vary as a result of statutory change and their value will depend on individual circumstances.