Nobody likes paying their taxes, but it’s good to know what to expect. HMRC Tax Calc is a free iOS app that lets you know just how much money will be deducted from your monthly or weekly pay cheque for taxes and other contributions such as National Insurance. As well as seeing how much money you’ll have to part with each week or month, you can see how this adds up over the course of a year.
There are some limitations on what the app is capable of. It is not a tool that will be useful for everyone as it is only able to calculate figures for people who pay tax through PAYE. It can also only be used with certain tax codes and in conjunction with certain National Insurance number. If you do not meet the criteria, the app will be of no use to you.
If you contribute to a company pension, the app cannot take this into account and it is also not suitable for anyone earning more than £100,000 per year. If all of this makes it sound as though the app is not very useful, it does still have its place. Upon starting a new job it can provide you with a good overview of your earning even if you are not in possession of payslips .
This is a fairly simple tool – it is even described as being a simple calculator – and the figures it provides you with should be regarded as nothing more than an estimate. But the tax calculation is not the only feature to be found, there is also an interesting section that describes how money that is collected in taxes is spent; this does not make it any easier to pay taxes, but it’s good to know where it is all going.
Note that this app is for UK users only.