Hello!
I have searched for an answer, but as yet am unable to find one. Here is my query:
I have a formula which calculates the year-end total for tax and national insurance (class 4) contributions on my spreadsheet. However, I would like to do this month by month, bearing in mind you have to reach a threshold before you begin paying tax and national insurance (class 4) contributions.
Is there a way where I can detract my expenses from my income for each month, and then calculate my tax/NI accordingly (obviously for a few months I won't pay anything) but then I would like to have an accumulative formula which recognises each month previously in that months calculation to ensure that I set aside the correct amount for tax/NI accordingly for that month.
For example, April = 406GBP (after expenses) so I won't pay tax or NI (class 4) contributions, then in May = 1,943GBP (after expenses) - still I haven't earned enough to pay Tax or NI (class 4), but I want to add the monthly payments together to then use the greater than formula, that once the threshold has been reached for Tax and NI accordingly, so I can see what I need to set aside for that month.
As mentioned previously, I have a master front sheet which shows the year-end totals, but I'd like to have a month by month analysis to see what I need to set aside for Tax and NI as I go through the year.
I hope this makes sense, and that there is a way to do this. Thank you for any help you can offer.
Kind regards,
RebeccaV
I have searched for an answer, but as yet am unable to find one. Here is my query:
I have a formula which calculates the year-end total for tax and national insurance (class 4) contributions on my spreadsheet. However, I would like to do this month by month, bearing in mind you have to reach a threshold before you begin paying tax and national insurance (class 4) contributions.
Is there a way where I can detract my expenses from my income for each month, and then calculate my tax/NI accordingly (obviously for a few months I won't pay anything) but then I would like to have an accumulative formula which recognises each month previously in that months calculation to ensure that I set aside the correct amount for tax/NI accordingly for that month.
For example, April = 406GBP (after expenses) so I won't pay tax or NI (class 4) contributions, then in May = 1,943GBP (after expenses) - still I haven't earned enough to pay Tax or NI (class 4), but I want to add the monthly payments together to then use the greater than formula, that once the threshold has been reached for Tax and NI accordingly, so I can see what I need to set aside for that month.
As mentioned previously, I have a master front sheet which shows the year-end totals, but I'd like to have a month by month analysis to see what I need to set aside for Tax and NI as I go through the year.
I hope this makes sense, and that there is a way to do this. Thank you for any help you can offer.
Kind regards,
RebeccaV
