2014 15 Tax Calculator Excel
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Reviewed by Calculator Editorial Team
This 2014-15 tax calculator helps you determine your UK income tax liability based on your total income. The calculator uses the tax rates and allowances that were in effect during that tax year. You can use this tool to estimate your tax obligation or verify calculations you've done in Excel.
How to Use This Calculator
To use this tax calculator:
- Enter your total annual income in the "Total Income" field
- Select your tax code from the dropdown (if applicable)
- Click "Calculate" to see your estimated tax liability
- Review the breakdown of your tax calculation
- Use the "Reset" button to clear the form and start over
The calculator will show you your total tax payable, your taxable income after allowances, and a breakdown of how much tax is paid in each tax band.
2014-15 UK Tax Rates
The 2014-15 tax year had the following income tax rates:
Note: These rates are specific to the 2014-15 tax year and may not reflect current tax legislation. Always consult official government sources for current tax information.
| Tax Band | Tax Rate |
|---|---|
| Personal Allowance | £10,600 |
| Basic Rate | 20% |
| Higher Rate | 40% |
| Additional Rate | 45% |
Personal Allowance
The personal allowance in 2014-15 was £10,600. This amount is tax-free and is subtracted from your total income to determine your taxable income.
For example, if your total income is £30,000, your taxable income would be £19,400 (£30,000 - £10,600).
Tax Bands and Rates
Income tax in the UK is progressive, meaning higher incomes are taxed at higher rates. The 2014-15 tax bands were:
- Basic Rate: 20% on income between £10,600 and £32,000
- Higher Rate: 40% on income between £32,000 and £150,000
- Additional Rate: 45% on income over £150,000
The calculator automatically applies these rates to your taxable income to determine your total tax liability.
Example Calculation
Let's calculate the tax for someone with a total income of £40,000:
- Subtract the personal allowance: £40,000 - £10,600 = £29,400 taxable income
- Calculate Basic Rate tax: £20,400 × 20% = £4,080
- Calculate Higher Rate tax: £9,000 × 40% = £3,600
- Total tax: £4,080 + £3,600 = £7,680
This example shows how the progressive tax system works - higher incomes pay more tax at higher rates.
Frequently Asked Questions
- Is this calculator compatible with Excel?
- Yes, the formulas used in this calculator can be easily adapted for use in Excel spreadsheets.
- Are the 2014-15 tax rates still current?
- No, these rates are specific to the 2014-15 tax year. Tax laws change annually, so always use the most current rates for your calculations.
- Does this calculator include National Insurance contributions?
- No, this calculator focuses only on income tax. National Insurance contributions are calculated separately.
- Can I use this calculator for self-assessment?
- This calculator provides an estimate, but for official self-assessment purposes, you should consult the HM Revenue & Customs website or use official software.