Tax Calculators
From income tax and VAT to capital gains and self-employment — our free tax calculators help you understand what you owe and what you take home. Always consult a tax professional for advice specific to your situation.
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Income & Payroll Tax
Take-home pay, income tax, and National Insurance / FICA
Sales Tax & VAT
VAT calculation, sales tax, and reverse VAT
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Tax Glossary — Key Terms Explained
- Marginal Tax Rate
- The tax rate applied to your next pound/dollar of income — not your average rate. UK higher rate taxpayer pays 40% on income above £50,270 (2024–25), but their average effective rate is lower because lower income is taxed at lower rates.
- Effective Tax Rate
- Total tax paid ÷ total income × 100. This is your actual overall tax burden — lower than the marginal rate because lower income is taxed at lower rates in a progressive system.
- Personal Allowance (UK)
- The amount of income you can earn tax-free: £12,570 in 2024–25. Reduced by £1 for every £2 earned above £100,000. Lost entirely above £125,140.
- Standard Deduction (US)
- A flat amount that reduces taxable income: $14,600 (single) or $29,200 (married filing jointly) in 2024. Most taxpayers take the standard deduction rather than itemising.
- VAT / Sales Tax
- Consumption tax added to goods and services. UK VAT standard rate: 20%. US sales tax varies by state (0–13%). VAT is included in displayed prices in the UK; US sales tax is typically added at checkout.
Frequently Asked Questions
How much income tax do I pay in the UK?
For 2024–25: 0% on first £12,570 (Personal Allowance), 20% on £12,571–£50,270 (Basic Rate), 40% on £50,271–£125,140 (Higher Rate), 45% above £125,140 (Additional Rate). National Insurance adds 8% on earnings between £12,570 and £50,270. Use the take-home pay calculator for your specific salary.
How do I calculate VAT?
To add 20% VAT: Price × 1.20. To remove 20% VAT from a VAT-inclusive price: Price ÷ 1.20. Example: £100 ex-VAT becomes £120 inc-VAT. A £120 inc-VAT price has £20 VAT and £100 net. The VAT calculator handles both directions instantly.
What is capital gains tax?
Tax on the profit from selling an asset (shares, property other than your main home, business assets). UK: 10% basic rate, 20% higher rate (18%/24% for residential property). US: 0%, 15%, or 20% for long-term gains (assets held over 1 year) depending on income. Short-term gains taxed as ordinary income.
Do I need to pay tax as a freelancer or self-employed?
Yes. UK self-employed pay Income Tax plus Class 2 and Class 4 National Insurance. US self-employed pay Income Tax plus 15.3% self-employment tax (covering both employer and employee FICA). Both countries require registering with HMRC / the IRS and submitting an annual self-assessment / Schedule C.