income-tax

Income Tax Calculator - UK (2018/2019)

Calculate the amount of payable tax on a UK income for tax years 2018/2019.

Note: This library is still in the early stages of development and some functionality may be untested / undocumented.

Personal Allowance

Your personal allowance is the amount of income allowed before tax. The most common allowance is £11,850, so for an income of £75,000 only £63,150 would be taxable.

The allowance is calculated based on the amount of income before tax:

• 0 - £100,000 - £11,850
• £100,000 - £127,300 - £1 less than £11,850 every £2 above £100,000 until £0
• £100,000+ - £0

If you're registered blind you'll get an additional allowance of £2390.

Income Tax

Tax is calculated from your taxable income and is calculated at different rates for certain income brackets:

• £0 - £11,850 - 0%
• £11,851 - £46,350 - 20%
• £46,351 - £150,000 - 40%
• more than £150,000 - 45%

So for an income of £75,000, £63,150 is taxable, you pay £6900 of tax at 20%, £11,460 at 40%, whilst nothing at 45% meaning tax payable is £18,360 so your net is £56,440.

Reference

IncomeTax

IncomeTax is a class which can be invoked to calculate different income tax factors.

Parameters:

• income (number) the amount of income before tax or deductions
• opts (object) optional parameters to adjust the calculations
  • isBlind (boolean) incorporate blind person allowance?

Example

// import dependency
var IncomeTax = require('income-tax-calculator');
 
// Initialise the IncomeTax object
var incomeTax = new IncomeTax(75000);
 
// output the tax breakdown report
console.log(incomeTax.calculateIncomeTax());
 
/*
{
    gross: 75000,
    taxable: 63150,
    net: 56640,
    allowance: 11850,
    tax20: 6900,
    tax40: 11460,
    tax45: 0,
    total: 18360
}
*/