TAX DUE

Step 1

We add up your income and sort it into types depending on how it is taxed

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Step 2

We add up your deductions, ie full-relief allowances and payments which qualify for tax relief

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We take deductions from income to find your taxable income

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Step 3

Now we allocate your taxable income to the starting-rate, basic-rate and higher-rate tax bands and work out how much income tax is due:

Non-savings

@ 10% on

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=

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@ 23% on

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=

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@ 40% on

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=

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Savings (not dividend income)

@ 10% on

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=

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@ 20% on

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=

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@ 40% on

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=

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Dividend income

@ 10% on

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=

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@ 32.5% on

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=

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Income tax due

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Step 4

Now we deduct allowances and deductions which get restricted relief (eg married couple's allowance)and dividend tax credits

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Income tax due after allowances and reliefs

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Step 5

We add any further tax due, ie an adjustment for tax relief already received on charitable donations

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And Class 4 National Insurance Contributions on business profits

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Income tax and Class 4 NIC liability for 1999-2000

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Step 6

From this we deduct any tax paid at source

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Income tax and Class 4 NIC due for 1999-2000

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Step 7

We add in any capital gains tax due

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The result is the tax you owe (or have overpaid) for 1999-2000

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Step 8

Finally we work out what you must pay , taking into account payments on account already made, refunds and tax due from earlier years

payment due 31 January 2001 (or repayment due, if negative)

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payment on account due 31 July 2001

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Tax relief carried back from 2000-01 (see Help for how to claim)

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