Lesson 6: Understanding Taxes - Template
Personal Tax Profile
Income Details
Income Source | Annual Amount | Tax Already Paid | Notes |
Primary employment | £ | £ | |
Secondary employment | £ | £ | |
Self-employment | £ | £ | |
Rental income | £ | £ | |
Savings interest | £ | £ | |
Dividends | £ | £ | |
Other income | £ | £ | |
TOTAL | £ | £ |
Tax Band Calculation
Band | Threshold | Your Amount in This Band | Tax Rate | Tax Due |
Personal Allowance | £0 - £12,570 | £ | 0% | £0 |
Basic Rate | £12,571 - £50,270 | £ | 20% | £ |
Higher Rate | £50,271 - £125,140 | £ | 40% | £ |
Additional Rate | Over £125,140 | £ | 45% | £ |
TOTAL TAX DUE | £ |
Effective Tax Rate: _____% (Total Tax Due ÷ Total Income × 100)
Tax Code Check
Current Tax Code: _______
Is this correct based on your circumstances? â–¡ Yes â–¡ No â–¡ Unsure
If incorrect, action needed: _______________________
Tax Allowance Tracker
Personal Allowances
Allowance | Annual Limit | Used So Far | Remaining | Deadline |
ISA | £20,000 | £ | £ | April 5 |
Pension | £60,000 or 100% of earnings | £ | £ | April 5 |
Dividend | £1,000 | £ | £ | April 5 |
Personal Savings | £_____ | £ | £ | April 5 |
Capital Gains | £6,000 | £ | £ | April 5 |
Trading | £1,000 | £ | £ | April 5 |
Property | £1,000 | £ | £ | April 5 |
Marriage Allowance Check
Eligible for Marriage Allowance? â–¡ Yes â–¡ No â–¡ Unsure
If yes, estimated annual benefit: £_____
Applied? â–¡ Yes â–¡ No
Tax-Efficient Investment Plan
Pension Contributions
Contribution Type | Current Monthly Amount | Suggested Amount | Annual Tax Saving |
Workplace pension | £ | £ | £ |
Personal pension/SIPP | £ | £ | £ |
TOTAL | £ | £ | £ |
ISA Contributions
ISA Type | Current Balance | Annual Contribution | Deadline |
Cash ISA | £ | £ | April 5 |
Stocks & Shares ISA | £ | £ | April 5 |
Lifetime ISA | £ | £ | April 5 |
Innovative Finance ISA | £ | £ | April 5 |
TOTAL | £ | £ |
Other Tax-Efficient Investments
Investment Type | Amount | Tax Benefit | Notes |
£ | |||
£ | |||
TOTAL | £ |
Self-Assessment Preparation
Registration Status
Registered for self-assessment? â–¡ Yes â–¡ No â–¡ Not Required
If yes, Unique Taxpayer Reference (UTR): _______________________
Document Checklist
Document | Required? | Location | Notes |
P60 (end of year) | â–¡ Yes â–¡ No | ||
P45 (if changed jobs) | â–¡ Yes â–¡ No | ||
P11D (benefits) | â–¡ Yes â–¡ No | ||
Bank interest statements | â–¡ Yes â–¡ No | ||
Dividend vouchers | â–¡ Yes â–¡ No | ||
Rental income records | â–¡ Yes â–¡ No | ||
Self-employment records | â–¡ Yes â–¡ No | ||
Pension contributions | â–¡ Yes â–¡ No | ||
Charitable donations | â–¡ Yes â–¡ No | ||
Other income evidence | â–¡ Yes â–¡ No |
Self-Employment Expense Tracker
Expense Category | Amount | Evidence Collected | Deductible? |
Office costs | £ | □ Yes □ No | □ Yes □ No |
Travel expenses | £ | □ Yes □ No | □ Yes □ No |
Staff costs | £ | □ Yes □ No | □ Yes □ No |
Premises costs | £ | □ Yes □ No | □ Yes □ No |
Clothing/uniform | £ | □ Yes □ No | □ Yes □ No |
Stock/materials | £ | □ Yes □ No | □ Yes □ No |
Marketing/advertising | £ | □ Yes □ No | □ Yes □ No |
Training/development | £ | □ Yes □ No | □ Yes □ No |
Professional fees | £ | □ Yes □ No | □ Yes □ No |
Financial costs | £ | □ Yes □ No | □ Yes □ No |
TOTAL EXPENSES | £ |
Tax Calendar
Date | Task | Completed |
April 6 | New tax year begins | â–¡ |
July 31 | Second payment on account due (if self-employed) | â–¡ |
October 5 | Deadline to register for self-assessment | â–¡ |
October 31 | Paper tax return deadline | â–¡ |
December 30 | Submit online tax return if you want HMRC to collect tax through PAYE | â–¡ |
January 31 | Online tax return deadline and payment deadline | â–¡ |
April 5 | Tax year ends - deadline for ISA contributions and pension tax relief | â–¡ |
Tax Planning Opportunities
Opportunity | Potential Annual Saving | Action Required | Deadline |
£ | |||
£ | |||
£ | |||
£ | |||
TOTAL POTENTIAL SAVING | £ |
Professional Advice Considerations
Do you need professional tax advice? Consider these factors:
□ Self-employed with turnover exceeding £85,000 □ Complex investments or international income □ Considering incorporation of a business □ Planning significant wealth transfer or inheritance tax planning □ Facing an HMRC investigation
Estimated cost of professional advice: £_____
Potential benefit of professional advice: £_____