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Solved: Error when trying to calculate UK Income tax

Discussion in 'Business Applications' started by Taylrl, Apr 6, 2013.

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  1. Taylrl

    Taylrl Thread Starter

    Joined:
    Apr 6, 2013
    Messages:
    2
    Hi,

    I am trying to create an excel spreadsheet that will show me the amount of UK Income tax I need to pay when I enter my earnings. I'm sure this must be something that someone else has already achieved.

    This is the formula that I have at the moment and that is currently not working:

    =IF(B16>150001,((B16-150001)*0.45)+((150000-32012)*0.4)+((32011-9441)*0.2)),IF(150000>B16>32012,((B16-32012)*0.4)+((32011-9441)*0.2)),IF(32011>B16>9441,(((B16-9441)*0.2),"Null"))

    It currently gives me a error. The tax brackets are as follows; <9440 @ 0%, 9441-32000 @ 20%, 32001-150000 @ 40%, 150001+ @ 50%. Can anyone see where I am going wrong or have another idea of how I could do this?

    Thanks a lot in advance!!

    Regards,
    Richard
     
  2. etaf

    etaf Moderator

    Joined:
    Oct 2, 2003
    Messages:
    65,202
    First Name:
    Wayne
    does this work for you

    =IF(B16>150001,((B16-150001)*0.45)+((150000-32012)*0.4)+((32011-9441)*0.2),IF(B16>32012,((B16-32012)*0.4)+((32011-9441)*0.2),IF(B16>9441,((B16-9441)*0.2),"Null")))

    you had some brackets closing

    Also if the first test is false - then the value must be less than 150000 - so you only need to test if greater than the next threshold - 32001
    etc

    if you want to use between ranges
    try
    AND( B16<150000, B16>32012)
     
  3. Taylrl

    Taylrl Thread Starter

    Joined:
    Apr 6, 2013
    Messages:
    2
    Thank you! That's amazing! I had been through and through the brackets checking them but I must have missed something.

    Sorry for the hassle and thanks again!
     
  4. etaf

    etaf Moderator

    Joined:
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    Messages:
    65,202
    First Name:
    Wayne
    your welcome (y)
     
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