The Scottish income tax system follows a progressive system meaning that those taxpayers that have a higher income such as those earning over £150,000 will be in a higher tax band whereas lower earning taxpayers such as those earnings £14,000 will be in a lower tax band. Those earning more than £100,000 will have their allowance drop by £1 for every £2 that their income exceeds £100,000. In this video, we’ll create a calculator which allows you to enter a taxable income figure and then automatically calculates what your annual and monthly tax payment would be.
DISCLAIMER: Although I have taken great care to check all of the calculations, I am not a qualified accountant and you should not use this video to substitute tax advice. Make sure you talk to your own accountant before you use this calculator to make any financial decisions.
2021-22 Scottish Income Tax rates and bands:
https://www.gov.uk/scottish-income-tax
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[email protected]Overview: (0:00)
Calculate Deduction: (1:00)
Build Calculation Table: (2:33)
Intermediary Calculations: (5:51)
Calculate Outputs: (6:23)