Excel Tax Calculator with Capital Gains?
Posted: February 3rd, 2021, 10:58 am
Hello All.
I stumbled across this previous topic viewtopic.php?f=49&t=2841&start=60&hilit=excel+tax+calculator which was for 2016-17. However, it doesn't deal with any capital gains tax.
I had decided to create my own spreadsheet for 2019-20 with which i had some moderate success before i found this: https://drive.google.com/open?id=0Bwpa1 ... EpUemQyS2s - many thanks to highriskpaul.
However, my version used too many '=IF' statements within the cells to calculate numbers and eventually i changed a formula somewhere and several steps later it was too difficult to go back . Despite several restarts i think i've given up on my approach. highriskpaul's version is so much neater - but it doesn't deal with CGT.
There is speculation in the press about possible changes to CGT perhaps in the next budget. What i'm trying to do is to some 'what-if' scenarios. My income situation has now changed - now early retired for a year with a DB pension to cover outgoings - but i do have additional dividend income. And maybe CGT if i exceed the allowance though i've always stayed within the annual allowances.
What i would like to work out now is how much of a holding >£12300 CGT allowance i could sell before crossing over into a higher tax threshold, even if it means paying extra CGT at 10% taking the annual CGT allowance into account.
I'd like to be able to forecast my potential tax liability for 2020-21 and also 2021-22 and what i could do, if anything, to counter any changes which i might consider as detrimental in the event the Chancellor makes CGT changes. What if say the annual CGT allowance is reduced to only £2000 as has been mooted? My logic is that it would be better to pay extra 10% now than be faced with say 20% on the same in the future and maybe a lower annual allowance.
Dealing with all the variables of income, interest, dividends, and CGT so that they work for all the different combinations and allowances - is very taxing!!
Any chance of an update to the spreadsheet to include CGT?!!
I stumbled across this previous topic viewtopic.php?f=49&t=2841&start=60&hilit=excel+tax+calculator which was for 2016-17. However, it doesn't deal with any capital gains tax.
I had decided to create my own spreadsheet for 2019-20 with which i had some moderate success before i found this: https://drive.google.com/open?id=0Bwpa1 ... EpUemQyS2s - many thanks to highriskpaul.
However, my version used too many '=IF' statements within the cells to calculate numbers and eventually i changed a formula somewhere and several steps later it was too difficult to go back . Despite several restarts i think i've given up on my approach. highriskpaul's version is so much neater - but it doesn't deal with CGT.
There is speculation in the press about possible changes to CGT perhaps in the next budget. What i'm trying to do is to some 'what-if' scenarios. My income situation has now changed - now early retired for a year with a DB pension to cover outgoings - but i do have additional dividend income. And maybe CGT if i exceed the allowance though i've always stayed within the annual allowances.
What i would like to work out now is how much of a holding >£12300 CGT allowance i could sell before crossing over into a higher tax threshold, even if it means paying extra CGT at 10% taking the annual CGT allowance into account.
I'd like to be able to forecast my potential tax liability for 2020-21 and also 2021-22 and what i could do, if anything, to counter any changes which i might consider as detrimental in the event the Chancellor makes CGT changes. What if say the annual CGT allowance is reduced to only £2000 as has been mooted? My logic is that it would be better to pay extra 10% now than be faced with say 20% on the same in the future and maybe a lower annual allowance.
Dealing with all the variables of income, interest, dividends, and CGT so that they work for all the different combinations and allowances - is very taxing!!
Any chance of an update to the spreadsheet to include CGT?!!